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FRMO Corp. Announces Third Quarter Financial Results, Conference Call, and Private Placement
FRMO Corp. Announces Third Quarter Financial Results, Conference Call, and Private Placement.
About this update from Frmo Corp.
[{"type":"text","content":"\nFRMO Corp. Announces Third Quarter 2013 Financial Results, Conference Call, and Private Placement\n \n \n \nBusiness Wire\nPLEASANTVILLE, N.Y. — April 15, 2013\n \nFRMO Corp. (FRMO-OTC-PINK) (“FRMO” or “Company”) today reported its financial results for the third quarter ended February 28, 2013 (May Fiscal Year). \n \nFinancial Highlights\nFRMO’s net income for the third quarter ending February 28, 2013 was $858,803 ($0.02 per share basic and diluted) and for the nine months ending February 28, 2013 net income was $2,751,336 ($0.07 per share basic and diluted). Comparable figures for the same periods in fiscal 2012 were $1,059,991 ($0.03 per share basic and diluted) for the three months and $2,780,787 ($0.07 per share basic and diluted) for the nine months. The third quarter of 2013 includes tax adjustments from prior years.\n \nTangible book value advanced to a record (since inception) $61 million ($1.55 per share) vs. $54 million ($1.38 per share) at fiscal 2012 year end. Current assets, comprised primarily of cash and equivalents and investments available for sale, amounted to $68.3 million. Total liabilities amounted to $7.6 million, the majority being deferred taxes.\n \nFurther details are available in the Quarterly Report of the Company’s Consolidated Financial Statements for the quarter ended February 28, 2013. These statements have been filed on the OTC Markets Group Disclosure and News Services (DNS), which may be accessed at www.otcmarkets.com/stock/FRMO/filings. These documents are also available on the FRMO web site at www.frmocorp.com. \n \nConference Call\nMurray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, of FRMO Corp. will host a conference call on Tuesday, April 23, 2013 at 4:00 p.m. ET. The call can be accessed by dialing 1-888-437-9445 and entering the following conference ID: 2800744. A replay will be available from 6:15 p.m. the day of the teleconference until May 23, 2013. To listen to the archived call, dial 1-888-203-1112, and enter conference ID number 2800744.\n \nPrivate Placement\nOn April 15, 2013, the company received a commitment from accredited investors pursuant to a Private Placement Memorandum (the “PPM”) to purchase 1,730,103 shares of the Company’s common stock at $2...