Ameritrans Capital Corporation Reports Third Quarter Fiscal 2009 Results.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Ameritrans Capital Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMTC AMTC Applied Media Technologies Corporation AMTC Aerospace Manufacturing Technology Centre (Canada) AMTC American Modeling and Talent Convention AMTC Army Missile Test Center (White Sands Missile Range, NM) , AMTCP) today reported financial results for the quarter ended March 31, 2009. Highlights for Third Quarter Fiscal 2009: * Total investment income for the three months ended March 31, 2009 of $655,377. * Net asset value per common share of $4.26 as of March 31, 2009 compared to $5.06 as of June 30, 2008. * At March 31, 2009, investment assets totaled $28.6 million as compared to $59.6 million at June 30, 2008. Portfolio Activity "During the third quarter, while keeping our assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. essentially static for the quarter, we continued to actively work with our existing commercial borrowers during these difficult financial times," said Michael Feinsod, President and Chief Executive Officer. Operating Results The Company's investment income for the three months ended March 31, 2009 decreased approximately $928,000 or 59% to $655,000 as compared to the three months ended March 31, 2008. The decrease in investment income between the periods can be attributed primarily to the decrease in average assets outstanding during the quarter due to the sale of substantially all of the taxicab loan medallion portfolio. During the three months ended March 31, 2009 and 2008, our total investments had net unrealized depreciation of approximately $98,000 and $2,000, respectively. Of this amount, approximately $128,000 was due to the reduction in fair value of loans outstanding and $12,000 was due to the amortization of discount on loans. Of this amount, approximately $120,000 was due to a write down in principal and interest on one loan, partially offset by unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. related to amortization on certain corporate loans. The net decrease in net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. from operations available to common shareholders for the three months ended March 31, 2009 was approximately $853,000, or $0.25 per share. This decrease was due to the significantly reduced revenue that resulted from the sale of substantially all the Company's medallion portfolio, which has not yet been fully offset by the reduction of costs or the replacement of new interest bearing assets. Michael Feinsod further commented, "During the quarter, we continued to transition the Company from its historical taxicab medallion business to a diversified lending company. We are continuing to focus on prudent cost management and greater employee productivity as the Company moves away from the medallion loan business." Mr. Feinsod added, "We continue to actively pursue new investments for our corporate loan portfolio. We also continue to actively seek financing to expand our loan portfolio both through the reinvestment of current capital and from additional sources." ABOUT AMERITRANS CAPITAL CORPORATION Ameritrans Capital Corporation is an internally managed, closed-end investment company closed-end investment company: see mutual fund. that has elected to be regulated as a business development company ("BDC (Backup Domain Controller) In a Windows NT server, a copy of the Primary Domain Controller (PDC). The BDC is periodically synchronized with the PDC. See PDC. BDC - Backup Domain Controller ") under the Investment Company Act of 1940, as amended. Ameritrans originates, structures and manages a portfolio of secured business loans and selected equity investments. Ameritrans' wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Elk Associates Funding Corporation is licensed by the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Small Business Administration as a Small Business Investment Company (SBIC SBIC Small Business Investment Company SBIC Sustainable Buildings Industry Council SBIC Singapore Bioimaging Consortium (Singapore) SBIC School Bus Information Council SBIC Saudi Basic Industries Corporation SBIC Scsi Bus Interface Controller ). The Company maintains its offices at 747 Third Avenue, 4th Floor, New York, NY 10017. FORWARD-LOOKING STATEMENTS Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and condition may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Ameritrans Capital undertakes no duty to update any forward-looking statements made herein. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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