Exhibit 99.1

 

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Gladstone Investment Corporation Reports Financial Results for the

Fourth Quarter and Fiscal Year Ended March 31, 2012

 

   

Net Investment Income for the quarter and fiscal year ended March 31, 2012, was $3.5 million and $13.7 million, or $0.16 and $0.62 per share, respectively.

 

   

Net (Decrease) Increase in Net Assets Resulting From Operations for the quarter and fiscal year ended March 31, 2012, was ($0.4) million and $22.0 million, or ($0.02) and $0.99 per share, respectively.

 

 

McLean, VA, May 21, 2012: Gladstone Investment Corporation (NASDAQ: GAIN) (the “Company”) today announced earnings for the fourth quarter and fiscal year ended March 31, 2012. All per share references are per basic and diluted weighted average common share outstanding, unless noted otherwise.

Net Investment Income for the Quarter: Net Investment Income for the quarters ended March 31, 2012 and 2011 was $3.5 million, or $0.16 per share, and $1.9 million, or $0.09 per share, respectively, an increase in Net Investment Income of 80.7%. The increase in Net Investment Income was primarily due to holding a larger investment portfolio with higher-yielding debt investments during the quarter ended March 31, 2012, as compared to the prior year period.

Net Investment Income for the Fiscal Year: Net Investment Income for the fiscal years ended March 31, 2012 and 2011 was $13.7 million, or $0.62 per share, and $16.2 million, or $0.73 per share, respectively, a decrease in Net Investment Income of 15.0%. The decrease in Net Investment Income was primarily due to a significant amount of dividend and success fee income recorded in the prior year period as part of the exits of A. Stucki Holding Corp. and Chase II Holding Corp., partially offset by a decrease in the incentive fee paid to the Company’s investment adviser, Gladstone Management Corporation, when compared to the prior year period.

Net (Decrease) Increase in Net Assets Resulting from Operations for the Quarter: Net (Decrease) Increase in Net Assets Resulting from Operations for the quarters ended March 31, 2012 and 2011 was ($0.4) million, or ($0.02) per share, and $2.8 million, or $0.13 per share, respectively. The Company recorded net unrealized depreciation on investments of $3.9 million for the quarter ended March 31, 2012, primarily due to unrealized depreciation experienced on certain control investments. For the quarter ended March 31, 2011, the Company recorded a net unrealized appreciation on investments of $0.9 million.

Net Increase in Net Assets Resulting from Operations for the Fiscal Year: Net Increase in Net Assets Resulting from Operations for the fiscal years ended March 31, 2012 and 2011 was $22.0 million, or $0.99 per share, and $16.4 million, or $0.74 per share, respectively. The Company recorded a net gain on investments of $8.3 million for the fiscal year ended March 31, 2012, primarily due to unrealized appreciation recognized on certain control and affiliate investments. For the fiscal year ended March 31, 2011, the Company recorded a net gain on investments of $0.3 million, primarily due to the unrealized depreciation recorded on Galaxy Tool Holding Corp., which experienced decreased performance and completed a restructuring, partially offset by unrealized appreciation on certain control and affiliate investments.

Investment Portfolio at Fair Value: As of March 31, 2012, the Company’s portfolio was fair valued at 84.7% of cost, as compared to 77.7% as of March 31, 2011. The Company’s aggregate investment portfolio appreciated during the fiscal year ended March 31, 2012, primarily due to the net unrealized appreciation experienced in certain control and affiliate investments.

 

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The following information was filed by Gladstone Investment Corporationde (GAIN) on Monday, May 21, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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