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MCG Capital Corporation Reports First Quarter 2011 Results

MCG Capital Corporation (Nasdaq: MCGC) (“MCG” or the “Company”) announced today its financial results for the quarter ended March 31, 2011. MCG will host an investment community conference call today, May 9, 2011 at 10:00 a.m. (Eastern Time). Slides and financial information to be reviewed during the investor conference call will be available on MCG’s website at http://www.mcgcapital.com prior to the call.

HIGHLIGHTS
  • Distributable net operating income, or DNOI, for the quarter ended March 31, 2011 was $13.6 million, or $0.18 per share. DNOI refers to net operating income adjusted for amortization of employee restricted stock awards.
  • Net operating income for the quarter ended March 31, 2011 was $13.0 million, or $0.17 per share.
  • Net loss for the quarter ended March 31, 2011 was $8.8 million, or $0.12 per share.
  • Net investment loss for the quarter ended March 31, 2011 was $20.9 million, which included a $24.3 million reduction in the fair value of Broadview Networks Holdings, Inc., or Broadview, resulting from a decrease in the multiples used to value that investment.
  • During the quarter ended March 31, 2011, MCG made $95.1 million of advances and originations, including $54.0 million in investments to six new portfolio companies. Payoffs and portfolio monetization activities totaled $129.2 million during the quarter.
  • Repaid in full the remaining $17.4 million of Series 2005-A 9.98% unsecured notes.
  • MCG’s ratio of total assets to total borrowings and other senior securities was 233% as of March 31, 2011.

DIVIDEND DECLARATION

MCG also announced today that its board of directors declared a dividend of $0.17 per share. The dividend is payable as follows:

Record date: June 15, 2011

Payable date: July 15, 2011

OVERVIEW

Today, MCG reported a first quarter 2011 net loss of $8.8 million, or $0.12 per basic and diluted share, which represented a $14.8 million, or $0.20 per share, decrease from the net income of $6.0 million, or $0.08 per share, reported for the comparable period in 2010. This decrease resulted primarily from an $18.6 million increase in MCG’s net investment loss and a $0.8 million increase in the loss on extinguishment of debt, partially offset by a $4.6 million increase in net operating income.

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