This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

Financial Highlights
  • 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."

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 0.00%
FB $118.06 0.00%
GOOG $695.70 0.00%
TSLA $222.56 0.00%
YHOO $37.40 3.90%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs