Gladstone Capital Corporation Reports Financial Results for its Third Quarter Ended June 30, 2017
Summary Information (dollars in thousands, except per share data) (unaudited):
|For the Quarter Ended:|
|Total investment income||$||9,632||$||8,793||$||839||9.5||%|
|Total expenses, net of credits||(4,253||)||(3,434||)||(819||)||23.8|
|Net investment income||5,379||5,359||20||0.4|
|Net investment income per common share||0.21||0.21||—||—|
|Cash distribution per common share||0.21||0.21||—||—|
|Net realized (loss) gain||(23||)||45||(68||)||(151.1||)|
|Net unrealized appreciation (depreciation)||807||(748||)||1,555||(207.9||)|
|Net increase in net assets resulting from operations||6,163||4,656||1,507||32.4|
|Weighted average yield on interest-bearing investments||11.5||%||11.4||%||0.1||0.9|
|Total repayments and net proceeds||6,015||14,613||(8,598||)||(58.8||)|
|Total investments, at fair value||$|| |
|Fair value, as a percent of cost||85.1||%||83.6||%||1.5||%||1.8|
|Net asset value per common share||$||8.38||$||8.33||$||0.05||0.6|
Third Fiscal Quarter 2017 Highlights:
- Portfolio Activity: Invested
$29.0 millionin three new portfolio companies and $6.8 millionin existing portfolio companies. Received $6.0 millionin repayments and net proceeds from portfolio companies.
- Financing Activity: Sold 362,600 shares of our common stock at a weighted-average price of
$9.89per share through our at-the-market program resulting in gross proceeds of $3.6 million.
- Recurring Distributions and Dividends: For each of April, May and
June 2017, paid monthly distributions to common stockholders ( $0.07per common share) and monthly dividends to preferred stockholders ( $0.140625per share of the Company's 6.75% Series 2021 Term Preferred Stock).
Third Fiscal Quarter 2017 Results:
Total investment income increased by 9.5% compared to the prior quarter, primarily due to a quarter over quarter increase of 9.0% in the weighted average principal balance of our interest-bearing investment portfolio driven by the portfolio activity noted above. Total expenses increased by 23.8% quarter over quarter, primarily as a result of an increase in interest expense, due to a higher weighted average balance outstanding on our credit facility, and an increase net management and incentive fees.
Net Investment Income for the quarter ending
Net Increase in Net Assets Resulting from Operations for the quarter ended
Subsequent Events: Subsequent to
- Distributions and Dividends Declared: In
July 2017, our Board of Directors declared the following monthly distributions to common stockholders and monthly dividends to holders of our term preferred stock:
|Record Date||Payment Date||Distribution per |
Dividend per |
Series 2021 Term
|Total for the Quarter||$||0.21||$||0.421875|
|(A)||Previously, on |
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
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 Gladstone Capital's 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 Gladstone Capital's filings with the
Investor Relations Inquiries: Please visit www.gladstone.com or +1-703-287-5893.
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