Gladstone Capital Corp., a McLean business lender, earned $5.6 million (54 cents a share) in the third fiscal quarter ended June 30, compared with net income of $2.4 million (23 cents) in the same quarter of 2003. Gladstone makes loans to mid-size businesses and recognizes income from interest and management fees; net income is also affected by changes in the value of its investments. Net investment income in the quarter, a key measure of the income generated by its portfolio of loans, was $4.6 million, compared with $3.1 million a year earlier.
For the first nine months of its fiscal year, Gladstone earned $9.8 million (95 cents) compared with $8.4 million (83 cents) in the same period a year earlier. Net investment income was $10.7 million in the most recent nine months, compared with $8.4 million a year earlier. On June 30, Gladstone had investments of $157.2 million, compared with $109.3 million a year earlier.
* Collegiate Funding Services Inc., a Fredericksburg provider of government-guaranteed student loans, swung to a profit in the second quarter ended June 30 because of a rapidly growing loan portfolio.
Collegiate earned $2.1 million (9 cents a share), compared with a loss of $15.1 million ($1.01) in the second quarter of 2003. The company's net revenue -- or total revenue minus interest expense -- was $38.1 million, compared with $15.4 million during the same period a year earlier. The company had a $3.7 billion portfolio of loans on June 30, compared with $1.4 billion at the end of the second quarter in 2003. Collegiate issued shares in an initial public offering in July, raising $136 million. Most of the money went to pay down debt and redeem its preferred stock.
For the first half of the year, Collegiate earned $3.3 million (14 cents) compared with a loss of $8.3 million (62 cents) in the first half of 2003.
* NCRIC Group Inc., a Washington provider of liability insurance and other financial services to the health care industry, lost $437,000 (7 cents a share) during the second quarter, compared with earnings of $542,000 (8 cents) during the same period a year ago. Revenue rose to $18.9 million from $15.1 million.
For the six months ended June 30, the company earned $85,000 (1 cent), compared with $1.1 million (15 cents). Revenue rose to $38.5 million from $29.8 million.