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

Before you go, we thought you'd like these...
Before you go close icon

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

PLEASANTVILLE, N.Y.--(BUSINESS WIRE)-- FRMO Corp. (FRMO-OTC-PINK) ("FRMO" or "Company") today reported its financial results for the first quarter ended August 31, 2012 (May Fiscal Year).

Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, of FRMO Corp. will host a conference call on Tuesday, October 23, 2012 at 4:15 p.m. ET. The call can be accessed by dialing 1-888-401-4668 and entering the following conference ID: 5234630. A replay will be available from 6:15 p.m. the day of the teleconference until November 22, 2012. To listen to the archived call, dial 1-888-203-1112, and enter conference ID number 5234630.


Financial Highlights

FRMO's net income for the first quarter of its fiscal year ending May 31, 2013 was $1.05 million (0.03 cents per share pre- and post-full dilution) compared with $1.04 million in the first quarter of fiscal 2012.

Tangible book value advanced to a record (since inception) $55.9 million ($1.43 per share) vs. $54.3 million ($1.39 per share) for the comparable period in fiscal 2012. Current assets, comprised primarily of cash and equivalents and investments available for sale, amounted to $61.7 million. Total liabilities amounted to $5.9 million, the majority being non-current deferred taxes.

Further details are available in the Quarterly Report of the Company's Consolidated Financial Statements for the quarter ended August 31, 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) August 31,

2012

May 31,

2012

(Unaudited)
Assets
Current Assets:
Cash and equivalents$20,617$19,405
Investments, available for sale, at fair value39,90138,376
Other 1,181 1,312
Total current assets$61,699$59,093
Other Assets 199 217
Total Assets$61,898$59,310
 
 
Liabilities and Stockholders' Equity
Current Liabilities$2,554$2,090
Redeemable preferred stock 50 50
Total Current Liabilities2,6042,140
Deferred Tax Liability - non-current 3,355 2,909
Total Liabilities5,9595,050
 
Stockholders' Equity 55,939 54,261
Total Liabilities and Stockholders' Equity$61,898$59,310
 
Condensed Consolidated Statement of Income 
(in thousands)Three Months Ended August 31,
2012 2011
(Unaudited)(Unaudited)
Revenue:
Consultancy and advisory fees$542$673
Income from investment partnerships450253
Revenue from unconsolidated subsidiary-500
Other 904 404
Total Revenue$1,896$1,830
 
Total Expenses: 245 244
 
Income from Operations1,6511,586
Provision for Income Taxes 597 549
Net Income$1,054$1,037
 
Basic and Diluted Earnings per Common Share$0.03$0.03
 
Weighted Average Common Shares Outstanding
Basic39,138,15439,157,944
Diluted39,188,15439,207,944
 

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.



For FRMO Corp.
Lester J. Tanner, Esq.
General Counsel
Email: lestanner18@gmail.com
www.frmocorp.com
or
Thérèse Byars, 646-495-7337
Corporate Secretary
Email: tbyars@frmocorp.com
www.frmocorp.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

The article FRMO Corp. Announces First Quarter 2013 Financial Results and Conference Call originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners