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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MCG Capital Corporation Reports Fourth Quarter 2010 And Annual Results

Stocks in this article: MCGC

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.

HIGHLIGHTS

  • 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.

DIVIDEND DECLARATION

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

 

OVERVIEW

Today, MCG reported a fourth quarter 2010 net loss of $17.7 million, or $0.23 per basic and diluted share, which represented a $19.3 million, or $0.25 per share, decrease from the net income of $1.6 million, or $0.02 per share, reported for the comparable period in 2009. This decrease was attributable primarily to: a $22.0 million increase in the net investment loss recognized on the fair value of MCG’s investment portfolio; partially offset by a $2.4 million increase in net operating income and a $0.3 million decrease in income tax provision.

1 of 5

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!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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