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Golub Capital's CEO Discusses Q1 2011 Results - Earnings Call Transcript

Stocks in this article: GBDC

David Golub

Thanks very much. Good morning, everybody and thanks for joining us today. I have with me Ross Teune our Chief Financial Officer. I hope you’ve been able to take a look at our earnings release in our investor presentation it’s posted on our website we’re going to look forward to some portions of that presentation over the course of the call today. I’m going to start by providing an overview of the March 31, 2011 quarterly financial results. I am also going briefly discuss what we’re seeing in the current market environment, Ross is going to take you through our quarterly financial results in more detail and then I’m going to come back and provide some reflections on our first year being a public company before opening the floor for questions.

So with that let me get started. For the quarter ended March 31, 2011 as expected financial results were we’re much study if you goes it’s compared to the quarter ended 12 31, 2010. New deal activities flowed repayments remained relatively high and this is a combination which limited our growth in total investments. This is very much in keeping with our expectations you’ll recall in our last call I talked about how deal activity in the early part of this calendar year it’s slow down after a very busy quarter ending December 31, 2010.

So, highlights for the quarter EPS was $0.33 per share down a penny from $0.34 per share last quarter net investment income was $0.29 per share again down a penny from last quarter. We had another quarter of what I like to call negative credit losses what I mean by that is that is that net realized and unrealized schemes on investments there are about $0.04 this year same as last quarter this is our third straight quarter of having positive net realized and unrealized gains on portfolio investments. Our net asset value accordingly when up a little bit when up to 1475 per share for the end of the quarter up from 1474 at the end of the prior quarter this is our fourth consecutive quarter in which we increased NAV per share.

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