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FRMO Corp. Announces Results for Fiscal 2014
FRMO Corp. Announces Results for Fiscal 2014.
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 its 2014 Fiscal Year, which ended May 31, 2014.\n \n \n Financial Highlights\n \n \n FRMO’s 2014 Shareholders’ Equity increased by $10.68 million to $94.05 \n million ($2.16 per share) at May 31, 2014, from $83.37 million ($1.93 \n per share) at May 31, 2013. Current assets, comprised primarily of cash \n and equivalents and investments available for sale, amounted to $86.52 \n million as of May 31, 2014 and $74.71 million as of May 31, 2013. Total \n liabilities were $16.39 million as of May 31, 2014, compared to $12.65 \n million as of May 31, 2013, the majority of each being deferred taxes.\n \n \n Income from operations for the fiscal year ended May 31, 2014 was \n $6,677,768, down from $16,799,618 for the same period in the prior year. \n The decrease is primarily attributable to the one-time gain of \n $10,057,232 in 2013 from FRMO’s exchange of product specific revenue \n interests in products managed by Horizon Kinetics LLC (“HK”) for a \n 4.199% interest in the gross revenues of HK.\n \n \n Comprehensive income for the year, which includes unrealized gains, was \n $8,933,826, down from $14,113,860, including net income of $3,872,747 \n ($0.09 per share basic and diluted), as compared to $10,319,964 ($0.26 \n per share basic and diluted) for the same period in the prior year. The \n decrease is primarily attributable to the one-time gain of $10,057,232 \n in 2013 as described above.\n \n \n Further details are available in the Annual Report of the Company’s \n Consolidated Financial Statements for the year ended May 31, 2014. These \n statements have been filed on the OTC Markets Group Disclosure and News \n 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 Annual Meeting Invitation\n \n \n The Chairman, President, and Board of Directors of FRMO Corp. cordially \n invite shareholders to attend its Annual Meeting at which they will \n review the Fiscal 2014 financial results and the outlook for the future. \n The board members will be available to answer questions and look forward \n to meeting you. The Annual Meeting will be held on:\n \n \n Tue...