Harvest Capital (HCAP) Misses Q1 EPS by 4c

Harvest Capital (NASDAQ: HCAP) reported Q1 EPS of $0.12, $0.04 worse than the analyst estimate of $0.16.

Net investment income was $0.8 million, or $0.12 per share, for the quarter ended March 31, 2019, compared to net investment income of $1.2 million, or $0.19 per share, for the quarter ended March 31, 2018, a decrease of $0.4 million. The decrease in net investment income in the quarter ended March 31, 2019, as compared to the quarter ended March 31, 2018, is primarily attributable to recording $0.7 million less investment income as a result of a smaller portfolio at March 31, 2019 ($101.7 million) than the portfolio at March 31, 2018 ($118.3 million), offset by a decrease of $0.3 million in expenses for the first quarter of 2019 as compared to the first quarter of 2018.

For the quarter ended March 31, 2019, the Company reported net income of $0.1 million, a decrease of $2.0 million from $2.1 million of net income in the quarter ended March 31, 2018. Per share earnings were $0.01 and $0.32 per share for the three months ended March 31, 2019 and 2018, respectively. The decrease in net income of $2.0 million for the quarter ended March 31, 2019 was primarily attributable to a $0.7 million decrease in investment income, a negative change in net unrealized appreciation/depreciation on investments in the amount of $2.5 million, offset by an increase of $0.9 million of realized gains on investments, a $0.2 million decrease in operating expenses, and by a $0.1 million decrease in interest expense for the three months ended March 31, 2019, as compared to the three months ended March 31, 2018.

As of March 31, 2019, our total portfolio investments at fair value and total assets were $101.7 million and $115.3 million, respectively, compared to $94.9 million and $125.3 million at December 31, 2018. Net asset value per share was $12.11 at March 31, 2019, compared to $12.30 at December 31, 2018.

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

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