FRMO Corp. Announces Results for Fiscal 2016
Aug 09, 2016
OTC Disclosure News Service
FRMO Corp. (the “Company” or “FRMO”) (OTC Pink: FRMO) today reported its
financial results for the fiscal year 2016, which ended May 31, 2016.
FRMO’s 2016 book value was $99.8 million ($2.27 per share on a fully
diluted basis) as of May 31, 2016 compared with $102.2 million ($2.32
per share) as of May 31, 2015. Current assets, comprised primarily of
cash and equivalents and investments available for sale, amounted to
$90.3 million as of May 31, 2016, and $94.5 million as of May 31, 2015.
Total liabilities were $15.2 million as of May 31, 2016, compared to
$16.5 million as of May 31, 2015, the majority of each being deferred
FRMO’s 2016 net income for the fiscal year ended May 31, 2016 was
$3,692,697 ($0.09 per share basic and diluted) compared with $4,901,856
($0.11 per share basic and diluted) for the same period in 2015.
In May 2016, FRMO made a small investment in Miami International
Holdings, Inc. (MIH), which is the parent holding company of the MIAX
Options Exchange (MIAX Options), a fully automated electronic options
exchange for trading options on equities and ETFs. MIH is a private
Further details are available in the Company’s Consolidated Financial
Statements for the fiscal year ended May 31, 2016. 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.
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
2016 financial results and the outlook for the future. Board members
will be available to answer questions. The details for the Annual
Meeting are as follows:
Tuesday, August 30, 2016 at 3PM
The Harvard Club
35 West 44th Street
New York, NY
Admission to the FRMO Annual Meeting is limited to shareholders
who owned Common Stock as of the close of business on July 12, 2016 (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 present a 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
Condensed Consolidated Balance Sheets
Cash and cash equivalents
Investments, available for sale, at fair value
Total Current Assets
Investment in OneChicago LLC
Investment in Digital Currency Group, Inc.
Investment in CNSX Markets, Inc.
Investment in Miami International Holdings, Inc.
Investment in The Bermuda Stock Exchange
Investment in Horizon Kinetics LLC
Participation in Horizon Kinetics LLC revenue stream
Liabilities and Stockholders’ Equity
Securities sold, not yet purchased
Deferred Tax Liability
Other current liabilities
Total Current Liabilities
Deferred Tax Liability – non-current
Total Liabilities and Stockholders’ Equity
Condensed Consolidated Statements of Income
(amounts in thousands, except share data)
Three Months Ended
Consultancy and advisory fees
Income from investment partnerships
and limited liability companies
Income from unconsolidated subsidiary
Income from Operations
Provision for Income Taxes
Less net (loss) attributable to noncontrolling interests
Net Income Attributable to FRMO Corporation
Diluted Earnings per Common Share
Weighted Average Common Shares Outstanding
About FRMO Corp.
FRMO Corp. invests in and receives revenues based upon consulting and
advisory fee interests in the asset management sector.
FRMO has 43,953,155 shares of common stock outstanding as of May 31,
For more information, visit our Web site 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.
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