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KCAP Financial, Inc. Announces Fourth Quarter And Full Year 2013 Financial Results

NEW YORK, March 12, 2014 (GLOBE NEWSWIRE) -- KCAP Financial, Inc. (Nasdaq:KCAP) announces its fourth quarter and full year 2013 financial results.

Financial Highlights

  • Net investment income for the fourth quarter ended December 31, 2013 was approximately $7.9 million, or $0.24 per basic share. Net investment income for the year ended December 31, 2013 was approximately $29.0 million, or $0.90 per basic share, compared with $24.1 million, or $0.93 per basic share in 2012.  
  • KCAP Financial, Inc. declared a fourth quarter shareholder distribution of $0.25 per share.   
  • At December 31, 2013, the fair value of KCAP's investments totaled approximately $441 million, an increase of 41% from $312 million at December 31, 2012.   
  • Net asset value per share of $7.51 as of December 31, 2013, compared with $7.85 at December 31, 2012.

Dayl Pearson, President and Chief Executive Officer of KCAP Financial, Inc., noted, "I am pleased with the continued improvement in our results, in part attributable to our focus on direct originations, executing our strategy of rotation into higher yielding assets, and the continued strong performance of our Asset Manager Affiliates."

Operating Results

For the year ended December 31, 2013, we reported total investment income of approximately $48.3 million as compared to approximately $38.6 million in the prior year, an increase of 25%. Investment income from debt securities increased 12% to approximately $14 million from approximately $12.5 million. Dividends from investments in CLO fund securities in 2013 were essentially unchanged from 2012, and dividends from our Asset Manager Affiliates increased 171% from $4.7 million to $12.8 million. The increase in dividends from the Asset Manager Affiliates is primarily attributable to greater incentive fees.

For the year ended December 31, 2013, total expenses were higher by approximately $4.8 million as compared to the same period in 2012, primarily attributable to the increase in interest expense related to the average outstanding principal balance on our borrowings as well as increased operating expenses.

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