Harvest Capital (HCAP) Tops Q4 EPS by 1c

Harvest Capital (NASDAQ: HCAP) reported Q4 EPS of $0.25, $0.01 better than the analyst estimate of $0.24.

"We reported fourth quarter net investment income of $0.25 per share, despite continued disappointing new investment activity," said Joseph A. Jolson, Chairman and CEO. "We believe the situation is temporary and expect to earn our recently reduced cash dividend in the second half of 2019, assuming we close on currently mandated deals in our pipeline. Meanwhile, in accordance with the Board authorization that expires in June 2019, we continue to repurchase our shares at recent stock prices, which is immediately accretive to our book value per share and our core earnings per share, and is another means for us to deploy our capital at attractive returns on equity for shareholders," continued Mr. Jolson.

"Credit quality has improved to a weighted average risk rating of 2.24, even though the investment portfolio has shrunk from payoffs of well performing credits. The operating performance of our only non-accruing 5-rated loan appears to have stabilized and we are guardedly optimistic about its prospects for 2019. Net asset value decreased slightly at December 31, 2018 to $12.30 per share," concluded Mr. Jolson.

For earnings history and earnings-related data on Harvest Capital (HCAP) click here.

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