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MCG Capital Corporation Reports Third Quarter 2011 Results And Distribution Of $0.17 Per Share

MCG Capital Corporation (Nasdaq: MCGC) (“MCG” or the “Company”) announced today its financial results for the quarter ended September 30, 2011. MCG will host an investment community conference call today, November 3, 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 prior to the call.

  • Distributable net operating income, or DNOI, for the quarter ended September 30, 2011 was $6.7 million, or $0.09 per share. DNOI refers to net operating income adjusted for amortization of employee restricted stock awards.
  • Net operating income for the quarter ended September 30, 2011 was $6.0 million, or $0.08 per share.
  • Net loss for the quarter ended September 30, 2011 was $25.1 million, or $0.33 per share.
  • Net investment loss for the quarter ended September 30, 2011 was $31.1 million, which included a $24.7 million reduction in the fair value of Broadview Networks Holdings, Inc., or Broadview, primarily reflecting, among other factors, continuing challenges in the bond market, a recent downgrade of Broadview’s corporate credit rating, delays by Broadview in refinancing its debt, as well as the near-term maturities of Broadview’s debt facilities.
  • During the quarter ended September 30, 2011, MCG funded $67.6 million of advances and originations, including $47.6 million to four new portfolio companies. Payoffs and portfolio monetization activities totaled $61.5 million during the quarter.
  • MCG’s ratio of total assets to total borrowings and other senior securities was 230% as of September 30, 2011.


On October 31, 2011, the MCG board of directors declared a distribution of $0.17 per share. The distribution is payable as follows:

Record date: December 15, 2011 Payable date: January 13, 2012

If MCG determined the tax attributes of its 2011 distributions as of September 30, 2011, 26% would be from ordinary income and 74% would be a return of capital. However, actual determinations of the tax attributes of MCG’s distributions, including determinations of return of capital, are made annually as of the end of its fiscal year based upon its taxable income and distributions paid for the full year and will be reported to each stockholder on a Form 1099.

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