Prospect Capital Corp. (PSEC), a venture capital and private equity investment firm, reported Monday a decline in fourth-quarter net investment income, reflecting chiefly a decrease in total interest income.
For the fourth quarter, net investment income dipped to $11.98 million or $0.32 per share from $13.67 million or $0.50 per share in the previous year.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share in the fourth quarter. Analysts' estimates typically exclude special items.
Net realized loss on investments for the latest quarter was $40.74 million, compared to a gain of $2.19 million in the past year. Net benefit from unrealized appreciation on investments increased to $28.01 million from $8.13 million. Net decrease in net assets resulting from operations was $749 thousand or $0.02 a share, compared to increase of $23.98 million or $0.88 a share last year.
Total investment income for the period decreased to $21.80 million from $23.45 million. Four analysts were expecting revenue of $21.06 million in the fourth quarter.
Total interest income came down year-over-year to $12.06 million from $16.49 million, as interest from control investments dropped to $1.98 million from $7.02 million. Total dividend income rose to $8.96 million from $4.53 million, attributable to doubling of dividends from control investments to $8.90 million from $4.38 million. Total other income slid to $776 thousand from $2.43 million in the fourth quarter of the prior fiscal year
Net asset value as of June 30, 2009 was $12.40 per share, down from $14.55 per share a year ago.
For the full year, net investment income increased to $59.16 million from $45.11 million in fiscal 2008. However, on a per share basis, net investment income declined to $1.87 from $1.91. Total investment income for the twelve-month period surged to $100.48 million from $79.40 million in the same period of the prior fiscal year.
Analysts were looking for earnings of $1.86 per share on revenue of $98.54 million for fiscal 2009.
Net increase in net assets resulting from operations was $35.10 million or $1.11 a share, compared to $27.59 million or $1.17 a share for the previous year.
Dividends declared to shareholders increased to $0.41 per share from $0.40 per share in the past year.
Last month, the company announced the signing of a definitive agreement to acquire Patriot Capital Funding, Inc. Prospect Capital sees significant accretion of the discount on a quarterly basis and expects a majority of this accretion to be income not subject to Prospect shareholder taxation.
PSEC is currently trading at $… on the NASDAQ.
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