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|
|Cash and equivalents||$||14,224||$||16,703|
|Investments, available for sale, at fair value||41,070||34,762|
|Prepaid income taxes||2,170||--|
|Total current assets||$||58,746||$||53,100|
|Liabilities and Stockholders’ Equity|
|Deferred Tax Liability – non-current||2,106||2,452|
|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|
|Consultancy and advisory fees||$||571||$||1,761|
|Income from investment partnerships||496||940|
|Revenue from unconsolidated subsidiary||-||500|
|Income from Operations||1,341||3,800|
|Provision for Income Taxes||281||1,019|
|Basic and Diluted Earnings per Common Share||$||0.03||$||0.07|
|Weighted Average Common Shares Outstanding|
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