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FRMO Corp. Announces Third Quarter 2016 Financial Results and Conference Call
FRMO Corp. Announces Third Quarter 2016 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 2016 third quarter, which ended February 29, \n 2016 (May Fiscal Year).\n \n \n Financial Highlights\n \n \n FRMO’s 2016 book value was $93.0 million ($2.12 per share on a fully \n diluted basis) as of February 29, 2016, compared with $102.2 million \n ($2.32 per share) as of May 31, 2015, the prior fiscal year-end. Current \n assets, comprised primarily of cash and equivalents and investments \n available for sale, amounted to $86.164 million as of February 29, 2016, \n and $94.5 million as of May 31, 2015. Total liabilities were $17.6 \n million as of February 29, 2016, compared to $16.5 million as of May 31, \n 2015, the majority of each being deferred taxes.\n \n \n FRMO’s net income for the three months ended February 29, 2016 was \n $189,395 ($0.00 per share basic and diluted) compared to $1,328,204 \n ($0.03 per share basic and diluted) for the same three month period in \n 2015. Income from operations for the third quarter of fiscal 2016 was \n $407,546, compared to $2,047,023, for the same period in the prior year. \n Comprehensive income for the same periods, which includes unrealized \n investment losses, was ($5,240,692), down from $175,768.\n \n \n For the nine months ended February 29, 2016, net income was $2,792,308 \n ($0.06 per share basic and diluted) compared to $3,156,843 ($0.07 per \n share basic and diluted) in the prior year, and income from operations \n was $5,138,061 up from $4,921,886 for the same period in 2015. \n Comprehensive income for the same periods, which includes unrealized \n investment losses, was ($9,856,984) down from $3,068,178.\n \n \n Further details are available in the Quarterly Report of the Company’s \n Consolidated Financial Statements for the quarter ended February 29, \n 2016. These statements have been filed on the OTC Markets Group \n Disclosure and News Services, 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, April 19, 2016 at 4:15 p.m. EST. Only \n questions submitted to [email protected] \...