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Solar Capital Ltd. Announces Quarter And Fiscal Year Ended December 31, 2012 Financial Results; Declares Quarterly Dividend Of $0.60 Per Share For First Fiscal Quarter 2013

Stocks in this article: SLRC

Solar Capital Ltd. (NASDAQ: SLRC), today reported earnings of $23.3 million, or $0.60 per share for the quarter ended December 31, 2012 and $115.8 million, or $3.11 per share, for the fiscal year ended December 31, 2012. Net investment income was $24.2 million, or $0.63 per share, for the fourth quarter and $81.9 million, or $2.20 per share, for the fiscal year. Excluding non-recurring expenses of $7.3 million relating to the Company’s new $525 million credit facility and $75 million senior secured notes issuance, net investment income for the fiscal year would have been $87.8 million, or $2.36 per share. Net asset value (NAV) per share of $22.70 at December 31, 2012, unchanged during the quarter, increased from $22.02 at December 31, 2011.

The Company also announced that its Board of Directors has declared a quarterly dividend of $0.60 per share for its first fiscal quarter of 2013, which will be payable on April 2, 2013 to stockholders of record on March 21, 2013. The Company expects the dividend to be paid from taxable earnings with specific tax characteristics reported to stockholders after the end of the 2013 calendar year.

HIGHLIGHTS:

At December 31, 2012:
Investment Portfolio: $1.4 billion
Number of Portfolio Companies: 40
Net Assets: $878.3 million
Net Asset Value per share: $22.70
 
Portfolio Activity for the Quarter Ended December 31, 2012:
Investments made during the quarter: $329.8 million
Investments repaid and sold during the quarter: $112.1 million
 
Portfolio Activity for the Fiscal Year Ended December 31, 2012:
Investments made during the year: $611.6 million
Investments repaid and sold during the year: $325.2 million
 
Operating Results for the Quarter Ended December 31, 2012:
Net investment income: $24.2 million
Net realized and unrealized losses: $0.9 million
Net increase in net assets from operations: $23.3 million
Net investment income per share: $0.63
 
Operating Results for the Fiscal Year Ended December 31, 2012:
Net investment income: $81.9 million
Net realized and unrealized gains: $33.8 million
Net increase in net assets from operations: $115.8 million
Net investment income per share: $2.20
 

“During 2012, we took advantage of the heated conditions in the capital markets to reset our capital structure, and we remained conservative on the investment side. We believe this approach should fortify long-term shareholder value,” said Michael Gross, Chairman & CEO of Solar Capital Ltd. “The strategic investment in the portfolio company, Crystal Financial, provides us with a new source of investment income from an asset that carries a highly attractive and diversified senior secured risk-return profile. Post the funding of Crystal Financial and our equity raise in January, we have over $400 million of credit capacity to deploy in attractive investment opportunities.”

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