Gladstone Capital Corporation Reports Financial Results for its First Quarter Ended December 31, 2019
Summary Information (dollars in thousands, except per share data) (unaudited):
|For the Quarter Ended:||December 31,
|Total investment income||$||12,159||$||12,718||$||(559||)||(4.4||)%|
|Total expenses, net of credits||(5,742||)||(6,354||)||612||(9.6||)|
|Net investment income||6,417||6,364||53||0.8|
|Net investment income per common share||0.21||0.21||—||—|
|Cash distribution per common share||0.21||0.21||—||—|
|Net realized gain (loss)||(5,841||)||8,980||(14,821||)||(165.0||)|
|Net unrealized appreciation (depreciation)||122||(9,953||)||10,075||(101.2||)|
|Net increase (decrease) in net assets resulting from operations||698||5,391||(4,693||)||(87.1||)|
|Weighted average yield on interest-bearing investments||11.3||%||12.5||%||(1.2||)%||(9.6||)|
|Total repayments and net proceeds||12,631||28,827||(16,196||)||(56.2||)|
|As of:||December 31,
|Total investments, at fair value||$||429,008||$||402,875||$||26,133||6.5||%|
|Fair value, as a percent of cost||94.4||%||94.0||%||0.4||%||0.4|
|Net asset value per common share||$||8.08||$||8.22||$||(0.14||)||(1.7||)|
First Fiscal Quarter 2020 Highlights:
- Portfolio Activity: Invested
$38.0 millionin two new portfolio companies and $4.5 millionin existing portfolio companies. Received $12.6 millionin repayments and net proceeds.
- Debt Issuance: Completed a public debt offering of
$38.8 million5.375% Notes due 2024, inclusive of the overallotment, for net proceeds of approximately $37.5 million.
- Equity Issuance: Issued 705,031 shares of common stock at a weighted-average price of
$10.37per share, or 128% of NAV, through our at-the-market program, generating net proceeds of $7.2 million.
- Distributions and Dividends: Maintained our monthly common stock distribution of
First Fiscal Quarter 2020 Results:
Interest income decreased by
Net Investment Income for the quarter ended
The Net Increase in Net Assets Resulting from Operations was
Subsequent Events: Subsequent to
• Portfolio Activity:
January 2020, we invested an additional $5.5 millionin Lignetics, Inc., an existing portfolio company, through a combination of secured second lien debt and preferred equity.
January 2020, we invested an additional $3.0 millionin Edge Adhesives Holdings, Inc., an existing portfolio company, in the form of preferred equity.
January 2020, we sold our investment in The Mochi Ice Cream Company, which resulted in a realized gain of approximately $2.5 million. In connection with the sale, we received net cash proceeds of approximately $9.7 million, including the repayment of our debt investment of $6.8 millionat par.
January 2020, we exited our investment in Meridian Rack & Pinion, Inc., with a fair value of $0 as of December 31, 2019and recorded a realized loss of $5.6 million.
• Distributions and Dividends Declared: In
|Record Date||Payment Date||Distribution per
|January 24, 2020||January 31, 2020||$||0.07|
|February 19, 2020||February 28, 2020||0.07|
|March 20, 2020||March 31, 2020||0.07|
|Total for the Quarter||$||0.21|
Comments from Gladstone Capital’s President,
Conference Call for Stockholders: The Company will hold its earnings release conference call on
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.
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