This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

HOUSTON, Nov. 9, 2010 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (Nasdaq:NGPC) today announced its financial results for the third quarter ended September 30, 2010.

Highlights for the quarter ended September 30, 2010 :

Stockholders' equity: $238.1 million

Net asset value per share: $11.01 

Operating Results:

Net increase in stockholders' equity (net assets) from operations: $0.1 million

Net investment income: $2.4 million

Net increase in unrealized depreciation on portfolio securities, corporate notes and commodity derivative instruments: $2.2 million                           

Dividends declared per common share: $0.17 

Portfolio and Investment Activity:

Investments in portfolio securities added during the quarter: $21.4 million

Redemption of portfolio securities during the quarter: $15.8 million

Total invested in portfolio companies at September 30, 2010: $242.8 million

Number of portfolio companies at September 30, 2010: 17 

Portfolio and Investment Activity

During the quarter ended September 30, 2010, we funded $3.3 million to existing portfolio companies and $18.1 million to two new portfolio companies.   As of September 30, 2010, we had purchased $6.0 million face amount of Senior Convertible Notes due in 2013 (the "GMX Notes") issued by GMX Resources, Inc. in the secondary market. We purchased the GMX Notes, which bear interest at 5%, at a discount, resulting in an expected yield to maturity of approximately 15%. On September 30, 2010, we closed on a $16.1 million equity commitment to Gatliff Services, LLC ("Gatliff") which is a wholly owned subsidiary of NGPC Asset Holdings II, LP. We funded $12.1 million at closing and Gatliff used the proceeds to purchase Alden Resources, LLC's ("Alden") coal preparation plant and related facilities. Gatliff simultaneously leased back the plant and facilities to Alden under a 10-year operating lease agreement.  As lessor of the plant, Gatliff intends to invest up to $4.0 million in plant upgrades, for the total $16.1 million commitment. Alden used the $12.1 million of sales proceeds to pay down $9.5 million on their senior secured debt with us, and to pay past due trade payables and financial advisory fees. Repayments on existing investments totaled $15.8 million. At September 30, 2010, our targeted investment portfolio consisted of seventeen portfolio companies totaling $242.8 million. We had commitments to fund an additional $9.3 million on total committed amounts of $252.1 million.  

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

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