FRMO Corp. (FRMO-OTC-PINK) (“FRMO” or “Company”) today reported its financial results for the second quarter ended November 30, 2013 (May Fiscal Year). Conference Call Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, of FRMO Corp. will host a conference call on Tuesday, January 22, 2013 at 4:15 p.m. ET. The call can be accessed by dialing 1-888-329-8893 and entering the following conference ID: 5133349. A replay will be available from 6:15 p.m. the day of the teleconference until February 21, 2013. To listen to the archived call, dial 1-888-203-1112, and enter conference ID number 5133349. Financial Highlights FRMO’s net income for the second quarter of its fiscal year ending May 31, 2013 was $838,373 (0.02 cents per share pre- and post-full dilution) compared with $698,073 in the second quarter of fiscal 2012. Tangible book value advanced to a record (since inception) $58.3 million ($1.49 per share) vs. $49.9 million ($1.28 per share) for the comparable period in fiscal 2012. Current assets, comprised primarily of cash and equivalents and investments available for sale, amounted to $65.5 million. Total liabilities amounted to $7.3 million, the majority being deferred taxes. Further details are available in the Quarterly Report of the Company’s Consolidated Financial Statements for the quarter ended November 30, 2012. These statements have been filed on the OTC Markets Group Disclosure and News Services (DNS), which may be accessed at www.otcmarkets.com/stock/FRMO/filings. These documents are also available on the FRMO web site at www.frmocorp.com.
About FRMO Corp. FRMO Corp. invests in and receives revenues based upon consulting and advisory fee interests in the asset management sector.
|Condensed Consolidated Balance Sheets|
|(in thousands)||Nov. 30, 2012||May 31, 2012|
|Cash and equivalents||$||21,705||$||19,405|
|Investments, available for sale, at fair value||42,710||38,376|
|Total current assets||$||65,498||$||59,093|
|Liabilities and Stockholders’ Equity|
|Redeemable preferred stock||50||50|
|Total Current Liabilities||7,354||2,141|
|Deferred Tax Liability – non-current||-||2,909|
|Total Liabilities and Stockholders’ Equity||$||65,678||$||59,311|
|Condensed Consolidated Statement of Income|
|(in thousands)||Three Months Ended Nov. 30,|
|Consultancy and advisory fees||$||508||$||517|
|Income from investment partnerships||505||192|
|Revenue from unconsolidated subsidiary||-||-|
|Income from Operations||1,252||887|
|Provision for Income Taxes||414||189|
|Basic and Diluted Earnings per Common Share||$||0.02||$||0.02|
|Weighted Average Common Shares Outstanding|
FRMO has 39,138,154 shares of common stock outstanding.For more information, visit our Web site at www frmocorp.com. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 – With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like “believe,” “expect” and “anticipate” mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, the general economics of the financial industry, our ability to finance growth, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports as filed on our website www.frmocorp.com and on www.otcmarkets.com/stock/FRMO/filings.