MCG Capital Corporation (Nasdaq: MCGC) (“MCG” or the “Company”) announced today its financial results for the quarter and year ended December 31, 2010. MCG will host an investment community conference call today, March 4, 2011 at 10:00 a.m. (Eastern Time). Slides and financial information to be reviewed during the investor conference call will be available on MCG’s website at http://www.mcgcapital.com prior to the call.
- Distributable net operating income, or DNOI, for the quarter ended December 31, 2010 was $12.9 million, or $0.17 per share. DNOI for all of 2010 was $44.9 million, or $0.60 per share. DNOI refers to net operating income adjusted for amortization of employee restricted stock awards.
- Net operating income for the quarter ended December 31, 2010 was $11.9 million, or $0.16 per share. Net operating income for the full year was $40.6 million, or $0.54 per share.
- Net loss for the quarter ended December 31, 2010 was $17.7 million, or $0.23 per share. Net loss for the full year was $13.1 million, or $0.17 per share.
- Net investment loss for the quarter ended December 31, 2010 was $29.7 million, which represented 3.2% of the most recently reported fair value of MCG’s investment portfolio. Net investment loss for the year ended December 31, 2010 was $54.8 million.
- During the quarter ended December 31, 2010, MCG made $160.1 million of advances and originations, including $122.4 million in investments to 11 new portfolio companies. Payoffs and portfolio monetization activities totaled $42.7 million during the quarter.
- MCG’s ratio of total assets to total borrowings and other senior securities was 231% as of December 31, 2010.
MCG also announced today that its board of directors has declared a dividend of $0.15 per share. The dividend is payable as follows:
Record date: March 15, 2011
Payable date: April 15, 2011