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

Stocks in this article: NGPC

Conference Call at 11:00 a.m. Eastern Time on March 11, 2011

The Company invites all interested persons to participate in its conference call on March 11, 2011 at 11:00 a.m. Eastern Time. The dial-in number for the call is (877) 303-7617. International callers should dial (760) 666-3609.   

The Company will maintain an audio replay of the call from 2:00 p.m. Eastern Time on March 11, 2011 through midnight March 17, 2011. The replay dial-in number is (800) 642-1687. International callers should dial (706) 645-9291. The replay pass code is 49195763. The call will also be accessible via the internet, on our Investor Relations page at www.ngpcrc.com .

NGP CAPITAL RESOURCES COMPANY
CONSOLIDATED BALANCE SHEETS
     
  December 31, 2010 December 31, 2009
     
Assets    
Investments in portfolio securities at fair value     
Control investments - majority owned (cost: $89,502,910 and $118,590,412, respectively)   $ 70,973,316  $ 72,449,620
Affiliate investments  (cost: $34,146,328 and $30,727,367, respectively)   33,064,028  31,578,945
Non-affiliate investments  (cost: $114,852,057 and $104,372,211, respectively)   112,025,645  96,027,578
Investments in commodity derivative instruments at fair value (cost: $0 and $30,100, respectively)   --   49,000
Total investments  216,062,989  200,105,143
     
Cash and cash equivalents  68,456,908  108,288,217
Accounts receivable and other current assets  3,095,882  2,115,663
Interest receivable  2,236,122  1,241,609
Prepaid assets  1,736,732  2,201,468
Deferred tax assets  --   2,979,209
 Total current assets  75,525,644  116,826,166
     
Total assets  $ 291,588,633  $ 316,931,309
     
Liabilities and stockholders' equity (net assets)    
Current liabilities    
Accounts payable and accrued expenses  $ 525,111  $ 1,098,414
Management and incentive fees payable  1,376,032  1,415,866
Dividends payable  3,893,076  3,676,794
Income taxes payable  50,350  62,321
Total current liabilities  5,844,569  6,253,395
     
Deferred tax liabilities  18,136  3,002,366
Long-term debt  50,000,000  67,500,000
     
Total liabilities  55,862,705  76,755,761
     
Commitments and contingencies     
     
Stockholders' equity (net assets)    
Common stock, $.001 par value, 250,000,000 shares authorized; 21,628,202 shares issued and outstanding  21,628  21,628
Paid-in capital in excess of par  293,789,803  295,174,063
Undistributed net investment income (loss)  (7,845,925)  (4,944,530)
Undistributed net realized capital gain (loss)  (32,778,782)  -- 
Net unrealized appreciation (depreciation) of portfolio securities and commodity derivative instruments  (17,460,796)  (50,075,613)
     
Total stockholders' equity (net assets)  235,725,928  240,175,548
     
Total liabilities and stockholders' equity (net assets)  $ 291,588,633  $ 316,931,309
     
Net asset value per share  $ 10.90  $ 11.10

 

NGP CAPITAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
         
         
  For The Three Months Ended Year Ended Year Ended
  December 31, 2010 December 31, 2009 December 31, 2010 December 31, 2009
  unaudited unaudited audited audited
Investment income        
Interest and dividend income:        
Control investments - majority owned  $ 795,578  $ 1,007,173  $ 4,179,620  $ 1,974,727
Affiliate investments  982,060  826,733  3,674,252  4,785,915
Non-affiliate investments  3,584,797  3,025,606  13,153,253  16,756,945
Royalty income (loss), net of amortization:        
Control investments - majority owned  514,424  352,251  1,791,682  1,246,484
Non-affiliate investments  193,033  (976,559)  (844,979)  (6,465,901)
Commodity derivative income, net of expired options  --   115,905  16,079  5,999,932
Other income  45,151  77,499  1,615,151  221,765
         
Total investment income  6,115,043  4,428,608  23,585,058  24,519,867
         
Operating expenses        
Management and incentive fees  1,376,032  1,415,866  5,547,984  6,437,648
Professional fees  231,487  249,089  878,423  950,306
Insurance expense  183,848  191,149  740,822  791,288
Interest expense and fees  304,198  319,129  1,260,452  2,860,280
State and excise taxes  831  --   831  -- 
Other general and administrative expenses  899,338  1,299,575  3,662,350  3,560,699
         
Total operating expenses  2,995,734  3,474,808  12,090,862  14,600,221
         
Net investment income before income taxes  3,119,309  953,800  11,494,196  9,919,646
         
Benefit (provision) for income taxes  46,643  (34,661)  (252,066)  (19,347)
         
Net investment income   3,165,952  919,139  11,242,130  9,900,299
         
Net realized capital gain (loss) on investments        
Net realized capital gain (loss) on portfolio securities:        
Control investments - majority owned  (33,298,027)  (137,666)  (33,298,027)  (487,666)
Non-affiliate investments  22,655  (14,137,318)  22,655  (13,841,281)
Benefit (provision) for taxes on capital gain (loss)   2,756  (8,507)  (107,736)  110,493
         
Total net realized capital gain (loss) on investments  (33,272,616)  (14,283,491)  (33,383,108)  (14,218,454)
         
Net unrealized gain (loss) on investments        
Net increase (decrease) in unrealized appreciation (depreciation) on portfolio securities and commodity derivative instruments:        
Control investments - majority owned  30,536,526  (2,997,166)  27,611,198  (24,270,852)
Affiliate investments  (201,835)  (2,112,244)  (1,933,878)  2,993,146
Non-affiliate investments  190,451  17,171,377  5,499,321  15,663,528
Benefit for taxes on unrealized gain (loss)  1,110,149  (1,040,897)  1,438,176  1,113,329
         
Total net unrealized gain (loss) on investments  31,635,291  11,021,070  32,614,817  (4,500,849)
         
Net increase (decrease) in stockholders' equity (net assets) resulting from operations  $ 1,528,627  $ (2,343,282)  $ 10,473,839  $ (8,819,004)
         
Net increase (decrease) in stockholders' equity (net assets) resulting from operations per common share  $ 0.07  $ (0.11)  $ 0.49  $ (0.41)
         
         
         
  For The Three Months Ended Year Ended  Year Ended  
Per Share Data December 31, 2010 December 31, 2009 December 31, 2010 December 31, 2009
  unaudited unaudited audited audited
         
         
         
Net asset value, beginning of period  $ 11.01  $ 11.38  $ 11.10  $ 12.15
         
Net investment income   0.15  0.05  0.52  0.46
Net realized and unrealized gain (loss) on portfolio securities and commodity derivative instruments  (0.08)  (0.16)  (0.03)  (0.87)
Net increase (decrease) in stockholders' equity (net assets) resulting from operations  0.07  (0.11)  0.49  (0.41)
         
Net asset value before dividends  11.08  11.27  11.59  11.74
         
Dividends declared  (0.18)  (0.17)  (0.69)  (0.64)
         
Net asset value, end of period  $ 10.90  $ 11.10  $ 10.90  $ 11.10
         

About NGP Capital Resources Company

NGP Capital Resources Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment portfolio is principally invested in energy related private companies. From time to time, the Company may also invest in public companies. The Company invests primarily in senior secured and mezzanine loans in furtherance of its business plan and in some instances receives equity investments in portfolio companies in connection with such investments. NGP Capital Resources Company is managed by NGP Investment Advisor, LP, an affiliate of NGP Energy Capital Management. NGP Energy Capital Management, based in Irving, Texas, is a leading investment firm with over $9.5 billion of cumulative capital under management since inception, serving all sectors of the energy industry.

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