MCG Capital Corporation (Nasdaq: MCGC) (“MCG” or the “Company”) announced today its financial results for the quarter ended June 30, 2011. MCG will host an investment community conference call today, August 4, 2011 at 10:30 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.
-- Distributable net operating income, or DNOI, for the quarter ended June 30, 2011 was $11.6 million, or $0.15 per share. DNOI refers to net operating income adjusted for amortization of employee restricted stock awards.
-- Net operating income for the quarter ended June 30, 2011 was $11.2 million, or $0.15 per share.-- Net loss for the quarter ended June 30, 2011 was $10.2 million, or $0.13 per share. -- Net investment loss for the quarter ended June 30, 2011 was $21.4 million, which included a $24.8 million reduction in the fair value of Broadview Networks Holdings, Inc., or Broadview, resulting from a change in the methodology used to value this portfolio company from a projected forward EBITDA and new owner cash flow basis to a trailing EBITDA basis. -- During the quarter ended June 30, 2011, MCG had $107.8 million of advances and originations, including $52.5 million in investments to five new portfolio companies. Payoffs and portfolio monetization activities totaled $178.2 million during the quarter. -- MCG’s ratio of total assets to total borrowings and other senior securities was 232% as of June 30, 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: September 14, 2011|
|Payable date: October 14, 2011|