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FRMO Corp. Announces Results for Fiscal 2018FRMO Corp. (the "Company" or "FRMO") (OTC Pink: FRMO) today reported its financial results for the fiscal year 2018, which ended May 31, 2018. Financial Highlights FRMO's 2018 book value as of May 31, 2018 was $146.9 million ($3.34 per share on a fully diluted basis), including $27.6 million of non-controlling interests. The figure from the prior fiscal year-end as of May 31, 2017 was $114.2 million ($ 2.60 per share), which includes $10.9 million of non-controlling interests. Current assets, comprised primarily of cash and equivalents and investments available for sale, amounted to $93.2 million as of May 31, 2018, and $71.3 million as of May 31, 2017. Total liabilities were $13.5 million as of May 31, 2018, compared to $13.1 million as of May 31, 2017, the majority of each being deferred taxes. As a result of the new tax act, the Company reduced its previously recorded deferred tax liability by $4.5 million. FRMO's 2018 net income attributable to the Company for the fiscal year ended May 31, 2018 was $14,052,518 ($0.32 per share basic and diluted) compared to $3,493,948 ($0.08 per share basic and diluted) for the 2017 fiscal year. Income from operations for the 2018 fiscal year was $15,605,398, compared to $6,915,986, for the prior year. Comprehensive income attributable to the Company for the same periods was $14,835,607 up from $4,335,956. As of May 31, 2018 and May 31, 2017, investments in limited partnerships and limited liability companies are valued using data inputs from March 31, 2018 and March 31, 2017, respectively, the dates of the most current available information. Further details are available in the Company's Consolidated Financial Statements for the fiscal year ended May 31, 2018. These statements and the Letter to Shareholders have been filed on the OTC Markets Group Disclosure and News Services, which may be accessed at www.otcmarkets.com/stock/FRMO/filings. These documents are also available on the FRMO website at www.frmocorp.com. Annual Meeting Information The Chairman, President, and Board of Directors of FRMO Corp. cordially invite shareholders to attend the Company's Annual Meeting of Shareholders at which the Chairman and President will review the Fiscal 2018 financial results and the outlook for the future. Board members will be available to answer questions.
Date:
Location: Admission to the FRMO Annual Meeting is limited to stockholders who owned Common Stock as of the close of business on July 25, 2018, the record date, or their duly appointed proxies, and one guest. Proof of ownership of FRMO stock and valid government-issued photo identification must be presented in order to be admitted to the Annual Meeting. Each guest must also present valid government-issued photo identification. If your shares are held in the name of a bank, broker, or other holder of record, you must bring a brokerage statement or other proof of ownership (or the equivalent proof of ownership as of the close of business on the record date of the stockholder who granted you the Proxy). If your shares are held in certificate form, ownership will be verified by consulting the list of Registered Shareholders as of the record date. Registration will begin at 2:00 p.m. No cameras, recording equipment, electronic devices, large bags, briefcases, or packages will be permitted in the Annual Meeting. Dress code for the Harvard Club is business casual (no jeans, sneakers, or athletic wear permitted).
About FRMO Corp. FRMO Corp. invests in and receives revenues based upon consulting and advisory fee interests in the asset management sector. FRMO had 43,973,781 shares of common stock outstanding as of May 31, 2018. For more information, visit our website at www.frmocorp.com. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like "believe," "expect" and "anticipate" mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, the general economics of the financial industry, our ability to finance growth, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports as filed on our website www.frmocorp.com and on www.otcmarkets.com/stock/FRMO/filings.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180815005755/en/ |
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