Harvest Capital (HCAP) Misses Q2 EPS by 10c

Harvest Capital (NASDAQ: HCAP) reported Q2 EPS of $0.03, $0.10 worse than the analyst estimate of $0.13.

"Our second quarter results reflect the negative impact on certain of our portfolio companies that resulted from the sharp economic recession since February 2020, due to forced business closures in the US caused by the COVID-19 global pandemic, and the high costs associated with the recent short term extension of our revolving line of credit," said Joseph Jolson, Chairman and CEO. "We continue to work with our portfolio companies that have been hurt by the current economic environment, with a focus on minimizing the negative impact, wherever possible, to net asset value, including by lowering cash interest rates to affordable levels. We are also focused on maintaining high levels of liquidity given the uncertainty about replacing the agent bank in our credit line in the context of this difficult environment. While these tactics will continue to have a negative short term effect on our net investment income, we are optimistic they will help support shareholders’ value until business conditions normalize over time,” concluded Mr. Jolson.

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

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