ELMSFORD, N.Y.--(BUSINESS WIRE)--FRMO Corp. (the “Company” or “FRMO”) (OTC Pink: FRMO) today reported its financial results for its 2014 first quarter, which ended August 31, 2013 (May Fiscal Year).
FRMO’s 2014 net income for the first quarter ending August 31, 2013 was $1,403,230 ($0.03 per share basic and diluted) compared with $1,054,160 ($0.03 per share basic and diluted) for the first quarter of the 2013 fiscal year.
Book value was $82.8 million ($1.91 per share; $1.89 per share diluted) as of August 31, 2013 vs. $83.4 million ($1.93 per share; $1.90 per share diluted) at fiscal 2013 year end. Current assets, comprised primarily of cash and equivalents and investments available for sale, amounted to $74.0 million as of August 31, 2013 and $74.8 million as of May 31, 2013. Total liabilities amounted to $12.4 million as of August 31, 2013 compared to $12.7 million for the prior quarter, the majority of each being deferred taxes.
Further details are available in the Quarterly Report of the Company’s Consolidated Financial Statements for the quarter ended August 31, 2013. These statements have been filed on the OTC Markets Group Disclosure and News Services (DNS), which may be accessed at www.otcmarkets.com/stock/FRMO/filings. These documents are also available on the FRMO web site at www.frmocorp.com.
Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, of FRMO Corp. will host a conference call on Thursday, October 17, 2013 at 4:15 p.m. ET. The call can be accessed by dialing 1-888-576-4398 (domestic toll free) or 719-325-2428 (international toll) and entering the following conference ID: 7759858. A replay will be available from 6:15 p.m. on the day of the teleconference until November 16, 2013. To listen to the archived call, dial 1-888-203-1112 (domestic toll free) or 719-457-0820 (international toll), and enter conference ID number 7759858.
|Condensed Consolidated Balance Sheets|
|Cash and cash equivalents||$||25,743||$||26,525|
|Investments, available for sale, at fair value||46,162||47,306|
|Total Current Assets||74,014||74,843|
|Investment in unconsolidated limited liability co.||10,994||10,974|
|Participation in Horizon Kinetics revenue stream||10,200||10,200|
|Liabilities and Stockholders' Equity|
|Deferred Tax Liability||$||5,582||$||5,852|
|Redeemable preferred stock||50||50|
|Other current liabilities||2,495||2,510|
|Total Current Liabilities||8,127||8,412|
|Deferred Tax Liability – non-current||4,237||4,238|
|Total Liabilities and Stockholders' Equity||$||95,208||$||96,017|
|Condensed Consolidated Statements of Income|
|(amounts in thousands, except share data)|
|Three Months Ended|
|August 31,||August 31,|
|Consultancy and advisory fees||$||679||$||542|
|Income from investment partnerships|
|and limited liability companies||1,256||450|
|Income from Operations||2,169||1,651|
|Provision for Income Taxes||766||597|
|Basic and Diluted Earnings per Common Share||$||0.03||$||0.03|
|Weighted Average Common Shares Outstanding|
About FRMO Corp.
FRMO Corp. invests in and receives revenues based upon consulting and advisory fee interests in the asset management sector.
FRMO has 43,261,972 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.