MCLEAN, Va. (AP) _ Gladstone Investment Corp. (GAIN) on Wednesday reported fiscal first-quarter earnings of $32.3 million.

The McLean, Virginia-based company said it had net income of 99 cents per share. Earnings, adjusted for investment gains, came to 20 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.

The business development company posted revenue of $15.5 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $15.2 million.

Gladstone Investment shares have increased 3 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.50, an increase of 20 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GAIN at https://www.zacks.com/ap/GAIN