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General information

Country: UNITED STATES

Sector: Asset Management

Rand Capital Corporation is a closed-end, diversified, management investment company. The Company provides managerial assistance to the portfolio companies in which it invests. The Company makes venture capital investments in early or expansion-stage companies, typically in New York and its surrounding states. The Company makes the majority of its investments through its subsidiary, Rand Capital SBIC, Inc. (Rand SBIC), which operates as a small business investment company. The Company invests in a mixture of debt and equity instruments. The debt securities have an equity component in the form of warrants or options to acquire stock or the right to convert the debt securities into stock. The Company`s principal investment objective is to achieve long-term capital appreciation on its equity investments while maintaining a cash flow from the debenture and pass-through equity instruments. It makes initial investments in a company through equity or in debt or loan instruments.
Website: randcapital.com



Growth: Bad revenue growth rate -83.3%, there is slowdown compared to average historical growth rates 0.0%. The revenue growth dynamics is unstable

Profitability: LTM net profit margin is positive, +166.7%. Gross margin is low, 0.0%.

Cash Flow Generation: Dividend yield for the last twelve months 10.0%.

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 9.0% higher than minimum and 26.5% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, Net Income margin, industries and geography on average are valued 8.4x by P / Sales multiple , the company can be >100% undervalued

Key Financials (Download financials)

Ticker: RAND
Share price, USD:  (+0.1%)13.8001
year average price 13.34  


year start price 14.22 2023-03-07

min close price 12.66 2023-04-18

max close price 14.54 2023-12-14

current price 13.80 2024-03-01
Common stocks: 2 581 707

Dividend Yield:  10.0%
P / E LTM: 2.4x
P / E annualized: 1.3x
Last revenue growth (y/y):  -100.0%
Last growth of Net Income (y/y):  -12.5%
Historical revenue growth:  ---
Historical growth of Net Income:  ---
P / Sales: 4.0x
Margin (Net Income LTM / Revenue): 166.7%
Fundamental value created in LTM:
Market Cap ($m): 36
Price to Book: 0.6x

Revenue and Net Income

Quarterly values ($m)

Change (y/y)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

News


2023-11-06Seeking Alpha

Rand Capital Corporation (RAND) Q3 2023 Earnings Call Transcript

2023-05-13Seeking Alpha

Rand Capital Corporation (RAND) Q1 2023 Earnings Call Transcript
More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol RAND RAND RAND RAND RAND
reportedCurrency USD USD USD USD USD
cik 81 955 81 955 81 955 81 955 81 955
fillingDate 2023-11-06 2023-08-04 2023-05-09 2023-03-10 2022-11-07
acceptedDate 2023-11-06 07:30:59 2023-08-04 08:01:17 2023-05-09 08:01:21 2023-03-10 08:00:58 2022-11-07 08:00:34
calendarYear 2023.000 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q1 Q4 Q3
revenue 978 904 4M 3M 656 665 1M
costOfRevenue 57 097 85 080 64 304 99 516 0
grossProfit 921 807 4M 3M 557 149 1M
grossProfitRatio 0.942 0.978 0.978 0.848 1.000
researchAndDevelopmentExpenses 0 0 0 0 0
generalAndAdministrativeExpenses 250 805 791 962 644 052 96 718 247 187
sellingAndMarketingExpenses 0 554.000 0 0 0
sellingGeneralAndAdministrativeExpenses 250 805 791 962 644 052 96 718 247 187
otherExpenses 2M -2M 0 106 708 0
operatingExpenses 250 805 791 962 644 052 96 718 247 187
costAndExpenses 215 175 791 962 272 529 1M 247 187
interestIncome 2M 1M 1M 1M 1M
interestExpense 290 522 258 912 158 400 43 918 26 042
depreciationAndAmortization 6250.000 6250.000 6250.000 6250.000 6250.000
ebitda -60 759 3M 202 214 12M 1M
ebitdaratio -0.062 0.794 0.070 17.835 0.846
operatingIncome -60 759 3M 195 964 12M 1M
operatingIncomeRatio -0.062 0.793 0.068 17.826 0.842
totalOtherIncomeExpensesNet 991 937 538 731 2M -11M -26 042
incomeBeforeTax 728 099 3M 2M 559 947 1M
incomeBeforeTaxRatio 0.744 0.793 0.778 0.853 0.823
incomeTaxExpense 132 595 354 219 88 737 239 772 45 140
netIncome 595 504 3M 2M 320 175 1M
netIncomeRatio 0.608 0.700 0.748 0.488 0.791
eps 0.230 1.040 0.840 2.180 0.430
epsdiluted 0.230 1.040 0.840 2.180 0.430
weightedAverageShsOut 3M 3M 3M 3M 3M
weightedAverageShsOutDil 3M 3M 3M 3M 3M
link Link Link Link Link Link
finalLink Link Link Link Link Link

