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FRMO Corp. Announces First Quarter 2019 Financial Results and Conference Call
FRMO Corp. Announces First Quarter 2019 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 2019 first quarter, which ended August 31, \n 2018 (May Fiscal Year).\n \n \n Financial Highlights\n \n \n FRMO’s 2019 book value as of August 31, 2018 was $162.5 million ($3.69 \n per share on a fully diluted basis), including $39.4 million of \n non-controlling interests. The figure from the prior fiscal year-end as \n of May 31, 2018 was $146.9 million ($3.34 per share), including $27.6 \n million of non-controlling interests. Current assets, comprised \n primarily of cash and equivalents and equity securities, amounted to \n $107.0 million as of August 31, 2018, and $93.2 million as of May 31, \n 2018. Total liabilities were $15.7 million as of August 31, 2018, \n compared to $13.5 million as of May 31, 2018, the majority of each being \n deferred taxes.\n \n \n FRMO’s 2019 net income attributable to the Company for the three months \n ended August 31, 2018 was $3,211,123 ($0.07 per share basic and diluted) \n compared to $2,187,439 ($0.05 per share basic and diluted) for the \n quarter ended August 31, 2017. Income from operations was $14,573,509 \n for the first quarter of fiscal 2019, compared to $3,215,483 for the \n same period in the prior year. Comprehensive income attributable to the \n Company for the same periods was $3,211,123 up from $1,987,494.\n \n \n FRMO’s 2019 net income attributable to the Company excluding the effect \n of unrealized gains net of taxes for the three months ended August 31, \n 2018 was $3,215,997 ($0.07 per diluted share) compared to $2,187,439 \n ($0.05 per diluted share) for the three months ended August 31, 2017. \n Net income attributable to the Company excluding the effect of \n unrealized gains net of taxes is a measure not based on GAAP and is \n defined and reconciled to the most directly comparable GAAP measures in \n “Information Regarding Non-GAAP Measures” below.\n \n \n As of August 31, 2018 and May 31, 2018, investments in limited \n partnerships and limited liability companies are valued using data \n inputs from June 30, 2018 and March 31, 2018, respectively, the dates of \n the most current available information.\n \n \n Further details are available in the Quarterly Report of the Company’s \n Consolidated Fin...