Gladstone Capital Corporation Reports Financial Results for its Second Quarter Ended March 31, 2016
Summary Information (dollars in thousands, except per share data) (unaudited):
|For the Quarter Ended:||2016||2015||Change||% Change|
|Total investment income||$||9,456||$||10,060||$||(604||)||(6.0||)%|
|Total expenses, net of credits||(4,539||)||(5,301||)||762||(14.4||)|
|Net investment income||4,917||4,759||158||3.3|
|Net investment income per common share||0.21||0.21||—||—|
|Cash distribution per common share||0.21||0.21||—||—|
|Net realized (loss) gain||(5,521||)||15,380||(20,903||)||NM|
|Net unrealized depreciation||(5,535||)||(28,843||)||(23,310||)||(80.8||)|
|Net decrease in net assets resulting from operations||(6,139||)||(8,704||)||(2,565||)||(29.5||)|
|Weighted average yield on interest-bearing investments||11.2||%||11.3||%||(0.1||)||(0.9||)|
|Total repayments and net proceeds||16,829||61,207||(44,378||)||(72.5||)|
|As of:||2016||2015||Change||% Change|
|Total investments, at fair value||$||293,428||$||299,691||$||(6,263||)||(2.1||)%|
|Fair value, as a percent of cost||78.8||%||80.4||%||(1.6||)%||(2.0||)|
|Net asset value per common share||$||7.92||$||8.38||$||(0.46||)||(5.5||)|
Second Fiscal Quarter 2016 Highlights:
- Portfolio Activity: Invested
$18.5 million, through secured first lien debt, in two new portfolio companies and $2.3 millionin existing portfolio companies. Received $16.8 millionin repayments and net proceeds from existing portfolio companies, including $9.1 millionfrom the payoff of two investments at par. Recognized a realized loss of $5.5 milliondue to the restructure of a syndicated investment.
- Stock Repurchase Plan: In
January 2016, our Board of Directors authorized a share repurchase program for up to an aggregate of $7.5 millionof the Company's common stock. During the quarter ended March 31, 2016, we repurchased 45,786 shares of our common stock at an average share price of $6.14, resulting in gross purchases of $0.3 million.
- Recurring Distributions: Paid monthly distributions for each of January, February and
March 2016to common stockholders ( $0.07per common share) and to preferred stockholders ( $0.140625per share of the Company's 6.75% Series 2021 Term Preferred Stock).
Second Fiscal Quarter 2016 Results: Total investment income decreased by 6.0% quarter over quarter due to a lower average interest bearing investment portfolio during the three months ended
Subsequent Events: Subsequent to
- Portfolio Activity: In
April 2016, we received net proceeds of $8.0 millionrelated to the early payoff of Ashland Acquisition LLCincluding a $0.4 millionsuccess fee and a realized gain of approximately $0.1 million.
- Distributions Declared: In
April 2016, our Board of Directors declared the following monthly cash distributions to stockholders:
|Distribution per||Series 2021 Term|
|Record Date||Payment Date||Common Share||Preferred Share|
|Total for the Quarter||$||0.21||$||0.421875|
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.gladstone.com or +1-703-287-5893.
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