Gladstone Investment Corporation Reports Financial Results for Its First Quarter Ended June 30, 2015
|Summary Information: (dollars in thousands, except per share data (unaudited)):|
|For the Quarter Ended:|
|Total investment income||$ 12,706||$ 11,173||$ 1,533||13.7%|
|Total expenses, net||(7,543)||(6,178)||(1,365)||22.1|
|Net investment income||5,163||4,995||168||3.4|
|Net investment income per common share||0.17||0.19||(0.02)||(10.5)|
|Cash distribution per common share||0.19||0.18||0.01||5.6|
|Net realized gain||199||148||51||34.5|
|Net unrealized appreciation||3,197||24,015||(20,818)||(86.7)|
|Net increase in net assets resulting from operations||8,559||29,158||(20,599)||(70.6)|
|Weighted average yield on interest-bearing investments||12.6%||12.5%||0.1%||0.8|
|Total dollars invested||$ 17,326||$ 53,573||
|Total dollars repaid||5,548||5,680||(132)||(2.3)|
|Total investments, at fair value||$ 481,243||$ 466,053||$ 15,190||3.3%|
|Fair value, as a percentage of cost||93.0%||92.2%||0.8%||0.9|
|Net assets||$ 279,754||$ 273,429||$ 6,325||2.3|
|Net asset value per common share||9.24||9.18||0.06||0.7|
|Asset coverage ratio||226%||230%||(4.0)%||(1.7)|
|Number of portfolio companies||34||34||—||—|
Highlights for the Quarter: During the quarter ended
Portfolio Activity: Invested
$16.3 million, through a combination of secured first lien debt and preferred equity, in one new portfolio company, and invested an additional $1.0 millioninto existing portfolio companies. Exited one investment, which resulted in the repayment of $1.7 millionof secured first lien debt at par and the recognition of a realized gain of $0.2 millionon the sale of the $0.1 millionequity investment.
Common Stock Offering: In
April 2015, and related to the March 2015offering of 3.3 million common shares, the underwriters exercised their option to purchase an additional 495,000 shares at the public offering price of $7.40per share to cover over-allotments, which resulted in gross proceeds of $3.7 millionand net proceeds, after deducting underwriting discounts, of $3.4 million.
Term Preferred Stock Offering: In
May 2015, we completed a public offering of 1,610,000 shares of 6.50% Series C Cumulative Term Preferred Stock ("Series C Term Preferred Stock") at a public offering price of $25.00per share. Gross proceeds totaled $40.3 millionand net proceeds, after deducting underwriting discounts and offering expenses borne by us, were $38.6 million.
Recurring Distributions: Paid monthly cash distributions to common and preferred stockholders for each of April, May, and
June 2015. The Company paid $0.0625per common share, per month; $0.1484375per share, per month for the Company's 7.125% Series A Cumulative Term Preferred Stock ("Series A Term Preferred Stock"); $0.140625per share, per month for the Company's 6.75% Series B Cumulative Term Preferred Stock ("Series B Term Preferred Stock"); and $0.221181per share for the pro-rated period of May 2015and the full month of June 2015for the Company's Series C Term Preferred Stock.
First Quarter Results: Net Investment Income for the quarters ended
Net Asset Value per share for the quarter ended
Subsequent Events: After
Regular Distributions and Dividends Declared: On
July 14, 2015, our Board of Directors declared the following monthly cash distributions and dividends:
|Dividend per||Dividend per||Series C Term|
|Distribution per||Series A Term||Series B Term||Preferred|
|Record Date||Payment Date||Common Share||Preferred Share||Preferred Share||Share|
|Total for the Quarter:||$ 0.1875||$0.4453125||$0.421875||$0.406250|
Portfolio Activity: In
July 2015, we invested $20.9 millionin GI Plastek, Inc.("GI Plastek") through a combination of secured first lien debt and equity. GI Plastek, headquartered in Wolfeboro, New Hampshire, is a value-added provider of advanced manufacturing solutions for various non-automotive end markets.
Conference Call: The Company will hold its earnings release conference call on
Forward-looking Statements: This press release may contain "forward-looking statements." Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the
To obtain a paper copy of our Annual Report on Form 10-Q filed today with the
Investor Relations Inquiries: Please visit www.gladstone.com or +1-703-287-5893.
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