Rand Capital Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 07, 2022 at 06:31 pm IST
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Rand Capital Corporation reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 1.55 million compared to USD 1.01 million a year ago. Net income was USD 1.1 million compared to USD 2.32 million a year ago. Basic earnings per share from continuing operations was USD 0.43 compared to USD 0.9 a year ago.
For the nine months, revenue was USD 4.03 million compared to USD 2.84 million a year ago. Net loss was USD 1.2 million compared to net income of USD 14.85 million a year ago. Basic loss per share from continuing operations was USD 0.47 compared to basic earnings per share from continuing operations of USD 5.75 a year ago.
Rand Capital Corporation is an externally managed business development company (BDC). The Companyâs investment objective is to maximize total return to its shareholders with current income and capital appreciation by focusing its debt and related equity investments in privately held, lower middle market companies with committed and experienced managements in a variety of industries. The Company invests in businesses that have sustainable, differentiated and market proven products. The Company invest at least 70 % of total assets in qualifying assets and provide managerial assistance to the portfolio companies in which it invests. The Company's portfolio includes professional and business services, manufacturing, consumer product, software, distribution, automotive, and oil and gas. The Company's investment adviser is Rand Capital Management, LLC (RCM).