MVC Capital Announces Third Quarter 2019 Results
For the third quarter of fiscal 2019, the Company earned interest income of
The Company reported total operating income of
|Key Financial Metrics|
|(Unaudited)($ in thousands, except per share data)||Q3 2019||Q2 2019||Q1 2019||Q4 2018||Q3 2018|
|Total operating income||7,469||8,593||6,441||5,888||6,151|
|Portfolio fees - asset management||89||76||96||122||112|
|Management fee - asset management||79||69||71||81||70|
|Interest, fees and other borrowing costs||2,510||2,283||2,484||2,238||2,403|
|Net Incentive compensation||-||-||-||-||(1,316||)|
|Total waiver by adviser||(654||)||(635||)||(604||)||(598||)||(595||)|
|Net operating income (loss) before net realized and unrealized gains||2,803||4,219||1,447||1,705||2,980|
|Net increase (decrease) in net assets resulting from operations||348||15,964||(3,053||)||(2,220||)||(5,870||)|
|Net increase (decrease) in net assets resulting from operations per share||0.02||0.90||(0.17||)||(0.10||)||(0.32||)|
|Net asset value per share||12.86||12.99||12.24||12.46||12.62|
- NAV was
$12.86per share as of July 31, 2019, compared to $12.99per share as of April 30, 2019.
- Net increase in net assets resulting from operations (bottom line performance) was
$0.02per share for the third quarter of fiscal 2019.
- Total operating income increased to
$7.5 millionfor the quarter ending July 31, 2019, a 21% increase over the same quarter of fiscal 2018.
- As of
July 31, 2019, the Company’s portfolio was comprised of approximately 71% yielding securities, up from 70% at the end of the previous fiscal quarter.
- During the quarter, the Company made four new investments totaling
$27.5 millionin Powers ( $6.5 million), IPCC ( $8.0 million), Jedson ( $6.0 million) and SMA ( $7.0 million).
- During the quarter, the Company made four follow-on investments into three portfolio companies, totaling
$5.7 millionin GTM ( $3.9 million), Custom Alloy ( $0.8 million) and HTI ( $1.0 million).
Since implementing its dividend policy in July of 2005, the Company has paid fifty-seven consecutive quarterly dividends. Through
Net operating income of
About MVC Capital, Inc.
Safe Harbor Statement and Other Disclosures
These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including, among other things:
The press release contains unaudited financial results. For ease of review, we have excluded the word "approximately" when rounding the results.
There can be no assurance that future dividend payments will match or exceed historic ones, or that they will be made at all. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of MVC's common stock. There can be no assurance that MVC will achieve its investment objective.
Jeffrey Goldberger / Allison Soss
212.896.1249 / 212.896.1267
¹ The ability of the Company to generate net operating income above the current annual dividend level will depend on a variety of factors, including, among others, that there are no major repayments in the portfolio and no impairments or unforeseen events.
Source: MVC Capital, Inc.