Rand Capital Corporation reports $4.87 net asset value.
BUFFALO, N.Y: Rand Capital Corporation announced its results for the quarter and six months ended June 30, 2018. It reported $4.87 net asset value (NAV) per share at June 30, 2018, compared with $4.97 at March 31, 2018. The decrease was primarily due to write-downs of investments in certain portfolio companies based on their recent operating performance.
President and Chief Executive Officer of Rand Capital Allen F. Grum said, "During the quarter we invested $775,000 in debt instruments supporting KnowledgeVision's progression of its smart media technology. Since we first began investing in them in 2013, the company has increased its registered user base tenfold."
Rand Capital Corporation is a venture capital company which invests in growth businesses with unique product, service or technology concepts. Mr. Grum added, "We continue to work with the SBA to secure an additional $6 million of debentures. With a full pipeline of investment opportunities, we look forward to completing this transaction and putting the funds to work in support of exciting growth businesses."
Total investment income in the second quarter of 2018 grew to $413,000, up from $349,000 in the second quarter of 2017. The $64,000 increase was driven by the Company's success with focusing on investments in income producing instruments. Total expenses in the 2018 and 2017 second quarters were $474,000 and $607,000, respectively, reflecting a reduction of 22%. The decrease is primarily due to lower professional fees, partially offset by higher bad debt expense.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Aug 16, 2018|
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