Balance Sheet Statement

Property 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol RAND RAND RAND RAND RAND
reportedCurrency USD USD USD USD USD
cik 81 955 81 955 81 955 81 955 81 955
fillingDate 2023-11-06 2023-08-04 2023-05-09 2023-03-10 2022-11-07
acceptedDate 2023-11-06 07:30:59 2023-08-04 08:01:17 2023-05-09 08:01:21 2023-03-10 08:00:58 2022-11-07 08:00:34
calendarYear 2023.000 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q1 Q4 Q3
cashAndCashEquivalents 3M 8M 2M 1M 1M
shortTermInvestments 0 0 0 4M 0
cashAndShortTermInvestments 3M 8M 2M 5M 1M
netReceivables 599 322 553 746 319 507 379 976 510 538
inventory 0 1.000 0 0 0
otherCurrentAssets -4M -9M 0 0 0
totalCurrentAssets 4M 9M 2M 5M 2M
propertyPlantEquipmentNet 0 0 0 0 0
goodwill 0 0 0 0 0
intangibleAssets 0 0 0 0 0
goodwillAndIntangibleAssets 0 0 0 0 0
longTermInvestments 75M 67M 68M 62M 60M
taxAssets 134 087 174 826 33 695 28 160 0
otherNonCurrentAssets -75M -174 826 -68M -62M -60M
totalNonCurrentAssets 134 087 67M 33 695 28 160 60M
otherAssets 75M 352 947 69M 58M 437 977
totalAssets 79M 76M 71M 63M 62M
accountPayables 169 995 79 983 97 660 66 680 74 142
shortTermDebt -169 995 -384 106 0 0 0
taxPayables 29 577 253 870 43 939 76 396 0
deferredRevenue 561 524 464 089 478 452 413 971 0
otherCurrentLiabilities 29 577 -79 983 -53 721 76 396 -74 142
totalCurrentLiabilities 591 101 79 983 522 391 557 047 74 142
longTermDebt 14M 11M 8M 3M 0
deferredRevenueNonCurrent 561 524 464 089 0 0 0
deferredTaxLiabilitiesNonCurrent -561 524 10M 0 0 0
otherNonCurrentLiabilities 3M -11M 3M 3M -74 142
totalNonCurrentLiabilities 17M 11M 11M 5M 74 142
otherLiabilities 0 4M 0 0 3M
capitalLeaseObligations 0 0 0 0 0
totalLiabilities 18M 15M 11M 6M 3M
preferredStock 0 0 0 0 0
commonStock 264 892 264 892 264 892 264 892 264 892
retainedEarnings 11M 11M 9M 8M 8M
accumulatedOtherComprehensiveIncomeLoss 0 0 0 0 0
othertotalStockholdersEquity 50M 50M 50M 50M 50M
totalStockholdersEquity 61M 61M 59M 58M 58M
totalEquity 61M 61M 59M 58M 58M
totalLiabilitiesAndStockholdersEquity 79M 76M 71M 63M 62M
minorityInterest 0 0 0 0 0
totalLiabilitiesAndTotalEquity 79M 76M 71M 63M 62M
totalInvestments 75M 67M 68M 62M 60M
totalDebt 14M 11M 8M 3M 0
netDebt 10M 2M 6M 1M -1M
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Cash Flow Statement

