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Solar Capital Ltd. Announces September 30, 2012 Financial Results; Declares Quarterly Dividend Of $0.60 Per Share For Fourth Fiscal Quarter 2012

Stocks in this article: SLRC

Solar Capital Ltd. (NASDAQ: SLRC), today reported earnings of $30.2 million, or $0.82 per share, and net investment income of $22.3 million, or $0.60 per share, for the quarter ended September 30, 2012. Net asset value (NAV) per share increased to $22.70, from $22.02 at December 31, 2011.

The Company also announced that its Board of Directors has declared its quarterly dividend of $0.60 per share for its fourth fiscal quarter 2012, which will be payable on January 3, 2013 to stockholders of record on December 20, 2012. The Company expects the dividend to be paid from taxable earnings with specific tax characteristics reported to stockholders after the end of the 2012 calendar year.


At September 30, 2012:
Investment Portfolio: $1.17 billion
Number of Portfolio Companies: 41

Net Assets: $877.6 million

Net Asset Value per share: $22.70
Portfolio Activity for the Quarter Ended September 30, 2012:
Investments made during the quarter: $27.4 million
Investments repaid and sold during the quarter: $71.5 million
Operating Results for the Quarter Ended September 30, 2012:
Net investment income: $22.3 million
Net realized and unrealized gains: $8.0 million
Net increase in net assets from operations: $30.2 million
Net investment income per share: $0.60
Net realized and unrealized gains per share: $0.22

“We are pleased to report that the portfolio generated net investment income of 60 cents per share, continuing our positive earnings momentum,” said Michael Gross, Chairman and CEO of Solar Capital Ltd. "Year to date, we have originated over $280 million of high quality investments, however, in the current heated credit markets, we are maintaining our patient and prudent approach to sourcing investments that we believe meet our stringent risk-return requirements."

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