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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:
Per Share Amount
April 30, 2013
May 15, 2013
May 31, 2013
June 14, 2013
June 28, 2013
July 15, 2013
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.