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MVC Capital Announces Fourth Quarter And Full Year Fiscal 2012 Results

PURCHASE, N.Y., Dec. 27, 2012 (GLOBE NEWSWIRE) -- 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 fourth quarter and year ended October 31, 2012.

Fourth Fiscal Quarter 2012 Financial Highlights

  • Interest and dividend income of $5.1 million, compared with $2.9 million in Q4 FY 2011
  • Fee and other income of $1.0 million, compared with $566,000 in Q4 FY 2011
  • Net operating income of $3.6 million, compared to a loss of $4.1 million in Q4 FY 2011
  • Increased quarterly dividend by 12.5% in the fourth quarter to $0.135 per share; paid 30 th consecutive quarterly dividend
  • Completed sale of SHL Group Ltd. in August for gross proceeds of $15.3 million

"During the fourth quarter, MVC successfully took advantage of opportunities to harvest returns from our investment portfolio," noted Michael Tokarz, Chairman and Portfolio Manager. "In the case of SHL Group, we monetized our investment for a realized gain of approximately $9.2 million or a 2.5X return on invested cash. As it pertains to USG&E, we received a significant dividend that was supported by the Company's strong cash flows. Combined, these transactions highlight the strength of our diversified investment portfolio and our ability to generate favorable returns for shareholders."

Operating Results        
Unaudited, except for FY results (in thousands, except per share data) Qtr 4 2012 Qtr 4 2011 FY 2012 FY 2011
Total operating income $6,148 $3,421 $29,887 $15,971
         
Management fee 2,027 2,155 8,588 8,845
Portfolio fees - asset management 106 -- 968 --
Management fee - asset management 140 -- 757 297
Administrative 862 1,105 3,573 4,320
Interest and other borrowing costs 886 783 3,367 3,082
Net incentive compensation (1,410) 3,483 (5,937) 1,948
Total waiver by adviser (38) (38) (2,554) (251)
Tax expense 3 2 4 14
         
Net operating income (loss) 3,572 (4,069) 21,121 (2,284)
Net (decrease) increase in net assets resulting from operations ($3,557) $13,282 ($21,655) $6,971
Net (decrease) increase in net assets resulting from operations per share ($0.14) $0.56 ($0.90) $0.30
Net Asset value per share $16.14 $17.54 $16.14 $17.54

In the fourth quarter of 2012, the Company earned approximately $5.1 million in interest and dividend income, and approximately $1.0 million in fee and other income. Combined, this resulted in an increase in total operating income of approximately $2.7 million to $6.1 million, as compared to the same quarter in 2011.

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