ERJ staff report (LMH)
Mclean, Virginia - Gladstone Investment Corporation, which invested $16.4 million in Mitchell Rubber Products in April this year, has announced its earnings for the fourth quarter and fiscal year ended 31 March 2011, in a 23 May report.
Net investment income for the quarter ended 31 March 2011 was $1.9 million, a decrease of 28.7 percent from $2.7 million in 2010. Net investment income for the fiscal year ended 31 March 2011 was $16.2 million, up 52.6 percent from 2010. The company attributed the quarterly drop in income to a reduced investment portfolio.
However, Gladstone also noted in the report a number of new investments made in April 2011, including its investment in Mira Loma, California-headquartered Mitchell Rubber Products as part of a leveraged management buyout. Mitchell develops, mixes and moulds rubber compounds for specialised applications in the non-tyre rubber market.
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Press release from Gladstone