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TheStreet Open House

Triangle Capital Corporation Reports Fourth Quarter And Full Year 2010 Results

Stocks in this article: TCAP

Dividends and distributions per share for the year ending December 31, 2010, totaled $1.65 compared to dividends and distributions of $1.67 during 2009.

Liquidity and Capital Resources

At December 31, 2010, the Company had cash and cash equivalents totaling $54.8 million and available Small Business Administration ("SBA") debentures of $21.6 million equating to approximately $76.4 million of liquidity. As of December 31, 2010, the Company had issued non-callable, fixed rate SBA guaranteed debentures totaling $202.5 million.       

Commenting on the Company's liquidity position, Steven C. Lilly, Chief Financial Officer, stated, "Triangle continues to maintain a very healthy liquidity position, both at December 31, 2010, as well as after giving effect to our February, 2011, equity offering in which we raised approximately $63 million. We feel fortunate to be operating from a position of strength as we move into 2011."

Dividend and Distribution Information

As previously announced, on December 1, 2010, Triangle's Board of Directors declared a cash dividend of $0.42 per share with a record date of December 15, 2010, and a payment date of December 29, 2010. 

Also as previously announced, on February 23, 2011, Triangle's Board of Directors declared a cash dividend of $0.42 per share with a record date of March 16, 2011, and a payment date of March 30, 2011.

These were the Company's sixteenth and seventeenth consecutive quarterly dividends since its initial public offering in February, 2007.

Portfolio Investments

During the year ended December 31, 2010, the Company made sixteen new investments totaling $140.7 million, additional debt investments in ten existing portfolio companies totaling $32.3 million, and five additional equity investments in existing portfolio companies of approximately $0.6 million. The Company also sold three investments in portfolio companies for total proceeds of approximately $5.4 million, resulting in realized gains totaling $4.1 million and converted subordinated debt investments in two portfolio companies to equity, resulting in realized losses totaling approximately $10.4 million. The Company also sold a convertible note investment in a portfolio company for proceeds of approximately $2.3 million, resulting in a realized gain of approximately $0.9 million. The Company had nine portfolio company loans repaid at par totaling approximately $43.0 million. In addition, normal principal repayments, partial loan prepayments and payment in kind interest repayments totaled approximately $7.9 million for the year ended December 31, 2010. 

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