Allied Capital Corp. (NYSE: ALD) reported Wednesday that the company posted a narrower fourth-quarter loss than last year, citing lower depreciation levels, according to Associated Press.
Allied Capital lost $4.1 million, or 2 cents per share, for the final three months of 2009, compared with a loss of $578.8 million, or $3.24 per share, in the 2008 fourth quarter.
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The company recorded $4.4 million in net unrealized depreciation during the period, compared to $605.1 million in the same quarter last year. It posted a net change in unrealized appreciation of $203.8 million, compared to $436.3 million a year earlier.
After expenses, net investment income was $231,000, or break-even per share, down from $33 million, or 18 cents per share, last year.
Analysts polled by Thomson Reuters expected net investment income of 5 cents per share.
Income from interest and dividends fell 33 percent to $61 million from $91.3 million the year earlier. Income from fees and other sources dropped 43 percent to $5.5 million from $9.6 million in the 2008 period.
At Dec. 31, the company had total debt outstanding of $1.5 billion, down from $1.9 billion last year. During the quarter, the company sold or had repayments on portfolio investments that generated cash proceeds of $418.8 million.
Allied reached a deal in October to sell itself to Ares Capital Corp. (NASDAQ: ARCC) in an all-stock deal which was worth $648 million. Allied stockholders will vote on the buyout March 26. If approved, the deal is expected to close by the end of March.
Allied Capital shares gained 11 cents, or 2.7 percent, to $4.16 at Wednesday’s close. The stock has ranged from 60 cents to $4.55 in the past 52 weeks.
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