Media Coverage

Hampton Roads
Waterside Capital reports a loss

By Tom Shean, The Virginian-Pilot - 11/20/2008

Waterside Capital Corp. said Wednesday that it suffered a net operating loss for the July-through-September quarter, partly because of the one-time expense of refinancing its borrowing from the U.S. Small Business Administration.

The Norfolk-based small-business investment company said that it recently refinanced $16.1 million of debentures with the SBA at a lower rate.

Waterside said the net decrease in its shareholders' equity from operations was $373,000 for its fiscal first quarter, compared with a $240,000 decrease in the year-earlier period. Because of the decline in the latest quarter, its net asset value per common share fell 26 percent to $3.64 from $4.90.

The size of its portfolio of loans and investments fell 10 percent to $20.85 million at the end of September from $23.22 million a year earlier.