Oorspronkelijke tekst
Deze vertaling beoordelen
Je feedback wordt gebruikt om Google Translate te verbeteren
Home
Frmo Corp.
FRMO Corp. Announces First Quarter 2016 Financial Results and Conference Call
Published Oct 14 2015
3 min read

FRMO Corp. Announces First Quarter 2016 Financial Results and Conference Call

FRMO Corp. (the “Company” or “FRMO”) (OTC Pink: FRMO) today reported its financial results for the 2016 first quarter, which ended August 31, 2015 (May Fiscal Year).

Financial Highlights

FRMO’s book value was $100.1 million ($2.29 per share) as of August 31, 2015, compared with $102.2 million ($2.34 per share) as of May 31, 2015, the prior fiscal year-end. Current assets, comprised primarily of cash and equivalents and investments available for sale, amounted to $91.7 million as of August 31, 2015, and $94.5 million as of May 31, 2015. Total liabilities were $16.1 million as of August 31, 2015, compared to $16.5 million as of May 31, 2015, the majority of each being deferred taxes.

FRMO’s net income was $1,161,105 ($0.03 per share basic and diluted) for the three months ended August 31, 2015 up from $767,529 ($0.02 per share basic and diluted) for the quarter ended August 31, 2014. Income from operations was $2,148,921 for the first quarter of fiscal 2016, compared to $1,299,239 for the same period in the prior year.

Further details are available in the Quarterly Report of the Company’s Consolidated Financial Statements for the quarter ended August 31, 2015. 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.

Conference Call

Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, will host a conference call on Tuesday, October 20, 2015 at 4:15 p.m. ET. Only questions submitted to info@frmocorp.com before 2:00 p.m. on the day of the call will be considered. The call can be accessed by dialing 1-888-587-0615 (domestic toll free) or 719-325-2429 (international toll) and entering the following conference ID: 6242137. A replay will be available from 7:15 p.m. on the day of the teleconference until Thursday, November 19, 2015. 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 6242137.

Condensed Consolidated Balance Sheets
(in thousands)
  August 31,     May 31,
2015 2015
 
Assets
Current Assets:
Cash and cash equivalents $ 47,445 $ 44,745
Investments, available for sale, at fair value 42,591 48,008
Other 1,674   1,743
Total Current Assets 91,710 94,496
Investment in Horizon Kinetics LLC 11,366 11,200
Participation in Horizon Kinetics LLC revenue stream 10,200 10,200
Investment in The Bermuda Stock Exchange 2,649 2,639
Investment in OneChicago LLC 246 -
Other assets -   138
Total Assets $ 116,171   $ 118,673
 
Liabilities and Stockholders' Equity
Current Liabilities:
Deferred Tax Liability $ 8,514 $ 10,286
Other current liabilities 3,278   1,949
Total Current Liabilities 11,792 12,235
Deferred Tax Liability - non-current 4,273   4,274
Total Liabilities 16,065 16,509
Stockholders' Equity 100,106   102,164
 
Total Liabilities and Stockholders' Equity $ 116,171   $ 118,673
Condensed Consolidated Statements of Income
(amounts in thousands, except share data)
  Three Months Ended
  August 31,
2015 		    August 31,
2014
(Unaudited)
Revenue:    
Consultancy and advisory fees $ 690 $ 922

Income from investment partnerships
and limited liability companies

813 139
Income from unconsolidated subsidiary 9 31
Other   806   430
Total Revenue 2,318 1,522
Total Expenses   169   222
 
Income from Operations 2,149 1,300
Provision for Income Taxes   988   532
 
Net Income $ 1,161 $ 768
 
Diluted Earnings per Common Share $ 0.03 $ 0.02
 
Weighted Average Common Shares Outstanding
Basic 43,728,155 43,504,842
Diluted 44,124,046 43,965,022

About FRMO Corp.

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

FRMO has 43,728,155 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.