Kohlberg Capital Corp (KCAP.O) said the filing of its third-quarter results would be delayed after its independent public accountants Deloitte & Touche LLP raised questions about the process of valuing certain loan portfolio investments.
The business development company said Deloitte issued an unqualified opinion on its financial statements for the fiscal ended Dec 31, 2008.
Because Kohlberg’s financial statements for the third quarter incorporate its balance sheet as of December 31, 2008, the finalization and filing of the company’s quarterly report will be delayed, Kohlberg said in a statement.
The company said net investment income for the third quarter was about $4.4 million, or 20 cents per share, which includes the impact of higher interest costs on its credit facility.
Kohlberg also said in addition to its regular fourth quarter dividend, a further incremental or special dividend would be declared once the company determined the amount of remaining undistributed taxable income for 2009.
Shares of the New York-based company closed at $5.52 on Friday on Nasdaq. (Reporting by Brenton Cordeiro in Bangalore; Editing by Jarshad Kakkrakandy)