(NYSE:KED) Kayne Anderson Energy Development Company (the “Company”) today announced its financial results for the quarter and fiscal year ended November 30, 2012.
- Net asset value: $23.74 per share; up 3.2% for fiscal 2012
- Distribution of $0.43 per share for the fourth quarter; increased 10.3% in fiscal 2012
- Net investment income for fiscal 2012: $0.8 million
- Net realized gains for fiscal 2012: $9.9 million
- Net unrealized gains for fiscal 2012: $13.6 million
RESULTS OF OPERATIONS – QUARTER ENDED NOVEMBER 30, 2012
Investment income totaled $2.8 million for the quarter and consisted primarily of net dividends and distributions and interest income on our debt investments. The Company received $5.7 million of dividends and distributions, of which $4.4 million was treated as a return of capital during the quarter. Interest income was $1.5 million, of which $0.4 million was paid-in-kind interest from ProPetro Services, Inc. (“ProPetro”). The Company received $0.2 million of paid-in-kind dividends during the quarter, which are not included in investment income, but are reflected as an unrealized gain and $0.5 million of non-cash distributions from VantaCore Partners LP (“VantaCore”) that is included in investment income.Operating expenses totaled $2.3 million, including $1.5 million of investment management fees; $0.6 million of interest expense and $0.2 million of other operating expenses. Interest expense included $0.1 million of amortization of debt issuance costs. The Company’s net investment income totaled $0.4 million and included a deferred income tax expense of $0.1 million and current income tax expense of $0.05 million. The Company had net realized gains from investments of $3.8 million, after taking into account a deferred income tax expense of $1.4 million and a current income tax expense of $0.8 million. The realized gains included a $4.5 million gain from the redemption of the Company’s Class D Preferred Unit investment in Direct Fuels Partners, L.P. (“Direct Fuels”).
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