Property 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol RAND RAND RAND RAND RAND
reportedCurrency USD USD USD USD USD
cik 81 955 81 955 81 955 81 955 81 955
fillingDate 2023-11-06 2023-08-04 2023-05-09 2023-03-10 2022-11-07
acceptedDate 2023-11-06 07:30:59 2023-08-04 08:01:17 2023-05-09 08:01:21 2023-03-10 08:00:58 2022-11-07 08:00:34
calendarYear 2023.000 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q1 Q4 Q3
netIncome 595 504 3M 2M 320 175 1M
depreciationAndAmortization 6250.000 6250.000 6250.000 6250.000 6250.000
deferredIncomeTax 40 739 -141 131 -5535.000 152 843 0
stockBasedCompensation -40 739 141 131 0 0 0
changeInWorkingCapital -81 325 524 958 98 448 17 285 -37 583
accountsReceivables -37 606 9905.000 0 0 0
inventory 0 253 870 0 0 0
accountsPayables 102 754 -7578.000 30 980 14 991 0
otherWorkingCapital -146 473 268 761 67 468 2294.000 0
otherNonCashItems -8M 1M -7M -2M -715 107
netCashProvidedByOperatingActivities -7M 4M -4M -1M 358 462
investmentsInPropertyPlantAndEquipment 0 0 0 0 0
acquisitionsNet 0 0 0 0 0
purchasesOfInvestments -8M -5M 0 0 0
salesMaturitiesOfInvestments 0 9M 214 941 4M 0
otherInvestingActivites 0 0 0 0 0
netCashUsedForInvestingActivites -8M 4M 214 941 4M 0
debtRepayment -3M -3M 0 0 0
commonStockIssued 0 0 0 0 0
commonStockRepurchased 0 0 0 0 0
dividendsPaid -645 255 -645 255 -516 204 -980 788 -387 153
otherFinancingActivites 6M 5M 5M 3M -125 000
netCashUsedProvidedByFinancingActivities 2M 2M 5M 2M -512 153
effectOfForexChangesOnCash 8M -4M -214 941 -4M 0
netChangeInCash -5M 7M 472 166 333 541 -153 691
cashAtEndOfPeriod 3M 8M 2M 1M 1M
cashAtBeginningOfPeriod 8M 2M 1M 1M 1M
operatingCashFlow -7M 4M -4M -1M 358 462
capitalExpenditure 0 0 0 0 0
freeCashFlow -7M 4M -4M -1M 358 462
link Link Link Link Link Link
finalLink Link Link Link Link Link

Earning call transcript

2023 q3
2023-11-06 ET (fiscal 2023 q3)
2023 q2
2023-08-04 ET (fiscal 2023 q2)
2023 q1
2023-05-13 ET (fiscal 2023 q1)
2022 q4
2023-03-10 ET (fiscal 2022 q4)
2022 q3
2022-11-07 ET (fiscal 2022 q3)
2022 q2
2022-08-08 ET (fiscal 2022 q2)
2022 q1
2022-05-09 ET (fiscal 2022 q1)

