FRMO FRMO Corporation (PK)

FRMO Corp. Announces Second Quarter 2013 Financial Results and Conference Call

 

 

 

Business Wire

PLEASANTVILLE, N.Y. — January 14, 2013

 

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.

 

 

Condensed Consolidated Balance Sheets
(in thousands)	Nov. 30, 2012		May 31, 2012
	(Unaudited)
Assets
Current Assets:
Cash and equivalents	$ 21,705		$ 19,405
Investments, available for sale, at fair value	42,710		38,376
Other	1,083		1,312
Total current assets	$ 65,498		$ 59,093
Other Assets	180		217
Total Assets	$ 65,678		$ 59,310
Liabilities and Stockholders’ Equity
Current Liabilities	$   7,304		$   2,091
Redeemable preferred stock	50		50
Total Current Liabilities	7,354		2,141
Deferred Tax Liability – non-current	-		2,909
Total Liabilities	7,354		5,050
Stockholders’ Equity	58,324		54,261
Total Liabilities and Stockholders’ Equity	$ 65,678		$ 59,311

 

 

Condensed Consolidated Statement of Income
(in thousands)	Three Months Ended Nov. 30,
	2012		2011
	(Unaudited)		(Unaudited)
Revenue:
Consultancy and advisory fees	$   508		$    517
Income from investment partnerships	505		192
Revenue from unconsolidated subsidiary	-		-
Other	437		384
Total Revenue	$ 1,450		$ 1,093
Total Expenses:	197		207
Income from Operations	1,252		887
Provision for Income Taxes	414		189
Net Income	$ 838		$ 698
Basic and Diluted Earnings per Common Share	$ 0.02		$ 0.02
Weighted Average Common Shares Outstanding
Basic	39,138,154		39,138,154
Diluted	39,188,154		39,188,154

 

About FRMO Corp.

FRMO Corp. invests in and receives revenues based upon consulting and advisory fee interests in the asset management sector.

 

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.