This Day On The Street
Continue to site
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

NGP Capital Resources Company Announces Declaration Of Quarterly Dividend, 2010 Financial Results And Portfolio Activity

Operating Results – Year ended December 31, 2010

Investment income totaled $23.6 million for the year ended December 31, 2010, with $22.0 million attributable to the Company's targeted portfolio investments and $1.6 million attributable to fee income and income from cash and cash equivalents. Operating expenses for the year ended December 31, 2010 were $12.1 million and included $5.5 million of management and incentive fees, $1.3 million of interest expense and credit facility fees and $5.3 million of general and administrative expenses. The resulting net investment income, including a $0.3 million tax provision, was $11.2 million.   The Company had a net realized capital loss before income taxes of $33.3 million from the sale of its investment in Formidable, LLC during the fourth quarter of 2010.  

The Company experienced a net decrease in unrealized depreciation before income taxes of $31.2 million, consisting of a $37.4 million decrease due to realizations, offset by a $6.2 million increase in the fair value of remaining targeted portfolio investments.

Overall, the Company had a net increase in stockholders' equity (net assets) resulting from operations of $10.5 million, or an increase of $0.49 per share. After giving effect to the $0.69 per common share dividends declared during the year, stockholders' equity (net assets) per share as of December 31, 2010 was $10.90.  Operating Results – Three months ended December 31, 2010  Investment income totaled $6.1 million for the three months ended December 31, 2010, with $5.9 million attributable to the Company's targeted portfolio investments and $0.2 million attributable to fee income and income from cash and cash equivalents. Operating expenses for the period were $3.0 million and included $1.4 million of management and incentive fees, $0.3 million of interest and credit facility fees and $1.3 million of general and administrative expenses. The resulting net investment income for the fourth quarter of 2010, including a $47,000 tax benefit was $3.2 million.   During the three months ended December 31, 2010, the Company had a net realized capital loss of $33.3 million before income taxes.   For the three months ended December 31, 2010, the Company experienced a net decrease in unrealized depreciation before income taxes of $30.5 million, consisting of a $34.0 million decrease due to realizations, offset by a $3.5 million increase in the fair value of remaining targeted portfolio investments.     Overall, the Company had a net increase in stockholders' equity (net assets) resulting from operations of $1.5 million, or an increase of $0.07 per share for the three months ended December 31, 2010 and declared dividends during the period of $0.18 per share, resulting in stockholders' equity (net assets) per share of $10.90 as of December 31, 2010.              Subsequent Events   In January 2011, we repaid the entire $50.0 million balance on our Amended and Restated Revolving Credit Agreement.  On January 7, 2011, we closed a $10 million participation in a $20 million term loan (the "Resaca Term Loan") issued by Resaca Exploitation, Inc. ("Resaca"). The Resaca Term Loan earns cash interest of 9.5% (12% for paid-in-kind interest), is unsecured, and grants us warrants entitling us to purchase up to 2.42 million additional shares of Resaca common stock. Resaca used the proceeds from the Resaca Term Loan and a new revolving credit facility to repay its existing revolving credit facility and to provide capital for additional development of its properties.

In February 2011, we increased the commitment under the Senior Secured Revolving Credit Facility (the "Revolver") with Alden Resources, LLC ("Alden") from $3.0 million to $8.0 million with initial availability of $6.9 million. The terms of the Revolver are unchanged. As consideration for increasing the Revolver commitment, we earned an incremental 1.0% royalty interest on all of Alden's revenue and a $250,000 amendment fee.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs