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MCLEAN, Va. (AP) _ Gladstone Investment Corp. (GAIN) on Tuesday reported a fiscal fourth-quarter loss of $37.6 million, after reporting a profit in the same period a year earlier.
The McLean, Virginia-based company said it had a loss of $1.15 per share. Earnings, adjusted for investment costs, came to 19 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The business development company posted revenue of $12 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $14.4 million.
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For the year, the company reported a loss of $7.2 million, or 22 cents per share, swinging to a loss in the period. Revenue was reported as $61.9 million.
Gladstone Investment shares have dropped 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $10.98, a decline of nearly 9% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GAIN at https://www.zacks.com/ap/GAIN
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