Gladstone Capital Corporation Reports Financial Results for its Second Quarter Ended March 31, 2017
03 Maio 2017 - 5:15PM
Gladstone Capital Corporation (NASDAQ:GLAD) (the “Company”) today
announced earnings for its second fiscal quarter ended March 31,
2017. Please read the Company’s Quarterly Report on Form 10-Q
filed today with the U.S. Securities and Exchange Commission (the
“SEC”), which can be retrieved from the SEC’s website at
www.sec.gov, or from the Company’s website at
www.GladstoneCapital.com.
Summary Information (dollars in
thousands, except per share data) (unaudited):
For the Quarter Ended: |
|
March 31,2017 |
|
December 31,2016 |
|
Change |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
Total
investment income |
|
$ |
8,793 |
|
$ |
9,974 |
|
$ |
(1,181 |
) |
(11.8 |
)% |
Total
expenses, net of credits |
|
(3,434 |
) |
(4,767 |
) |
1,333 |
|
(28.0 |
) |
Net
investment income |
|
5,359 |
|
5,207 |
|
152 |
|
2.9 |
|
Net
investment income per common share |
|
0.21 |
|
0.21 |
|
— |
|
— |
|
Cash
distribution per common share |
|
0.21 |
|
0.21 |
|
— |
|
— |
|
Net
realized gain (loss) |
|
45 |
|
(3,448 |
) |
3,493 |
|
(101.3 |
) |
Net
unrealized depreciation |
|
(748 |
) |
(843 |
) |
95 |
|
(11.3 |
) |
Net
increase in net assets resulting from operations |
|
4,656 |
|
916 |
|
3,740 |
|
408.3 |
|
Weighted
average yield on interest-bearing investments |
|
11.4 |
% |
11.3 |
% |
0.1 |
|
0.9 |
|
Total
invested |
|
$ |
39,611 |
|
$ |
20,047 |
|
$ |
19,564 |
|
97.6 |
|
Total
repayments and net proceeds |
|
14,613 |
|
50,453 |
|
(35,840 |
) |
(71.0 |
) |
|
|
|
|
|
|
|
|
|
|
As of: |
|
March 31,2017 |
|
December 31,2016 |
|
Change |
|
% Change |
|
Total
investments, at fair value |
|
$ |
313,517 |
|
$ |
288,246 |
|
$ |
25,271 |
|
8.8 |
% |
Fair
value, as a percent of cost |
|
83.6 |
% |
82.6 |
% |
1.0 |
% |
1.2 |
|
Net asset
value per common share |
|
$ |
8.33 |
|
$ |
8.36 |
|
$ |
(0.03 |
) |
(0.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Fiscal Quarter 2017 Highlights:
- Portfolio Activity: Invested $39.0 million in
two new portfolio companies and $0.6 million in existing portfolio
companies. Received $14.6 million in repayments and net proceeds
from portfolio companies.
- Recurring Distributions: Paid monthly
distributions for each of January, February, and March 2017 to
common stockholders ($0.07 per common share) and to preferred
stockholders ($0.140625 per share of the Company’s 6.75% Series
2021 Term Preferred Stock).
Second Fiscal Quarter 2017 Results:
Total investment income decreased by 11.8% compared to the prior
quarter primarily due to a decrease in other income of $1.1 million
related to success fees collected in conjunction with exits that
occurred during the prior quarter. Total expenses decreased by
28.0% quarter over quarter, primarily as a result of a decrease in
the net incentive fee and a decrease in professional and other
general and administrative expenses.
Net Investment Income for the quarter ending March 31, 2017 was
$5.4 million, or $0.21 per share, an increase of 2.9% compared to
the prior quarter.
Net Increase in Net Assets Resulting from Operations for the
quarter ended March 31, 2017 and December 31, 2016 was $4.7
million, or $0.18 per share, compared to $0.9 million, or $0.04 per
share, respectively. The quarter over quarter increase was driven
primarily by the change in net realized gain (loss) quarter over
quarter.
Subsequent Events:
Subsequent to March 31, 2017, the following significant events
occurred:
- Portfolio Activity: In April 2017, we invested
$22.0 million in secured second lien debt to a business that
provides services to local governments.
- Distributions Declared: Declared the following
monthly cash distributions to stockholders in April 2017:
|
|
|
|
|
|
|
Record Date |
|
Payment Date |
|
Distribution per Common Share |
|
Distribution per Series 2021 Term Preferred
Share |
April
21 |
|
April
30 |
|
$ |
0.07 |
|
$ |
0.140625 |
May
19 |
|
May
31 |
|
0.07 |
|
0.140625 |
June
21 |
|
June
30 |
|
0.07 |
|
0.140625 |
Total for the Quarter |
|
$ |
0.21 |
|
$ |
0.421875 |
|
|
|
|
|
|
|
Comments from Gladstone Capital’s President, Bob
Marcotte: “These results represent an important transition
for us, as we successfully reinvested the large prepayments
experienced earlier in our fiscal year and the $47 million of net
new originations closed since our last report will lift and
strengthen our core interest earnings momentum going forward. While
our fee income was off on the quarter, lower expenses and incentive
fee credits offset the dip in total investment income and our NII
covered 100% of our shareholder distributions. We maintained our
investment yield and the portfolio performed well, as the overall
valuation was largely unchanged continuing the improving trend in
our long term return on equity performance. Between our available
capital and health of the lower middle market investment
opportunities, we continue to be well positioned to grow our
investment portfolio and enhance shareholder returns.”
Conference Call for Stockholders: The Company
will hold its earnings release conference call on Thursday, May 4,
2017, at 8:30 a.m. EDT. Please call (855) 465-0177 to enter
the conference. An operator will monitor the call and set a
queue for any questions. A replay of the conference call will be
available through June 4, 2017. To hear the replay, please
dial (855) 859-2056 and use conference number 56272750. The
replay of the conference call will be available beginning
approximately one hour after the call concludes. The live audio
broadcast of the Company’s quarterly conference call will also be
available online at www.GladstoneCapital.com. The event will
be archived and available for replay on the Company’s website
through July 4, 2017.
About Gladstone Capital Corporation: Gladstone
Capital Corporation is a publicly traded business development
company that invests in debt and equity securities, consisting
primarily of secured first and second lien term loans to lower
middle market businesses in the United States. Including
distributions through today, the Company has paid 171 consecutive
monthly or quarterly cash distributions on its common stock.
Information on the business activities of all the Gladstone funds
can be found at www.GladstoneCompanies.com.
To obtain a paper copy of the Company’s most recent Form 10-Q,
please contact the Company at 1521 Westbranch Drive, Suite 100,
McLean, VA 22102, ATTN: Investor Relations. The
financial information above is not comprehensive and is without
notes, so readers should obtain and carefully review the Company’s
Form 10-Q for the quarter ended March 31, 2017, including the notes
to the consolidated financial statements contained therein.
Investor Relations Inquiries: Please visit www.gladstone.com or +1-703-287-5893.
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