Rand Capital Corp (RAND) Reports Q3 EPS of $0.11

Rand Capital Corp (NASDAQ: RAND) reported Q3 EPS of $0.11, versus ($0.09) reported last year.

• Total investment income grew 68.5% over prior-year period to $737 thousand
• Net investment income grew to $280 thousand, or $0.11 per share
• Invested $3.0 million in yielding assets including $1.9 million for a 12% note
• Net asset value of $19.32 per share compared with $19.21 per share as of June 30, 2020
• 2,097 shares repurchased in September 2020 subsequent to adoption of 10b5-1 plan

Allen F. (“Pete”) Grum, President and Chief Executive Officer of Rand, commented, “We delivered solid results in the third quarter as we continue to advance the transformation of Rand. Since refocusing our business to become a regular dividend paying business development company, we have effectively increased our yielding assets and reduced our operating expenses. With our intention to elect regulated investment company tax status for 2020, we will be required to distribute at least 90% of our qualified net investment income in the form of a dividend. We expect to announce the plans for the distribution of this year’s earnings and capital gains before year end and to establish a regular quarterly dividend for 2021.”

For earnings history and earnings-related data on Rand Capital Corp (RAND) click here.

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