RALEIGH, N.C., March 9, 2011 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE:TCAP) ("Triangle" or the "Company"), a leading specialty finance company that provides customized financing solutions to lower middle market companies located throughout the United States, today announced its results for the fourth quarter of 2010 and the full year of 2010.
In commenting on the Company's results, Garland S. Tucker, III, President and Chief Executive Officer, stated, "2010 was a very productive year for Triangle. We experienced significant investment activity as we added 16 new companies to our investment portfolio representing over $140 million in total value and we made approximately $33 million in follow-on investments in our existing portfolio companies. During the fourth quarter we increased our dividend per share to $0.42, and we successfully transferred the listing of our common stock to the New York Stock Exchange. In total, we couldn't be more pleased with the progress we made toward our long-term goals during 2010."
Fourth Quarter 2010 ResultsTotal investment income during the fourth quarter of 2010 was $10.4 million, compared to total investment income of $7.6 million for the fourth quarter of 2009, representing an increase of approximately 37.4%. The Company's increase in investment income is primarily attributable to a $2.9 million increase in total loan interest, fee, dividend and paid-in-kind interest income due to a net increase in portfolio investments. Net investment income during the fourth quarter of 2010 was $6.2 million, compared to net investment income of $4.0 million for the fourth quarter of 2009, representing an increase of approximately 52.9%. Net investment income per share during the fourth quarter of 2010 was $0.42 based on weighted average shares outstanding during the quarter of 14.9 million, compared to $0.39 per share during the fourth quarter of 2009. The Company's net increase in net assets resulting from operations was $7.2 million during the fourth quarter of 2010, as compared to $8.3 million during the fourth quarter of 2009. The Company's net increase in net assets resulting from operations was $0.48 per share during the fourth quarter of 2010, based on weighted average shares outstanding during the quarter of 14.9 million, as compared to $0.80 per share during the fourth quarter of 2009.
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