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Monday, November 09, 2009

Kohlberg Capital Delays 3Q Results

By Matt Egan

FOXBusiness

Kohlberg Capital (KCAP) warned it is delaying its third-quarter earnings report amid questions from the business development company’s accountants over its valuation determinations for fiscal 2008.

The company said it is in talks with its accountants, Deloitte & Touche, which has issued an unqualified opinion and raised certain questions regarding Kohlberg’s methodology and process of valuing its loan portfolio investments.

Despite the delay, Kohlberg said its net investment income for the nine months ended Sept. 30 was about $17.9 million, or 81 cents per share. For the third quarter, its net investment income was about $4.4 million, or 20 cents per share. On an adjusted basis, Kohlberg would have earned 29 cents a share last quarter.

Kohlberg said it will file its full third-quarter earnings report “as soon as practicable.”

Kohlberg also said it will likely declare a special dividend in addition to its regular fourth-quarter dividend.

Shares of Kohlberg were down 5% to $5.22 in recent trading. The company’s stock is flat from a year ago and up 52% year to date.

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