FRMO Corp. Announces Third Quarter Financial Results

FRMO Corp. (FRMO-OTC-PINK) today reported its financial results for the nine months ended February 2012.

“We’ve done much this past year to prepare for continued expansion,” said Steven Bregman, President. “With this past May’s exchange of FRMO’s former interest in Kinetics Advisers LLC, the new Horizon Kinetics LLC interest is now our most important strategic investment. With next quarter’s annual report, FRMO will complete its first full year of financial statements for its new May fiscal year, now absent any GAAP departures due to its historic Kinetics Advisers interest. We will enter the May quarter with a debt-free balance sheet and the highest per-share book value since our fresh-start inception in January 2001.”

FRMO Corp. receives revenues from consulting and advisory fees that are derived from managed assets and research.

Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)		February 29, 2012			May 31, 2011
Assets
Current Assets:
Cash and equivalents		$	14,224		$	16,703
Investments, available for sale, at fair value			41,070			34,762
Prepaid income taxes			2,170			--
Other			1,282			1,635
Total current assets		$	58,746		$	53,100
Other Assets			236			6,744
Total Assets		$	58,982		$	59,844
Liabilities and Stockholders’ Equity
Current Liabilities		$	3,909		$	5,485
Deferred Tax Liability – non-current			2,106			2,452
Total Liabilities			6,015			7,937
Stockholders’ Equity			52,967			51,907
Total Liabilities and Stockholders’ Equity		$	58,982		$	59,844

Condensed Consolidated Statements of Income (Unaudited)
(in thousands)	Three Months Ended February 29, 2012			Nine Months Ended February 29, 2012
Revenue:
Consultancy and advisory fees	$	571		$	1,761
Income from investment partnerships		496			940
Revenue from unconsolidated subsidiary		-			500
Other		537			1,312
Total Revenue	$	1,604		$	4,513
Total Expenses:		263			713
Income from Operations		1,341			3,800
Provision for Income Taxes		281			1,019
Net Income	$	1,060		$	2,781
Basic and Diluted Earnings per Common Share	$	0.03		$	0.07
Weighted Average Common Shares Outstanding
Basic		39,138,154			39,138,088
Diluted		39,188,154			39,188,088

1 2 Next › Last »