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Gladstone Capital Corporation Reports Financial Results for its First Quarter Ended December 31, 2018
Summary Information (dollars in thousands, except per share data) (unaudited):
December 31, | September 30, | Change | % Change | |||||||||||
For the Quarter Ended: | 2018 | 2018 | ||||||||||||
Total investment income | $ | 11,909 | $ | 11,257 | $ | 652 | 5.8 | % | ||||||
Total expenses, net of credits | (5,923 | ) | (5,355 | ) | (568 | ) | 10.6 | |||||||
Net investment income | 5,986 | 5,902 | 84 | 1.4 | ||||||||||
Net investment income per common share | 0.21 | 0.21 | — | — | ||||||||||
Cash distribution per common share | 0.21 | 0.21 | — | — | ||||||||||
Net realized loss | (26,863 | ) | (27,160 | ) | 297 | (1.1 | ) | |||||||
Net unrealized appreciation | 17,169 | 11,349 | 5,820 | 51.3 | ||||||||||
Net decrease in net assets resulting from operations | (3,708 | ) | (9,909 | ) | 6,201 | (62.6 | ) | |||||||
Weighted average yield on interest-bearing investments | 12.3 | % | 11.9 | % | 0.4 | % | 3.4 | |||||||
Total invested | $ | 59,228 | $ | 10,095 | $ | 49,133 | 486.7 | |||||||
Total repayments and net proceeds | 8,855 | 9,547 | (692 | ) | (7.2 | ) | ||||||||
As of: | December 31, | September 30, | Change | % Change | ||||||||||
2018 | 2018 | |||||||||||||
Total investments, at fair value | $ | $ | 390,046 | $ | 41,101 | 10.5 | % | |||||||
431,147 | ||||||||||||||
Fair value, as a percent of cost | 95.5 | % | 91.2 | % | 4.3 | % | 4.7 | |||||||
Net asset value per common share | $ | 7.98 | $ | 8.32 | $ | (0.34 | ) | (4.1 | ) | |||||
First Fiscal Quarter 2019 Highlights:
- Portfolio Activity: Invested
$49.9 million in six new portfolio companies and$9.4 million in existing portfolio companies. Received$8.9 million in repayments including the payoff of two debt investments at par. - Debt Issuance: In
November 2018 , we completed a public offering of$57.5 million aggregate principal amount of 6.125% Notes due 2023, inclusive of the overallotment, for net proceeds of$55.4 million after deducting underwriting discounts, commissions and offering expenses. - Distributions and Dividends: For each of October, November, and
December 2018 , paid monthly distributions to common stockholders ($0.07 per common share) and monthly dividends to preferred stockholders ($0.125 per share of the Company’s 6.00% Series 2024 Term Preferred Stock).
First Fiscal Quarter 2019 Results:
Interest income increased by
Net Investment Income for the quarter ended
The Net Decrease in Net Assets Resulting from Operations for the quarter ended
Subsequent Events: Subsequent to
- Portfolio Activity: In
January 2019 , our investment inMerlin International, Inc. paid off, generating net cash proceeds of$20.9 million , including the repayment of our debt investment of$20.0 million at par and success fee income of$0.6 million and a prepayment fee of$0.3 million . - Distributions and Dividends Declared: In
January 2019 , our Board of Directors declared the following monthly distributions to common stockholders and monthly dividends to preferred shareholders:
Record Date | Payment Date | Distribution per Common Share |
Distribution per Series 2024 Term Preferred Share |
|||||
January 18, 2019 | January 31, 2019 | $ | 0.07 | $ | 0.125 | |||
February 20, 2019 | February 28, 2019 | 0.07 | 0.125 | |||||
March 20, 2019 | March 29, 2019 | 0.07 | 0.125 | |||||
Total for the Quarter | $ | 0.21 | $ | 0.375 | ||||
Comments from Gladstone Capital’s President,
Conference Call for Stockholders: The Company will hold its earnings release conference call on
About
To obtain a paper copy of the Company’s most recent Form 10-Q, please contact the Company at
Investor Relations Inquiries: Please visit www.gladstonecompanies.com or +1-703-287-5893.
Forward-looking Statements:
The statements in this press release about future growth and shareholder returns are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on our current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in our filings with the
Source: Gladstone Capital Corporation