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FIRST CONNECTICUT SMALL BUSINESS INVESTMENT COMPANY REPORTS SIX MONTHS RESULTS

 BRIDGEPORT, Conn., Nov. 23 ~PRNewswire~ -- The First Connecticut Small Business Investment Company today reported a net realized loss and decrease in unrealized depreciation on investments of $1,248,405 or $1.06 a share for the six month period ended Sept. 30, 1992, compared to a loss of $2,683,833 or $2.29 a share for the same period last year. The company had an operating loss of $530,251 and a write-off of bad debts net of a decrease in unrealized depreciation of $1.6 million.
 First Connecticut emerged from Chapter 11 bankruptcy on Jan. 9, 1992 under a plan of reorganization which prevents it from making new loans or investments until January 1994. As part of the plan, the company was required to withdraw from the SBA's Small Business Investment Company (SBIC) Program.
 First Connecticut's net worth at the end of the six-month period was $10,782,990 or $9.19 a share compared to $12,031,395 or $10.25 a share at its March 31, 1992 year end.
 FIRST CONNECTICUT SMALL BUSINESS INVESTMENT COMPANY
 Operating Results (Unaudited)
 Six months ended Sept. 30 1992 1991
 Actual Per share Actual Per share
 Total investment income $1,833,113 -- $2,560,100 --
 Net investment loss (530,251) (.45) (1,563,908) (1.33)
 Net realized loss on
 investments (3,061,766) (2.61) (4,548,371) (3.88)
 Net realized loss before
 income tax benefit (3,592,017) (3.06) (6,112,279) (5.21)
 Income tax benefit 370,500 .32 -- --
 Net realized loss (3,221,517) (2.74) (6,112,279) (5.21)
 Increase~(decrease) in
 unrealized appreciation~
 (depreciation on
 investments 1,973,112 1.68 3,428,446 2.92
 Net realized loss and
 decrease in unrealized
 depreciation on
 investments (1,248,405) (1.06) (2,683,833) (2.29)
 Net asset value 10,782,990 9.19 12,031,395 10.25
 Shares outstanding 1,173,382 -- 1,173,382 --
 -0- 11~23~92
 ~CONTACT: David Engelson of First Connecticut Small Business Investment Company, 203-366-4726~


CO: First Connecticut Small Business Investment Company ST: Connecticut IN: FIN SU: ERN

LD-OS -- NY077 -- 0726 11~23~92 16:21 EST
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Publication:PR Newswire
Date:Nov 23, 1992
Words:362
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