Boston, MA 02/27/2014 (wallstreetpr) – Gladstone Investment Corporation (NASDAQ:GAIN) which is a non-diversified management investment company whose main operations involve investing in debt securities of established businesses, has reported its fourth quarter and full year result for the period ending December 31, 2013. Gladstone funds for operations (FFO) for the fourth quarter fell down compared to the third quarter.
Gladstone Investment Corporation (NASDAQ:GAIN) fourth quarter revenues from its acquisitions as well as expenses increased as a result of increased auditing and accounting fees. A decline in the amount of un–invested IPO proceeds that are deductible from stockholders equity caused the company’s management fee to go up.
Financial results
Gladstone Investment Corporation (NASDAQ:GAIN) net loss for the fourth quarter came in at $1.3 million that was slightly up, compared to a net loss of $1.2 million for the full year. Operating revenues for the year were also up as a result of the company’s new acquisitions that were acquired late during the year. The operating revenues were partially offset by a surge in operating expenses as a result of the company becoming a public company. This was a result of increased director’s fees as well as increased insurance premiums and increase in interest expenses.
Gladstone Investment Corporation (NASDAQ:GAIN)’s chief executive officer was quick to point out that, the first year as a public company extensively affected the company’s earnings as expenses surged. The chief maintains the company’s growth metrics are good as revenues continue to increase as a result of the new acquisitions. The company maintains the opinion that investing in farmlands is more of an asset appreciation as compared to an income investment.
Gladstone acquires head County Inc.
Gladstone Investment Corporation (NASDAQ:GAIN) together with other members of the management have provided capital consisting of common stock equity for the acquisition of Head County Inc. The acquisition is a leading manufacturer of BBQ sauce that comes in three flavors as well as mariandes and seasonings
Gladstone Investment Corporation (NASDAQ:GAIN) slightly moved up by 0.63% on Wednesday trading session to close at a stable price of $8.00
