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KCAP Financial, Inc. Announces 2012 Financial Results And Announces First Quarter 2013 Dividend

Stocks in this article: KCAP

NEW YORK, March 15, 2013 (GLOBE NEWSWIRE) -- KCAP Financial, Inc. (Nasdaq:KCAP) announced its 2012 financial results.

Financial Highlights

  • Net investment income for the year ended December 31, 2012 was approximately $24.1 million, or $0.93 per share (basic) and $0.89 per share (diluted).  
  • During the year, KCAP Financial declared total quarterly dividends of $0.94 per share.  
  • At December 31, 2012, the fair value of KCAP Financial's investments totaled approximately $312.0 million.  
  • Net asset value per share of $7.85 as of December 31, 2012.

Dayl Pearson, President and Chief Executive Officer of KCAP Financial, noted, "This past year was transformative for us as our acquisition of Trimaran Advisors had a significant positive impact on our profitability. More importantly, the acquisition was critical to our ability to raise a new CLO fund in the fourth quarter of 2012 which restarted the growth of our asset management business."

Operating Results

For the year ended December 31, 2012, we reported total investment income of approximately $38.6 million, as compared to approximately $27.8 million for the year ended December 31, 2011, an increase of 38.7%. Investment income from debt securities increased 32.5% from $9.4 million to $12.5 million, dividends from investments in CLO fund securities increased 46.6% from $14.4 million to $21.1 million, and dividends from our Asset Manager Affiliates increased 146.1% from $1.9 million to $4.7 million. These increases can be attributable to our average invested assets increasing, our investment in the four subordinated debt positions in collateralized loan obligation funds managed by Trimaran Advisors, L.L.C. that we acquired in connection with our acquisition of Trimaran Advisors in February 2012, and the increased asset management dividends from our wholly owned asset manager affiliates (Trimaran Advisors L.L.C. and Katonah Debt Advisors, L.L.C.), primarily as a result of our acquisition of Trimaran Advisors.

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