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FRMO Corp. Announces First Quarter 2018 Financial Results and Conference Call
FRMO Corp. Announces First Quarter 2018 Financial Results and Conference Call.
About this update from Frmo Corp.
[{"type":"text","content":"\n \n FRMO Corp. (the “Company” or “FRMO”) (OTC Pink:FRMO) today reported its \n financial results for the 2018 first quarter, which ended August 31, \n 2017 (May Fiscal Year).\n \n \n Financial Highlights\n \n \n FRMO’s book value as of August 31, 2017 was $118.7 million ($2.70 per \n share on a fully diluted basis), including $13.1 million of \n non-controlling interests. The figure from the prior fiscal year-end as \n of May 31, 2017 was $114.2 million ($2.60 per share) including $10.9 \n million of non-controlling interests. Current assets, comprised \n primarily of cash and equivalents and investments available for sale, \n amounted to $74.4 million as of August 31, 2017, and $71.3 million as of \n May 31, 2017. Total liabilities were $14.5 million as of August 31, \n 2017, compared to $13.1 million as of May 31, 2017, the majority of each \n being deferred taxes.\n \n \n FRMO’s net income attributable to the Company was $2,187,439 ($0.05 per \n share basic and diluted) for the three months ended August 31, 2017 \n compared with $997,107 ($0.02 per share basic and diluted) for the \n quarter ended August 31, 2016. Income from operations was $3,215,483 for \n the first quarter of fiscal 2018, compared to $1,528,018 for the same \n period in the prior year. Comprehensive income (loss) was $1,987,494 for \n the first quarter of fiscal 2018 compared to $1,902,226 for the same \n period in the prior year. The figures in this paragraph reflect the \n Company’s retrospective adoption of Accounting Standards Update 2015-07, \n as disclosed in the financial statements.\n \n \n Further details are available in the Quarterly Report of the Company’s \n Consolidated Financial Statements for the quarter ended August 31, 2017. \n These statements have been filed on the OTC Markets Group Disclosure and \n News Services (DNS), which may be accessed at www.otcmarkets.com/stock/FRMO/filings. \n These documents are also available on the FRMO web site at www.frmocorp.com.\n \n \n Conference Call\n \n \n Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, \n will host a conference call on Tuesday, October 17, 2017 at 4:15 p.m. \n ET. Only questions submitted to [email protected] \n before 1:00 p.m. on the day of the call will be considered. The call \n can be accessed by dialing ...