American Capital Rebounds on Earnings Report
Nice to to see the stock (ACAS) up over 10% today. I looked over the press release but will reserve comment until I can dig into the 10-Q. The one item I noted for future research was the $252M writedown in the private finance portfolio, ostensibly due to lower public-company multiple comps and decreasing cash flows from certain portfolio companies.
Incidentally, the company reported NO BUYBACKS in Q2 2008, stating that there were no days when the window was open and their shares sold below NAV. I find this a little hard to believe as it seems their shares have sold below NAV for some time now (closed under $27 as of June 23, 2008) [UPDATE: my mistake -- their assertion is quite possible as the quarter closed 06/30/2008]. As noted before in a previous post, the company does not disclose its buyback policies/restrictions.
In the meantime, for those readers who absolutely must have their ACAS fix now, I direct you to the Jaded Consumer’s thoughts, which I neither endorse nor dispute but present as additional information.
August 26th, 2008 at 9:31 am
[...] as noted previously, the company did not buy back any shares as management claims the window was never open at a time [...]