Fifth Street Asset Management Inc. (FSAM) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $1.60 million, or $ 0.10 a share in the quarter, against a net loss of $1.23 million, or $0.23 a share in the last year period. On an adjusted basis, net profit for the quarter was $7.28 million, when compared with $6.84 million in the last year period.

Revenue during the quarter dropped 17.90 percent to $15.64 million from $19.05 million in the previous year period. Total expenses were 76.44 percent of quarterly revenues, down from 86.56 percent for the same period last year. This has led to an improvement of 1012 basis points in operating margin to 23.56 percent.

Operating income for the quarter was $3.68 million, compared with $2.56 million in the previous year period.

"As we described last quarter, we took actions at both of our business development companies, FSC and FSFR, to stabilize net asset values and drive long-term value for shareholders of FSAM, as well as FSC and FSFR. We are pleased that during the March quarter, at both FSC and FSFR, we began to stabilize net asset values, we reduced the amount of investments on non-accrual and we operated within our targeted leverage ranges. We look forward to providing further updates on how we are improving the fundamentals of our business to drive stockholder value," stated Leonard M. Tannenbaum, chief executive officer of FSAM.