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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."

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