Press-releases

Show financial reports only

2024-01-29 21:15 ET
Rand Capital’s Board of Directors Approves Reduction of Asset Coverage Requirement
2023-12-05 21:15 ET
Rand Capital Declares Total Fourth Quarter Cash Dividend of $0.63 per Share; Full Year 2023 Dividend Distributions up 60%
2023-11-06 12:00 ET
Rand Capital Reports 12% Increase in Total Investment Income for Third Quarter 2023
2023-10-30 20:15 ET
Rand Capital Announces Third Quarter 2023 Financial Results Conference Call and Webcast
2023-08-04 11:00 ET
Rand Capital Reports 34% Increase in Total Investment Income for Second Quarter 2023
2023-07-25 20:15 ET
Rand Capital Announces $0.25 per Share Cash Dividend for Third Quarter 2023
2023-07-20 20:15 ET
Rand Capital Announces Second Quarter 2023 Financial Results Conference Call and Webcast
2023-05-09 11:00 ET
Rand Capital Reports 65% Increase in Total Investment Income for First Quarter 2023
2023-04-26 20:15 ET
Rand Capital Increases Regular Quarterly Cash Dividend 25% to $0.25 per Share for Second Quarter 2023
2023-04-25 20:15 ET
Rand Capital Announces First Quarter 2023 Financial Results Conference Call and Webcast
2023-03-10 11:30 ET
Rand Capital Reports 40% Increase in Total Investment Income for Fourth Quarter 2022
2023-02-28 21:15 ET
Rand Capital Announces $0.20 per Share Cash Dividend for First Quarter 2023
2023-02-23 13:30 ET
Rand Capital Announces Fourth Quarter and Full Year 2022 Financial Results Conference Call and Webcast
2022-12-06 21:15 ET
Rand Capital Declares a Total Fourth Quarter Cash Dividend of $0.38 per Share; Increases Regular Quarterly Cash Dividend by 33% to $0.20 per Share
2022-11-07 11:45 ET
Rand Capital Reports 54% Increase in Total Investment Income for Third Quarter 2022
2022-10-24 13:00 ET
Rand Capital Announces Third Quarter 2022 Financial Results Conference Call and Webcast
2022-08-08 10:55 ET
Rand Capital Reports 67% Increase in Total Investment Income for Second Quarter 2022
2022-07-28 20:15 ET
Rand Capital Announces $0.15 per Share Cash Dividend for Third Quarter 2022
2022-07-25 20:15 ET
Rand Capital Announces Second Quarter 2022 Financial Results Conference Call and Webcast
2022-06-27 20:15 ET
Rand Capital Secures $25 Million Senior Secured Credit Facility to Support Future Investments
2022-05-09 11:00 ET
Rand Capital Reports 11% Increase in Total Investment Income for First Quarter 2022
2022-04-28 20:15 ET
Rand Capital Announces $0.15 per Share Cash Dividend for Second Quarter 2022
2022-04-25 20:15 ET
Rand Capital Announces First Quarter 2022 Financial Results Conference Call and Webcast
2022-04-22 12:30 ET
Rand Capital Corporation Announces Cari Jaroslawsky Elected to Board of Directors at Annual Shareholders’ Meeting
2022-03-08 13:15 ET
Rand Capital Reports 31% Growth in Total Investment Income for 2021
2022-03-01 21:15 ET
Rand Capital Announces Fourth Quarter 2021 Financial Results Conference Call and Webcast
2022-02-28 21:30 ET
Rand Capital Increases Cash Dividend 50% to $0.15 Per Share for First Quarter 2022
2021-12-10 16:30 ET
Rand Capital Corporation Announces $0.10 Per Share Regular Quarterly Cash Dividend for Fourth Quarter 2021 and $0.04 Per Share Supplemental Cash Dividend
2021-11-05 12:30 ET
Rand Capital Reports 37% Growth in Total Investment Income for the Third Quarter 2021
2021-10-25 20:17 ET
Rand Capital Corporation Announces Leadership Transition and Changes to the Board of Directors
2021-10-22 12:30 ET
Rand Capital Announces Third Quarter 2021 Financial Results Conference Call and Webcast
2021-09-23 12:30 ET
Rand Capital Continues Portfolio Transition with Successful Exit of Position in Centivo
2021-08-09 12:30 ET
Rand Capital Reports 20% Growth in Total Investment Income for the Second Quarter 2021
2021-07-29 20:15 ET
Rand Capital Announces Third Quarter Cash Dividend Distribution of $0.10 Per Share
2021-07-26 20:15 ET
Rand Capital Announces Second Quarter 2021 Financial Results Conference Call and Webcast
2021-05-21 14:17 ET
Rand Capital Corporation to Ring the Closing Bell Today to Celebrate 50 Years on Nasdaq
2021-05-10 13:03 ET
Rand Capital Reports 16.9% Increase in Net Asset Value for the First Quarter 2021
2021-04-29 20:15 ET
Rand Capital Announces Second Quarter Dividend of $0.10 per share
2021-04-26 20:25 ET
Rand Capital Announces First Quarter 2021 Financial Results Conference Call and Webcast
2021-04-06 14:33 ET
Rand Capital Changes Venue for Annual Meeting of Shareholders to Virtual Only Participation
2021-03-31 12:47 ET
 Rand Capital Announces $4.5 Million in Funding for New Portfolio Companies in First Quarter 2021
2021-03-24 21:09 ET
Rand Capital Congratulates ACV Auctions Inc. on Successful IPO
2021-03-08 11:30 ET
Rand Capital Reports Net Investment Income per Share of $0.29 for the Fourth Quarter 2020 and $0.77 for the Full Year
2021-02-26 12:15 ET
Rand Capital Initiates Quarterly Dividend at $0.10 Per Share
2021-02-22 13:37 ET
Rand Capital Announces Fourth Quarter and Full Year 2020 Financial Results Conference Call and Webcast
2020-12-21 13:20 ET
Rand Capital Declares 2020 Cash Dividend of $1.33 per Share
2020-12-07 21:22 ET
Rand Capital Changes Venue for Special Meeting of Shareholders to Virtual Only Participation
2020-12-07 13:00 ET
Rand Capital Participates in Centivo $34 Million Series B Funding
2020-11-17 13:35 ET
Rand Capital Makes Largest Initial Funding of $3.8 Million with Caitec Inc.
2020-11-06 13:30 ET
Rand Capital Reports Net Investment Income Per Share of $0.11 for the Third Quarter 2020
2020-10-22 20:15 ET
Rand Capital Announces Third Quarter 2020 Financial Results Conference Call and Webcast
2020-08-26 20:15 ET
Rand Capital Adopts 10b5-1 Trading Plan for Share Repurchase Program
2020-08-07 11:30 ET
Rand Capital Reports Net Investment Income per Share of $0.08 for the Second Quarter 2020
2020-07-23 20:15 ET
Rand Capital Announces Second Quarter 2020 Financial Results Conference Call and Webcast
2020-05-21 12:35 ET
Rand Capital Confirms 1-For-9 Reverse Stock Split Effective at 5:00 p.m. ET Today
2020-05-11 10:30 ET
Rand Capital Announces First Quarter 2020 Results
2020-04-30 21:00 ET
Rand Capital Announces Shareholder Election Results for Special Dividend
2020-04-23 10:30 ET
Rand Capital Announces First Quarter 2020 Financial Results Conference Call and Webcast
2020-04-14 12:30 ET
Rand Capital Changes Venue for Annual Meeting of Shareholders to Virtual Only Participation
2020-04-02 13:00 ET
Rand Capital Announces Virtual Participation and Location Change for Annual Meeting of Shareholders
2020-04-01 18:39 ET
Rand Capital Provides Key Dates Related to $1.62 per Share Special Dividend
2020-03-19 20:15 ET
Rand Capital Portfolio Company, Rheonix Inc., to Launch Rapid, Fully Automated Coronavirus Disease 2019 (COVID-19) Assay
2020-03-09 12:30 ET
Rand Capital Announces Fourth Quarter and Full Year 2019 Results
2020-03-03 21:30 ET
Rand Capital Declares Special Dividend of $1.62 per Share
2020-02-20 21:15 ET
Rand Capital Announces Fourth Quarter and Full Year 2019 Financial Results Conference Call and Webcast
2020-01-22 14:15 ET
Rand Capital Announces Sale of its Equity Interest in Microcision LLC
2019-11-26 13:30 ET
Rand Capital Announces Two of its Portfolio Companies Undertaking Major Financing Rounds to Support Their Strategic Growth
2019-11-11 13:30 ET
Rand Capital Announces Closing of Stock Purchase Transaction for $25 Million Strategic Investment by East Asset Management
2019-11-07 13:30 ET
Rand Capital Announces Third Quarter 2019 Results
2019-10-30 12:00 ET
Rand Capital Portfolio Company, KnowledgeVision, Merges with OpenExchange
2019-10-24 10:30 ET
Rand Capital Announces Third Quarter 2019 Financial Results Conference Call and Webcast
2019-09-26 20:15 ET
Rand Capital Portfolio Company, OnCore Golf, Announces “First-of-its-Kind” Golf & Sports Entertainment Complex
2019-09-12 13:00 ET
Rand Capital Portfolio Company, Rheonix, Announces Successful Conclusion of Early-Access Assay Evaluation

SEC forms

Show financial reports only

SEC form 10
2023-11-06 07:30 ET
Rand Capital Corporation reported for 2023 q3
SEC form 10
2023-11-06 00:00 ET
Rand Capital Corporation reported for 2023 q3
SEC form 10
2023-08-04 08:01 ET
Rand Capital Corporation published news for 2023 q2
SEC form 6
2023-08-04 07:10 ET
Rand Capital Corporation published news for 2023 q2
SEC form 8
2023-08-04 00:00 ET
Rand Capital Corporation published news for 2023 q2
SEC form 10
2023-08-04 00:00 ET
Rand Capital Corporation published news for 2023 q2
SEC form 10
2023-05-09 00:00 ET
Rand Capital Corporation published news for 2023 q1
SEC form 6
2023-03-17 16:36 ET
Rand Capital Corporation published news for 2022 q4
SEC form 6
2023-03-17 16:30 ET
Rand Capital Corporation published news for 2022 q4
SEC form 10
2023-03-10 08:00 ET
Rand Capital Corporation reported for 2022 q4
SEC form 6
2023-03-10 06:45 ET
Rand Capital Corporation reported for 2022 q4
SEC form 10
2022-11-07 08:00 ET
Rand Capital Corporation reported for 2022 q3
SEC form 10
2022-08-08 08:00 ET
Rand Capital Corporation published news for 2022 q2
SEC form 6
2022-06-27 17:14 ET
Rand Capital Corporation published news for 2022 q1
SEC form 10
2022-05-09 08:00 ET
Rand Capital Corporation reported for 2022 q1
SEC form 6
2022-04-25 17:27 ET
Rand Capital Corporation published news for 2022 q1
SEC form 6
2022-04-22 16:30 ET
Rand Capital Corporation published news for 2022 q1
SEC form 6
2022-03-17 08:00 ET
Rand Capital Corporation published news for 2021 q4
SEC form 6
2022-03-15 17:15 ET
Rand Capital Corporation published news for 2021 q4
SEC form 10
2022-03-08 08:00 ET
Rand Capital Corporation published news for 2021 q4
SEC form 6
2022-02-08 21:16 ET
Rand Capital Corporation published news for 2021 q4
SEC form 6
2021-12-30 17:20 ET
Rand Capital Corporation published news for 2021 q3
SEC form 6
2021-12-14 16:41 ET
Rand Capital Corporation published news for 2021 q3
SEC form 6
2021-12-06 19:32 ET
Rand Capital Corporation published news for 2021 q3
SEC form 6
2021-12-03 16:05 ET
Rand Capital Corporation published news for 2021 q3
SEC form 6
2021-11-12 16:05 ET
Rand Capital Corporation published news for 2021 q3
SEC form 10
2021-11-05 08:00 ET
Rand Capital Corporation published news for 2021 q3
SEC form 6
2021-11-03 16:15 ET
Rand Capital Corporation published news for 2021 q3
SEC form 6
2021-10-25 16:25 ET
Rand Capital Corporation published news for 2021 q3
SEC form 10
2021-08-09 08:00 ET
Rand Capital Corporation published news for 2021 q2
SEC form 10
2021-05-10 08:00 ET
Rand Capital Corporation published news for 2021 q1
SEC form 6
2021-04-23 16:30 ET
Rand Capital Corporation published news for 2021 q1
SEC form 6
2021-03-09 17:17 ET
Rand Capital Corporation published news for 2020 q4
SEC form 10
2021-03-08 08:00 ET
Rand Capital Corporation published news for 2020 q4
SEC form 6
2021-01-04 08:30 ET
Rand Capital Corporation published news for 2020 q4
SEC form 6
2020-12-16 16:15 ET
Rand Capital Corporation published news for 2020 q3
SEC form 6
2020-11-13 17:16 ET
Rand Capital Corporation published news for 2020 q3
SEC form 10
2020-11-06 08:00 ET
Rand Capital Corporation published news for 2020 q3
SEC form 6
2020-10-29 17:09 ET
Rand Capital Corporation published news for 2020 q3