This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

NGP Capital Resources Company Announces Second Quarter 2010 Financial Results And Portfolio Activity

For the three months ended June 30, 2010, the Company experienced net unrealized appreciation before income taxes of $0.9 million, consisting of a $0.7 million increase in targeted portfolio fair value and a $0.2 million increase in the fair value of corporate notes. The increase in targeted portfolio fair value was largely a result of changes in the estimated current market values of underlying assets.  

Overall, the Company had a net increase in stockholders' equity (net assets) resulting from operations of $3.9 million, or $0.18 per common share, for the three months ended June 30, 2010 and dividends declared during the period of $0.17 per common share, resulting in stockholders' equity (net assets) per common share of $11.18 as of  June 30, 2010.  

Conference Call at 11:00 a.m. Eastern Time on August 9, 2010  

The Company invites all interested persons to participate in its conference call on August 9, 2010 at 11:00 a.m. Eastern Time. The dial-in number for the call is (877) 303-7617. International callers should dial (760) 666-3609.

The Company will maintain an audio replay of the call from 2:00 p.m. Eastern Time on August 9, 2010 through midnight August 15, 2010. The replay dial-in number is (800) 642-1687. International callers should dial (706) 645-9291. The replay pass code is 89321430. The call will also be accessible via the internet, on our Investor Relations page at www.ngpcrc.com .

NGP CAPITAL RESOURCES COMPANY    
CONSOLIDATED BALANCE SHEETS    
     
  June 30, 2010 December 31, 2009
  (Unaudited)  
Assets    
Investments in portfolio securities at fair value    
Control investments - majority owned    
(cost: $123,222,644 and $118,590,412, respectively) $ 76,995,176 $ 72,449,620
Affiliate investments    
(cost: $32,982,230 and $30,727,367, respectively) 33,644,517 31,578,945
Non-affiliate investments    
(cost: $79,260,905 and $92,832,647, respectively) 76,941,300 86,965,378
Investments in corporate notes at fair value    
(cost: $11,514,860 and $11,539,564, respectively) 9,555,858 9,062,200
Investments in commodity derivative instruments at fair value    
(cost: $0 and $30,100, respectively) -- 49,000
Total investments 197,136,851 200,105,143
     
Cash and cash equivalents 105,350,492 108,288,217
Accounts receivable and other current assets 2,153,923 2,115,663
Interest receivable 1,382,013 1,241,609
Prepaid assets 1,600,885 2,201,468
Deferred tax assets 2,961,948 2,979,209
Total current assets 113,449,261 116,826,166
     
Total assets $ 310,586,112 $ 316,931,309
     
Liabilities and stockholders' equity (net assets)    
Current liabilities    
Accounts payable and accrued expenses $ 713,571 $ 1,098,414
Management and incentive fees payable 1,423,830 1,415,866
Dividends payable 3,676,794 3,676,794
Income taxes payable 33,613 62,321
Total current liabilities 5,847,808 6,253,395
     
Deferred tax liabilities 3,035,242 3,002,366
Long-term debt 60,000,000 67,500,000
     
Total liabilities 68,883,050 76,755,761
     
Commitments and contingencies    
     
Stockholders' equity (net assets)    
Common stock, $.001 par value, 250,000,000 shares authorized;  
21,628,202 shares issued and outstanding 21,628 21,628
Paid-in capital in excess of par 295,174,063 295,174,063
Undistributed net investment income (loss) (6,592,176) (4,944,530)
Undistributed net realized capital gain (loss) (18,613) --
Net unrealized appreciation (depreciation) of portfolio securities,    
corporate notes and commodity derivative instruments (46,881,840) (50,075,613)
     
Total stockholders' equity (net assets) 241,703,062 240,175,548
     
Total liabilities and stockholders' equity (net assets) $ 310,586,112 $ 316,931,309
     
Net asset value per share $ 11.18 $ 11.10

 

NGP CAPITAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
  For The Three Months Ended For The Six Months Ended
  June 30, 2010 June 30, 2009 June 30, 2010 June 30, 2009
         
Investment income        
 Interest and dividend income:        
 Control investments - majority owned  $ 1,095,924  $ --   $ 2,195,903  $ -- 
 Affiliate investments  899,981  1,445,090  1,732,894  2,801,166
 Non-affiliate investments  3,379,706  4,927,247  6,557,247  9,765,710
 Royalty income (loss), net of amortization:        
 Control investments - majority owned  459,974  42,343  754,785  65,679
 Non-affiliate investments  (444,619)  (2,816,146)  (962,675)  (3,733,783)
 Commodity derivative income, net of expired options  --   1,880,229  16,079  5,054,081
 Other income  640,000  57,940  930,000  116,739
         
 Total investment income  6,030,966  5,536,703  11,224,233  14,069,592
         
Operating expenses        
 Management and incentive fees  1,423,830  1,647,178  2,762,399  3,481,026
 Professional fees  221,672  319,899  486,976  486,626
 Insurance expense  185,658  199,959  371,316  400,180
 Interest expense and fees  304,118  1,096,709  617,181  2,094,551
 Other general and administrative expenses  843,568  745,591  1,789,988  1,542,539
         
 Total operating expenses  2,978,846  4,009,336  6,027,860  8,004,922
         
Net investment income before income taxes  3,052,120  1,527,367  5,196,373  6,064,670
         
Benefit for income taxes  222,496  8,702  509,570  12,993
         
Net investment income   3,274,616  1,536,069  5,705,943  6,077,663
         
Net realized capital gain (loss) on investments        
 Net realized capital gain (loss) on portfolio securities,        
 and corporate notes:        
 Control investments - majority owned  --   (350,000)  --   (350,000)
 Non-affiliate investments  --   296,037  --   296,037
 Benefit (provision) for taxes on capital gain (loss)   (9,462)  119,000  (18,613)  119,000
         
 Total net realized capital gain (loss) on investments  (9,462)  65,037  (18,613)  65,037
         
Net unrealized gain (loss) on investments        
 Net increase (decrease) in unrealized appreciation        
 (depreciation) on portfolio securities, corporate        
 notes and commodity derivative instruments:        
 Control investments - majority owned  (93,176)  (669,376)  (86,675)  (4,745,039)
 Affiliate investments  (748,010)  388,484  (189,291)  594,228
 Non-affiliate investments  1,733,136  (4,148,448)  4,047,125  (24,838,561)
 Benefit (provision) for taxes on unrealized gain (loss)  (284,237)  255,000  (577,386)  1,640,826
         
 Total net unrealized gain (loss) on investments  607,713  (4,174,340)  3,193,773  (27,348,546)
         
Net increase (decrease) in stockholders' equity         
 (net assets) resulting from operations  $ 3,872,867  $ (2,573,234)  $ 8,881,103  $ (21,205,846)
         
Net increase (decrease) in stockholders' equity (net assets)         
 resulting from operations per common share  $ 0.18  $ (0.12)  $ 0.42  $ (0.98)

 

  For The Three Months Ended For The Six Months Ended
Per Share Data June 30, 2010 June 30, 2009 June 30, 2010 June 30, 2009
         
Net asset value, beginning of period  $ 11.17  $ 11.09  $ 11.10  $ 12.15
         
Net investment income   0.15  0.07  0.26  0.28
Net realized and unrealized gain (loss) on portfolio securities,        
 corporate notes and commodity derivative instruments  0.03  (0.19)  0.16  (1.26)
Net increase (decrease) in stockholders' equity (net assets)        
 resulting from operations  0.18  (0.12)  0.42  (0.98)
         
Net asset value before dividends  11.35  10.97  11.52  11.17
         
Dividends declared  (0.17)  (0.12)  (0.34)  (0.32)
         
Net asset value, end of period  $ 11.18  $ 10.85  $ 11.18  $ 10.85

  About NGP Capital Resources Company

NGP Capital Resources Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment portfolio is principally invested in energy related private companies. From time to time, the Company may also invest in public companies. The Company invests primarily in senior secured and mezzanine loans in furtherance of its business plan and in some instances receives equity investments in portfolio companies in connection with such investments. NGP Capital Resources Company is managed by NGP Investment Advisor, LP, an affiliate of NGP Energy Capital Management, L.L.C. NGP Energy Capital Management, L.L.C., based in Irving, Texas, is a leading investment firm with over $9.5 billion of cumulative capital under management since inception, serving all sectors of the energy industry.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs