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FRMO Corp. Announces Second Quarter 2018 Financial Results and Conference Call
FRMO Corp. Announces Second 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 second quarter, which ended November 30, \n 2017 (May Fiscal Year).\n \n \n Financial Highlights\n \n \n FRMO’s book value as of November 30, 2017 was $128.6 million ($2.93 per \n share on a fully diluted basis), including $19.1 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 $81.4 million as of November 30, 2017, compared to $71.3 \n million as of May 31, 2017. Total liabilities were $16.4 million as of \n November 30, 2017, compared to $13.1 million as of May 31, 2017, the \n majority of each being deferred taxes.\n \n \n FRMO’s net income attributable to the Company was $3,076,381 ($0.07 per \n share basic and diluted) for the three months ended November 30, 2017 \n compared with $987,915 ($0.02 per share basic and diluted) for the \n quarter ended November 30, 2016. For the six months ended November 30, \n 2017, constituting the first half of the current fiscal year ending May \n 31, 2018, net income was $5,263,820 ($0.12 per share basic and diluted) \n compared to $1,985,022 ($0.05 per share basic and diluted) for the same \n period in the prior year.\n \n \n Comprehensive income attributable to the Company was $3,489,279, or \n $0.08 per share basic and diluted, for the second quarter of fiscal \n 2018, compared to $1,690,344, or $0.04 per share basic and diluted, for \n the same period in the prior year. For the six months ended November 30, \n 2017, comprehensive income was $5,476,773 or $0.12 per share basic and \n diluted, compared to $3,592,570, or $0.08 per share basic and diluted, \n for the same period in the prior year.\n \n \n The figures related to income in the previous two paragraphs reflect the \n Company’s retrospective adoption of Accounting Standards Update 2015-07, \n as disclosed in Note 3 of 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 November 30, \n 2017. These state...