MCG Capital Corporation (Nasdaq: MCGC) (“MCG,” "we," "our," "us" or the “Company”) announced today its financial results for the third quarter ended September 30, 2012.
As outlined in further detail in this earnings release and in our Quarterly Report on Form 10-Q, for the quarter ended September 30, 2012, the following highlights occurred during the three months ended September 30, 2012:
- Net operating income, or NOI, was $4.1 million, or $0.06 per share;
- Net income was $4.3 million, or $0.06 per share;
- We incurred approximately $0.2 million of costs associated with our transition plan;
- We funded $30.3 million of advances and originations, including $28.0 million to two new portfolio companies;
- We monetized $38.9 million of our debt portfolio;
- At September 30, 2012, we had $173.6 million of cash on-hand to make new investments using unrestricted cash and restricted cash from our SBIC. In addition, we had $10.5 million in securitization accounts and other restricted cash accounts; and
- Under our stock repurchase program, we repurchased and retired 1,252,410 shares of our common stock at a total cost of $5.6 million, or an average of $4.49 per share.
DISTRIBUTIONOn October 26, 2012, the MCG board of directors declared a distribution of $0.125 per share. The distribution is payable as follows: Record date: November 16, 2012 Payable date: November 30, 2012 If we determined the tax attributes of our 2012 distributions as of September 30, 2012, 5% would be from ordinary income and 95% 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.