This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MVC Capital Announces Its 2011 Fiscal Year Results

Stocks in this article: MVC

MVC Capital, Inc. (NYSE: MVC), a publicly traded business development company that makes private debt and equity investments, today announced financial results for its fiscal year ended October 31, 2011. The highlights of the fiscal 2011 performance include: over $43 million in new and follow-on investment activity; an increase in the Company's net assets resulting from operations; significant progress with MVC Partners, LLC, including another fundraising close for the MVC Private Equity Fund L.P (“MVCPE”); and a consistent level of distributions paid to shareholders.

A core focus for the Company during fiscal 2011 continued to be its existing portfolio, as well as the prudent deployment of capital into both new and existing portfolio companies. Throughout fiscal 2011, the Company made six new investments totaling $26.1 million and seven follow-on investments aggregating $17.1 million into four existing portfolio companies. The Company’s new fiscal 2011 investments were made into: Octagon High Income Cayman Fund Ltd. (“Octagon Fund”), JSC Tekers Holdings (“JSC Tekers”), Teleguam Holdings, LLC (“Teleguam”), Pre-Paid Legal Services, Inc. (“Pre-Paid Legal”), RuMe, Inc. (“RuMe”) and Centile Holdings B.V. (“Centile”).

Under the Company's management team, net assets have grown each year, and fiscal 2011 marked another year of growth with a net increase in net assets resulting from operations of approximately $7.0 million. As of October 31, 2011, the Company's net asset value was approximately $420 million or $17.54 per share. During the year, the Company’s Valuation Committee made determinations regarding the fair values of the portfolio investments that resulted in net write-ups as of the fiscal year end in the following portfolio companies: Summit Research Labs, Inc ($14.5M), SHL Group Limited ($4.9M), Security Holdings B.V. ($17.6M), Total Safety ($74K), U.S. Gas & Electric, Inc. ($2.5M) and Velocitius B.V. ($200K). The Valuation Committee also increased the fair value of Ohio Medical Corporation’s preferred stock by approximately $1.9 million due to PIK distributions, which were treated as a return of capital. The Company’s Valuation Committee also made determinations regarding the fair values of investments that resulted in net write-downs in the following portfolio companies: MVC Automotive Group B.V. ($1.7M), SIA Tekers Invest ($2.3M), Octagon Fund ($209K), BP Clothing, LLC ($7.1), Ohio Medical Corporation ($8.5M), NPWT Corporation ($200K), HuaMei Capital Company ($1.5M), SGDA Europe B.V. ($4.3M), Vestal Manufacturing Enterprises, Inc. ($745K) and Harmony Health and Beauty, Inc. ($5.7M).

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs