This Day On The Street
Continue to site
ADVERTISEMENT
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

Kayne Anderson Energy Development Company Announces Results For The Quarter Ended August 31, 2011

Kayne Anderson Energy Development Company (the “Company”)(NYSE: KED) today announced its financial results for the quarter ended August 31, 2011.

HIGHLIGHTS

  • Net asset value: $22.01 per share
  • The Company declared a quarterly distribution of $0.38 per share
  • Net investment income: $0.3 million
  • Net realized gains: $2.3 million
  • Net unrealized losses: $7.3 million

RESULTS OF OPERATIONS – QUARTER ENDED AUGUST 31, 2011

Investment income totaled $2.9 million and consisted primarily of net dividends and distributions and interest income on the Company’s debt investments. The Company received $4.5 million of cash dividends and distributions, of which $2.9 million was treated as a return of capital during the period. During the quarter, the Company received $1.3 million of interest income, of which $0.4 million was paid-in-kind interest from ProPetro Services, Inc. (“ProPetro”). The Company also received $0.8 million of paid-in-kind dividends, of which $0.6 million was from VantaCore Partners LP (“VantaCore”). These paid-in-kind dividends are not included in investment income, but are reflected as an unrealized gain.

Operating expenses totaled $2.4 million, including $1.4 million of investment management fees; $0.5 million of interest expense and $0.5 million of other operating expenses. Interest expense included $0.1 million of amortization of debt issuance costs. Investment management fees were equal to an annual rate of 1.75% of average total assets.

The Company’s net investment income totaled $0.3 million and included a current income tax expense of $0.1 million and a deferred income tax expense of $0.1 million.

The Company had net realized gains from investments of $2.3 million, after taking into account a current income tax expense of $1.1 million and a deferred income tax expense of $0.1 million.

The Company had net unrealized losses of $7.3 million. The net unrealized loss consisted of $11.3 million of unrealized losses, primarily from investments in public MLPs and a deferred income tax benefit of $4.0 million.

1 of 4

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs