American Capital Swings To Q3 Profit, To Split Into 3 Companies

(RTTNews) - American Capital, Ltd. (ACAS) Wednesday reported third-quarter net earnings of $114 million or $0.41 per share, compared net loss of $1 million or $0.00 per share last year.

Net operating income for the quarter was $51 million or $0.18 per share, compared to $23 million or $0.08 per share last year.

Total operating revenues rose 22 percent to $129 million from $106 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share on revenues of $111.9 million for the quarter. Analysts' estimates typically exclude special items.

Separately, American Capital announced its plan to split into three different companies. The company intends to split by transferring most of the Corporation's investment assets to two newly established business development companies and having American Capital continue primarily in the asset management business.