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'Underinvested' Prospect Capital misses estimates

Published 11/08/2016, 05:15 PM
'Underinvested' Prospect Capital misses estimates
PSEC
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  • FQ1 net investment income of $78.9M or $0.22 per share vs. $91.4M and $0.26 the previous quarter, $91.2M and $0.26 one year ago. Expectations had been for NII of $0.24. Distributable income per share of $0.22 vs. $0.26 the previous quarter and $0.28 one year ago. Distributions of $0.25.
  • Spillback per share (income in excess of distributions) of $0.27 down from $0.31 the previous quarter and flat from one year ago.
  • Management notes the sale of Harbortouch added about a nickel per share to the previous quarter's results. Harbortouch and other significant repayments left the company "underinvested" in FQ1, with an average cash balance of $160.7M.
  • Net asset value per share of $9.60 down two cents from three months earlier. Today's close was $7.47.
  • Earnings call tomorrow at 11 ET
  • Press release
  • PSEC +1.1% after hours

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