Business
FRMO Corp. Announces Results for Fiscal 2013
FRMO Corp. Announces Results for Fiscal 2013.
About this update from Frmo Corp.
[{"type":"text","content":"\n \n Normal\n 0\n \n \n \n \n false\n false\n false\n \n EN-US\n X-NONE\n X-NONE\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\n\nFRMO Corp. Announces Results for Fiscal 2013\n\nExtends invitation to\nattend Annual Meeting in NYC August 27\n\nElmsford, N.Y. August 8, 2013. FRMO Corp.\n(FRMO-OTC-PINK) has issued its audited Annual Report for its fiscal year ended\nMay 31, 2013.\n\n \n\nFinancial Highlights\n\nFRMO?s net income was $10.3 million (26 cents\nper share pre and post full dilution) for the fiscal year ended May 31, 2013. This\namount represents a 215% increase over the 2012 net income figure of $3.27\nmillion that is largely attributable to the realized gain described below on\nthe exchange of its product-specific revenue interests in certain products\nmanaged by Horizon Kinetics LLC (?Horizon Kinetics?).\n\n \n\nFor the years ended May 31, 2013 and 2012,\nrevenues from the product-specific revenue interests were approximately\n$2,418,000 and $2,211,000, respectively. As of May 31, 2013, FRMO will receive\na single revenue interest (the ?Revenue Interest?) equal to 4.199% of the gross\nrevenues of Horizon Kinetics. On May 31, 2013, the 4.199% Revenue Interest had\na fair value of $10.2 million. As a result of this transaction, the Company\nrealized a gain of approximately $10.1 million, which is equal to the fair\nvalue of the 4.199% Revenue Interest at the close of business on May 31, 2013\nover the cost basis of the revenue interests in the Horizon Kinetics related\nproducts transferred to Horizon Kinetics on that date.\n\n \n\nTangible book value advanced for the thirteenth\nconsecutive year (since inception) to a record $83.37 million ($1.93 per share)\nin 2013 vs. $54.26 ($1.39 per share) in 2012. Current assets, comprised\nprimarily of cash and equivalents and investments available for sale, amounted\nto $74.84 million. Total liabilities amounted to $12.65 million, the majority\nbeing current and non-current deferred taxes. The increase in total liabilities\nfrom the 2012 level of $5.05 million is mainly due to the increase in current\nand non-current deferred tax on the approximately $10.057 million gain from the\nRevenue Interest transaction\n\n \n\nFurther detail is available in the audited\nreport of the Company?s Consolidated Financial Statements for the Y...