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MCG Capital Corporation Reports Fourth Quarter 2010 And Annual Results

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 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


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.

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