MCG Capital Corporation Q1 2010 Earnings Call Transcript
Also, during this call, management will be referring to a non-GAAP financial measure, DNOI. This measure is not prepared in accordance with U.S. Generally Accepted Accounting Principles. You can find a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measures and other related information in MCG's first quarter 2010 earnings release and in the Investor Relations section of our website at www.mcgcapital.com under the heading Financial Information, Non-GAAP Financial Measures.
With that, I'll turn the call over to our President and CEO, Steve Tunney.
Thank you, Tod. And again, welcome, everyone. First, before we begin the call in earnest, as many of you know, an activist hedge fund has launched a proxy fight to unseat two of our directors. Their rhetoric has been inflammatory, includes a number of things that we do not believe to be true, and does not recognize the tremendous accomplishments that the company has achieved over the last 16 months or the 800% increase in our share price since the beginning of 2009.However, the focus of this call is to update you on the results for the first quarter and on the significant progress we've made in executing on our strategic plan to increase our share price relative to our net asset value and delivering long-term value to all of our stockholders. We won't be discussing or taking questions on this call about the proxy contest. Hopefully, by now you've had a chance to review the earnings release, which was issued today. We are extremely pleased to announce that we will be paying a dividend of $0.11 per share based on the first quarter's results. Further, we are encouraged that our portfolio has become increasingly stable over the past four quarters and that our net asset value has increased to $8.16 per share as of March 31, 2010.
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