Rand Capital Announces Second Quarter Results
- Net Asset Value is $3.28 per share for the quarter ending June 30, 2010
- One new investment and one follow-on investment totaling $1,300,000
- Following end of the quarter, one portfolio exit – Innov-X Systems, Inc. generated $5.6 million
BUFFALO, N.Y., July 22, 2010 (GLOBE NEWSWIRE) -- Rand Capital Corporation (Nasdaq:RAND) ("Rand"), a business development company (BDC) that provides capital and managerial expertise for small to medium-sized private companies, announced its financial results for the second quarter ended June 30, 2010 highlighting a net asset value of $3.28 per share, a decrease of ($0.02) from March 31, 2010. At the end of the second quarter, Rand's total investment portfolio was valued at $26.4 million, which exceeds its cost basis of $17.6 million, reflecting $8.8 million in net unrealized appreciation.
Allen F. Grum, President of Rand Capital, stated: "We had a busy and productive quarter. Mid America Brick was a transaction that we initiated three years ago and too which we led the equity raise. They expect to begin manufacturing bricks next year and will have an initial capacity of 60 million bricks annually. Following the end of the quarter, we were also pleased with our exit from Innov-X Systems, Inc. This was the largest exit in Rand Capital SBIC's history and had an IRR in excess of 80%."
Portfolio ActivitiesDuring the quarter:
- Rand made an $800,000 investment in Mid America Brick (Mexico, MO) ( www.midamericabrick ). Mid America Brick manufactures face brick for residential and commercial construction. They will be the largest producer of bricks in the region.
- Also during the quarter, Rand made a $500,000 follow-on investment in Microcision LLC (Philadelphia, PA) ( www.microcision.com ). Microcision is a manufacturer of custom medical implants which includes dental implants sold through its wholly owned subsidiary Aeton Medical ( www.aetonmed.com ) including precision machined components, implants and assemblies. Aeton has developed a proprietary line of dental ST abutments, flathead drills, healing caps and other unique products for the dental implant market.
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