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Kayne Anderson Energy Development Company Announces Results For The Quarter Ended February 28, 2010

The Company does not provide guidance on realized gains or incentive management fees.

Based on the foregoing assumptions, the Company is expected to generate distributable cash flow per share of $0.31 per quarter.

CONFERENCE CALL

The Company will host a conference call at 8:15 a.m. Central time, on Wednesday, April 7, 2010 to discuss its results. All interested parties are welcome to participate. You can access the conference call by dialing (877) 563-8315 approximately 5-10 minutes prior to the call. International callers should dial (706) 679-4383. All callers should reference "Conference ID # 65629539." For the convenience of the Company’s stockholders, an archived replay of the call will be available on the Company’s website ( http://www.kaynefunds.com/webcasts.htm).

AVAILABLE INFORMATION

The Company’s filings with the Securities and Exchange Commission, press releases and other financial information are available on the Company’s website at www.kaynefunds.com.

   
 

KAYNE ANDERSON ENERGY DEVELOPMENT COMPANY

STATEMENT OF ASSETS AND LIABILITIES

(amounts in 000’s, except share and per share amounts)

 

 February 28,

2010

(Unaudited)

 November 30,

2009

ASSETS
Investments, at fair value:
Non-affiliated (Cost — $176,025 and $172,244) $ 148,969 $ 136,857
Affiliated (Cost — $72,245 and $73,025) 61,833 63,502
Repurchase agreements (Cost — $11,320 and $4,710)   11,320     4,710  
Total investments (Cost — $259,590 and $249,979) 222,122 205,069
Deferred income tax asset 15,698 20,135
Receivable for securities sold 3,515 14
Interest, dividends and distributions receivable, net 536 410
Debt issuance costs, prepaid expenses and other assets   223     392  
Total Assets   242,094     226,020  
LIABILITIES
Senior secured revolving credit facility 61,000 56,000
Payable for securities purchased 5,957 17
Investment management fee payable 913 858
Accrued directors’ fees and expenses 77 74
Accrued expenses and other liabilities   559     532  
Total Liabilities   68,506     57,481  
NET ASSETS $ 173,588   $ 168,539  
NET ASSETS CONSIST OF

Common stock, $0.001 par value (200,000,000 shares authorized at February 28, 2010 and November 30, 2009; 10,190,383 and 10,163,978 shares issued and outstanding at February 28, 2010 and November 30, 2009, respectively)

$ 10 $ 10
Paid-in capital 200,906 203,576
Accumulated net investment loss, net of income taxes, less distributions (3,082 ) (2,869 )
Accumulated net realized losses on investments, net of income taxes (48 ) (3,272 )
Net unrealized losses on investments, net of income taxes   (24,198 )   (28,906 )
NET ASSETS $ 173,588   $ 168,539  
NET ASSET VALUE PER SHARE $ 17.03   $ 16.58  

 
 

KAYNE ANDERSON ENERGY DEVELOPMENT COMPANY

STATEMENT OF OPERATIONS

(amounts in 000’s)

(UNAUDITED)

 
Three Months Ended

 February 28,

2010

 

 February 28,

2009

INVESTMENT INCOME
Income
Dividends and Distributions:
Non-affiliated investments $ 1,748 $ 2,678
Affiliated investments   791     1,949  

Total dividends and distributions

2,539 4,627
Return of capital   (2,063 )   (4,124 )
Net dividends and distributions 476 503
Interest and other income   940     730  
Total investment income   1,416     1,233  
Expenses
Base investment management fees 913 777
Professional fees 162 224
Directors’ fees and expenses 75 75
Administration fees 35 53
Insurance 37 37
Custodian fees 16 15
Other expenses   134     205  
Total Expenses — Before Interest Expense 1,372 1,386
Interest expense   379     384  
Total Expenses   1,751     1,770  
Net Investment Loss — Before Income Taxes (335 ) (537 )
Deferred income tax benefit   122     192  
Net Investment Loss   (213 )   (345 )
REALIZED AND UNREALIZED GAINS (LOSSES)
Net Realized Gains (Losses)
Investments 5,046 (2,547 )
Foreign currency transactions 31 (6 )
Options
Deferred income tax benefit (expense)   (1,853 )   912  
Net Realized Gains (Losses)   3,224     (1,641 )
Net Change in Unrealized Gains (Losses)
Investments 7,441 (5,222 )
Foreign currency translations (27 ) 2
Options 17
Deferred income tax benefit (expense)   (2,706 )   1,860  
Net Change in Unrealized Gains (Losses)   4,708     (3,343 )

Net Realized and Unrealized Gains (Losses)

  7,932     (4,984 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 7,719   $ (5,329 )
 

The Company is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to generate both current income and capital appreciation primarily through equity and debt investments. The Company will seek to achieve this objective by investing at least 80% of its net assets together with the proceeds of any borrowings (its "total assets") in securities of companies that derive the majority of their revenue from activities in the energy industry, including: (a) Midstream Energy Companies, which are businesses that operate assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, propane, crude oil or refined petroleum products; (b) Upstream Energy Companies, which are businesses engaged in the exploration, extraction and production of natural resources, including natural gas, natural gas liquids and crude oil, from onshore and offshore geological reservoirs; and (c) Other Energy Companies, which are businesses engaged in owning, leasing, managing, producing, processing and sale of coal and coal reserves; the marine transportation of crude oil, refined petroleum products, liquefied natural gas, as well as other energy-related natural resources using tank vessels and bulk carriers; and refining, marketing and distributing refined energy products, such as motor gasoline and propane to retail customers and industrial end-users.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Company's historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; commodity pricing risk; leverage risk; valuation risk; non-diversification risk; interest rate risk; tax risk; and other risks discussed in the Company's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company's investment objectives will be attained.



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