FRMO Corp. Announces First Quarter 2018 Financial Results and Conference Call
Oct 12, 2017
OTC Disclosure News Service
–
FRMO Corp. (the “Company” or “FRMO”) (OTC Pink:FRMO) currently reported its
financial formula for a 2018 initial quarter, that finished Aug 31,
2017 (May Fiscal Year).
Financial Highlights
FRMO’s book value as of Aug 31, 2017 was $118.7 million ($2.70 per
share on a entirely diluted basis), including $13.1 million of
non-controlling interests. The figure from a before mercantile year-end as
of May 31, 2017 was $114.2 million ($2.60 per share) including $10.9
million of non-controlling interests. Current assets, comprised
essentially of money and equivalents and investments accessible for sale,
amounted to $74.4 million as of Aug 31, 2017, and $71.3 million as of
May 31, 2017. Total liabilities were $14.5 million as of Aug 31,
2017, compared to $13.1 million as of May 31, 2017, a infancy of each
being deferred taxes.
FRMO’s net income attributable to a Company was $2,187,439 ($0.05 per
share simple and diluted) for a 3 months finished Aug 31, 2017
compared with $997,107 ($0.02 per share simple and diluted) for the
entertain finished Aug 31, 2016. Income from operations was $3,215,483 for
a initial entertain of mercantile 2018, compared to $1,528,018 for a same
duration in a before year. Comprehensive income (loss) was $1,987,494 for
a initial entertain of mercantile 2018 compared to $1,902,226 for a same
duration in a before year. The total in this divide simulate the
Company’s retrospective adoption of Accounting Standards Update 2015-07,
as disclosed in a financial statements.
Further sum are accessible in a Quarterly Report of a Company’s
Consolidated Financial Statements for a entertain finished Aug 31, 2017.
These statements have been filed on a OTC Markets Group Disclosure and
News Services (DNS), that might be accessed during www.otcmarkets.com/stock/FRMO/filings.
These papers are also accessible on a FRMO web site during www.frmocorp.com.
Conference Call
Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO,
will horde a discussion call on Tuesday, Oct 17, 2017 during 4:15 p.m.
ET. Only questions submitted to info@frmocorp.com
before 1:00 p.m. on a day of a call will be considered. The call
can be accessed by dialing 1-888-857-6931 (domestic price free) or
719-457-2605 (international toll) and entering a following conference
ID: 8096032. A replay will be accessible from 7:15 p.m. on a day of the
teleconference until Thursday, Nov 16, 2017. To listen to the
archived call, dial 1-888-203-1112 (domestic price free) or 719-457-0820
(international toll), and enter discussion ID series 8096032.
Condensed Consolidated Balance Sheets
(in thousands)
August 31,
May 31,
2017
2017
(Unaudited)
Assets
Current Assets:
Cash and money equivalents
$
51,808
$
51,125
Bond and equity securities, accessible for sale, during satisfactory value
21,683
18,933
Other stream assets
905
1,219
Total Current Assets
74,396
71,277
Investment in South LaSalle Partners, LP
5,821
5,743
Investment in Winland Electronics, Inc.
773
739
Investments in singular partnerships
27,182
24,833
Investment in OneChicago LLC
246
246
Investment in Digital Currency Group Inc.
76
76
Investment in CNSX Markets, Inc.
243
243
Investment in Miami International Holdings, Inc.
250
250
Investment in National Stock Exchange Holdings, Inc.
249
249
Investment in The Bermuda Stock Exchange
2,716
2,704
Investment in Horizon Kinetics LLC
11,084
10,773
Participation in Horizon Kinetics LLC income stream
10,200
10,200
Total Assets
$
133,236
$
127,333
Liabilities and Stockholders’ Equity
Current Liabilities:
Securities sold, not nonetheless purchased
$
4,903
$
4,131
Other stream liabilities
374
140
Total Current Liabilities
5,277
4,271
Deferred Tax Liability
9,234
8,842
Total Liabilities
14,511
13,113
Stockholders’ Equity
118,725
114,220
Total Liabilities and Stockholders’ Equity
$
133,236
$
127,333
Condensed Consolidated Statements of Income
(amounts in thousands, only share data)
Three Months Ended
August 31,
August 31,
2017
2016
(Unaudited)
Revenue:
Consultancy and advisory fees
$
438
$
502
Income from investment partnerships
and singular guilt companies
1,049
96
Unrealized benefit from investments theme to net asset
gratefulness and satisfactory value adjustments
1,764
945
Income from unconsolidated subsidiary
12
29
Other
137
178
Total Revenue
3,400
1,750
Total Expenses
185
222
Income from Operations
3,215
1,528
Provision for Income Taxes
1,041
471
Net Income
2,174
1,057
Less net income (loss) attributable to noncontrolling interests
(13
)
60
Net Income Attributable to FRMO Corporation
$
2,187
$
997
Diluted Net Income per Common Share
$
0.05
$
0.02
Weighted Average Common Shares Outstanding
Basic
43,953,155
43,953,155
Diluted
43,996,620
43,999,239
About FRMO Corp.
FRMO Corp. invests in and receives revenues formed on consulting and
advisory price interests in a item government sector.
FRMO has 43,953,155 shares of common batch superb as of Aug 31,
2017.
For some-more information, revisit a Web site during www.frmocorp.com.
Safe Harbor Statement Under a Private Securities Litigation Reform
Act of 1995 – With a difference of chronological information, the
matters discussed in this press recover are forward-looking statements
that engage a series of risks and uncertainties. Words like “believe,”
“expect” and “anticipate” meant that these are a best estimates as of
this writing, though that there can be no assurances that approaching or
expected formula or events will indeed take place, so a actual
destiny formula could differ significantly from those statements. Factors
that could means or minister to such differences include, though are not
singular to: a ability to say a rival advantages, the
ubiquitous economics of a financial industry, a ability to finance
growth, a ability to brand and tighten acquisitions on terms
auspicious to a Company, and a tolerable market.
Further information on a risk factors is contained in a quarterly
and annual reports as filed on a website www.frmocorp.com
and on www.otcmarkets.com/stock/FRMO/filings.
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