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MVC Capital Announces Third Quarter Fiscal 2012 Results

Stocks in this article: MVC

MVC Capital, Inc. (NYSE: MVC), a publicly traded business development company that makes private equity and debt investments, today announced its financial results for the third fiscal quarter ended July 31, 2012.

Third-Fiscal Quarter 2012 Financial Highlights

  • Interest and dividend income of $2.8 million, compared with $2.5 million in Q3 FY 2011
  • Fee and other income of $1.2 million, compared with $1.0 million in Q3 FY 2011
  • Net operating income of $2.1 million, compared with a loss of $34,000 in Q3 FY 2011
  • Paid quarterly dividend of $0.12 per share; 29 th consecutive quarterly dividend
  • Completed $1.5 million debt investment in Biovation Holdings Inc.

"During the quarter, MVC continued to execute against our business strategy. Excluding negative fluctuations in the Euro versus the US dollar, on an operational basis, a good portion of our investments delivered strong performance during the period," said Michael Tokarz, Chairman and Portfolio Manager. "With the additional cash from the sale of our stake in SHL Group, I am confident our greater liquidity will provide us with additional flexibility to pursue yielding investments, paying down our debt and/or buying back shares.”

Third-Fiscal Quarter 2012 Results

(Unaudited) (in thousands, except per share data)   Qtr 3 2012       Qtr 2 2012       Qtr 3 2011  
Total operating income   $3,931       $16,164       $3,482  
Management fee expense   $2,168       $2,365       $2,183  
Portfolio fees - asset management expense   $338       $462       -  
Administrative   $971       $817       $1,049  
Interest, fees and other borrowing costs   $854       $832       $784  
Net incentive compensation   ($2,415)       ($175)       ($463)  
Total Operating Expenses   $1,916       $4,301       $3,553  
Waiver by advisor   ($37)       ($2,383)       ($37)  
Tax expense   -       -       -  
Net operating income (loss)   $2,052       $14,246       ($34)  
Net realized (loss) gain and net change in unrealized appreciation (depreciation) on investments   ($12,647)       ($12,731)       ($2,335)  
Net (decrease) increase in net assets resulting from operations   ($10,595)       $1,515       ($2,369)  
Net (decrease) increase in net assets resulting from operations per share   ($0.45)       $0.06       ($0.10)  
Net Asset value per share   $16.42       $16.99       $17.10  

In the third quarter of 2012, the Company earned approximately $2.8 million in interest and dividend income and approximately $1.2 million in fee and other income, representing an increase in total operating income of approximately $448,000 as compared to the same quarter in 2011. The primary reason for the increase in total operating income was fee income from the MVC PE Fund and its portfolio companies.

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