LONDON, UK / ACCESSWIRE / September 18, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Prospect Capital Corp. (NASDAQ: PSEC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PSEC, following the Company's posting of its financial results on August 28, 2017, for the fourth quarter of the fiscal year 2017. The Company's controlled investment to total investment ratio increased 300 basis points on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the three months ended June 30, 2017, Prospect Capital's total revenue decreased 13.6% to $166.70 million from $193.04 million in Q4 FY16. During Q4 FY17, the Company's total interest revenue decreased 8.2% to $160.57 million from $174.82 million in Q4 FY16. For the reported quarter, the Company's total dividend income decreased 23.6% to $1.10 million from $1.44 million in Q2 FY16. The total revenue was below analysts' expectations of $174.3 million.

For the reported quarter, Prospect Capital's total operating expenses decreased 4.6% to $97.02 million from $101.67 million in Q2 FY16.

For the reported quarter, Prospect Capital's net income decreased 46.2% to $51.17 million from $95.16 million in Q4 FY16. During Q4 FY17, the Company's earnings per share (EPS) decreased 48.1% to $0.14 from $0.27 in Q4 FY16. During Q4 FY17, Prospect Capital's net investment income (NII) decreased 23.7% to $69.68 million on a y-o-y basis from $91.37 million in Q4 FY16. For the reported quarter, the Company's adjusted EPS decreased 26.9% to $0.19 from $0.26 in Q4 FY16. The adjusted EPS was below analysts' expectations of $0.20.

Credit Quality

During Q4 FY17, Prospect Capital's controlled investment to total investment ratio increased 300 basis points to 32.7% from 29.7% in Q4 FY16.

For the reported quarter, the Company's secured first lien to total investment ratio was 48.3% compared to 50% in Q4 FY16. For the reported quarter, the Company's secured second lien to total investment ratio was 19.1% compared to 20.6% in Q4 FY16.

During Q4 FY17, Prospect Capital's structured credit to total investment ratio was 18.5% compared to 17.1% in Q4 FY16. For the reported quarter, the Company's annualized cash yield was 18.8% compared to 22.8% in Q4 FY16.

For the reported quarter, the Company's total originations decreased 50.4% to $223.18 million from $449.61 million in Q3 FY17. During Q4 FY17, Prospect Capital's total repayments increased 16.4% to $352.04 million from $302.51 million in Q3 FY17.

Balance Sheet

As on June 30, 2017, Prospect Capital's cash was $318.08 million compared to $317.80 million in Q4 FY16. During Q4 FY17, the Company's receivables decreased 14.8% to $10.48 million from $12.30 million in Q4 FY16.

During Q4 FY17, the Company's net debt to equity ratio was 70.5% compared to 69.6% in Q4 FY16. For the reported quarter, Prospect Capital's weighted average portfolio net leverage to earnings before interest, tax, depreciation, and amortization (EBITDA) ratio was 4.19x compared to 4.18x in Q4 FY16.

Stock Performance

At the close of trading session on Friday, September 15, 2017, Prospect Capital's stock price slightly declined 0.30% to end the day at $6.70. A total volume of 2.46 million shares were exchanged during the session. The Company's shares are trading at a PE ratio of 9.50 and have a dividend yield of 10.75%. At Friday's closing price, the stock's net capitalization stands at $2.42 billion.

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SOURCE: Pro-Trader Daily