Full Circle Capital Corporation (Nasdaq: FULL) (the “Company”) today announced its financial results for the second quarter of fiscal 2013 ended December 31, 2012.
Financial Highlights for the Second Quarter of Fiscal 2013
- Net asset value was $8.03 per share at December 31, 2012.
- Total investment income was $3.1 million, including income from fees, dividends and other sources of $0.5 million.
- Net investment income was $1.5 million, or $0.22 per share.
- Monthly distributions of $0.077 per share were paid on November 15, 2012, December 14, 2012 and January 15, 2013, totaling $0.23 per share for the quarter.
- Net realized losses were $(3.2) million, or $(0.49) per share, and net unrealized gains were $1.3 million, or $0.20 per share, and combined with net investment income, resulted in a net decrease in net assets from operations of $(0.4) million, or $(0.06) per share.
- Total portfolio investments at December 31, 2012 were $77.6 million (excluding U.S. treasury bills of $22.0 million), compared to $75.5 million (excluding U.S. treasury bills of $25.0 million) at September 30, 2012.
- Weighted average portfolio interest rate was 12.55% at December 31, 2012.
- New originations were $3.9 million, consisting of a new debt facility to SOLEX Fine Foods, LLC. Additional funding to existing borrowers totaled $1.6 million (excluding regular borrowing under revolvers).
- At December 31, 2012, 88% of portfolio company investments were first lien senior secured loans.
- At December 31, 2012, debt outstanding was $20.0 million consisting of $16.6 million drawn under the Company’s $35.0 million senior credit facility and $3.4 million of senior unsecured notes.
- On November 27, 2012 the Company raised $10.1 million of net equity capital through a public offering of 1.35 million common shares priced at $7.90 per share.
On February 5, 2013, the Board of Directors declared monthly distributions for the fourth quarter of fiscal 2013 as follows:
|Record Date||Payment Date||Per Share Amount|
|April 30, 2013||May 15, 2013||$0.077|
|May 31, 2013||June 14, 2013||$0.077|
|June 28, 2013||July 15, 2013||$0.077|
These distributions equate to a $0.924 annualized distribution rate, or a current annualized yield of 11.9%, based on the closing price of the Company’s common stock of $7.76 per share on February 8, 2013.
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