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MVC Capital Announces Fourth Quarter And Full Year Fiscal 2012 Results

Stocks in this article: MVC

The Company reported net operating income of approximately $3.6 million for the fourth quarter, as compared to a net operating loss of approximately ($4.1) million for the same quarter in 2011.

In fiscal 2012, the Company earned approximately $25.2 million in interest and dividend income, and approximately $4.7 million in fee and other income. Combined, this resulted in an increase in total operating income of approximately $13.9 million to $29.9 million, as compared to fiscal 2011.

The Company reported net operating income of approximately $21.1 million for fiscal 2012, as compared to a net operating loss of approximately ($2.3) million for fiscal 2011.

Fourth Quarter 2012 Portfolio Adjustments

Active Deals Status Write up (Write down)
 Velocitius B.V.  Write-up $2,452,000
 Vestal Manufacturing Enterprises, Inc. Write-up $1,750,000
 Octagon Credit Investors, LLC  Write-up $700,000
 Turf Products Corporation  Write-up $271,000
 SGDA Europe B.V. Write-up $239,000
 SIA Tekers Invest Write-up $139,000
 MVC Private Equity Fund L.P. Write-up $12,640
 Ohio Medical Corp. & Guarantee Write-down ($8,525,000)
 Security Holdings B.V. Write-down ($2,959,000)
 NPWT Corporation  Write-down ($465,000)
 MVC Automotive Group B.V. Write-down ($362,000)
 Harmony Health & Beauty, Inc. Write-down ($150,000)
 MVC Partners LLC Write-down ($71,360)
 Centile Holdings B.V.  Write-down ($34,376)
 Total   ($7,003,096)

As of October 31, 2012, the Company's net assets were approximately $386.0 million or $16.14 per share, compared with net assets of approximately $392.8 million, or $16.42 per share, at the beginning of the quarter and $419.5 million, or $17.54 per share, at the end of the same period last year. During the quarter, the Company received gross proceeds of approximately $15.3 million from the sale of SHL Group Limited ("SHL") to the Corporate Executive Board. In addition the Company also received a dividend of $2.4 million from U.S. Gas & Electric ("USG&E").

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