Kohlberg Capital Corporation Announces Third Quarter 2010 Financial Results
NEW YORK, Nov. 8, 2010 (GLOBE NEWSWIRE) -- Kohlberg Capital Corporation (Nasdaq:KCAP) (the "Company") announced its third quarter 2010 financial results.
- Net investment income for the three months ended September 30, 2010 was approximately $3.8 million, or $0.17 per share. For the nine months ended September 30, 2010, net investment income was approximately $6.7 million, or $0.30 per share.
- The Company declared dividends of $0.17 per share for each of the first, second and third quarters of 2010.
- Net realized losses were approximately $3.0 million and $10.7 million for the three and nine months ended September 30, 2010, respectively.
- Net unrealized losses on investments were approximately $4.1 million and $3.4 million for the three and nine months ended September 30, 2010, respectively.
- Settlement of litigation filed by the Company regarding its credit facility resulting in a maturity date of February 28, 2011 at an interest rate based on prevailing commercial paper rates plus 0.85% (approximately 1.2% at September 30, 2010) and a $2 million settlement payment to the Company upon full repayment of outstanding balance.
- At September 30, 2010, the fair value of the Company's investments totaled approximately $323.5 million.
- Net asset value per share of $8.84 as of September 30, 2010 as compared to $9.56 as of December 31, 2009.
"During the third quarter, we reached a settlement with our lenders which established a maturity date of February 28, 2011 at our previously contracted all-in rate approximating 1.2% as of quarter-end and a settlement payment to us of $2 million," said Dayl Pearson, president and chief executive officer. "During the quarter we have continued to significantly de-lever our balance sheet -- our debt outstanding is down from $218 million at the end of last year to approximately $137 million at quarter-end to a current balance of approximately $95 million by the end of this week. Our asset coverage is 246% well above the parameters mandated by our status as a BDC. Our asset base remains heavily weighted to debt securities which made up approximately 59% of our investment portfolio, of which approximately 98% are secured loans. Our significant concentration in more senior securities coupled with significant asset diversity reflected in our average loan balances of approximately $2.4 million and loans spread across 23 different industries, have allowed us to maintain good portfolio quality in this difficult economic environment."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV