The Fort Worth, Texas, based KBK Capital Corporation, which provides business credit to middle-market companies, has reported its operating results for the first quarter of 2002 and disclosed that the overwhelming majority of new business can be attributed to its intake of new factoring clients.
New business generation during the quarter ended 31 March 2001 centred primarily on factoring-type clients, continuing the trend that began early in the second half of 2001. New factoring clients represented over 80% of new business activity recorded in the quarter. During the first quarter of 2002, KBK originated 16 new factoring clients, generating aggregate annual net discount and interest income of approximately US$1.4m. In addition to strong factoring activity, the company's mezzanine business continues to produce strong results and attractive new business opportunities remain available.
