MCG Capital Corporation (Nasdaq: MCGC) (“MCG,” "we," "our," "us" or the “Company”) announced today its financial results for the second quarter ended June 30, 2012. We will host an investment community conference call today, July 31, 2012, at 9:00 a.m. (Eastern Time).
As outlined in further detail in this earnings release and in our Quarterly Report on Form 10-Q, for the quarter ended June 30, 2012, the following highlights occurred during the three months ended June 30, 2012:
- Net operating income, or NOI, was $5.6 million, or $0.07 per share;
- Net loss was $7.0 million, or $0.09 per share;
- We incurred approximately $3.2 million of costs associated with our transition plan, a $0.04 per share impact to NOI;
- We funded $11.5 million of advances and originations, including an $8.1 million loan to one new portfolio company;
- We monetized $40.1 million of our equity investments and $172.6 million of our debt portfolio;
- At June 30, 2012, we had $204.4 million of cash on-hand to make new investments using unrestricted cash and restricted cash from our SBIC. In addition, we had $84.5 million in securitization accounts and other restricted cash accounts;
- We paid off the SunTrust Warehouse financing facility and we reduced total borrowings by $63.0 million; and
- Under our stock repurchase program, we repurchased and retired 2,687,476 shares of our common stock at a total cost of $11.7 million, or an average of $4.36 per share.
DISTRIBUTIONOn July 27, 2012, the MCG board of directors declared a distribution of $0.14 per share. The distribution is payable as follows: Record date: August 17, 2012 Payable date: August 31, 2012 If we determined the tax attributes of our 2012 distributions as of June 30, 2012, 100% would be a return of capital. However, actual determinations of the tax attributes of our distributions, including determinations of return of capital, are made annually as of the end of the fiscal year based upon our taxable income and distributions paid for the full year and will be reported to each stockholder on a Form 1099.