This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

MCG Capital Corporation Reports Fourth Quarter 2012 And Annual Results And Distribution Of $0.125 Per Share

MCG Capital Corporation (Nasdaq: MCGC) (“MCG,” "we," "our," "us" or the “Company”) announced today its financial results for the fourth quarter and year ended December 31, 2012. We will host an investment community call today, March 5, 2013, at 10:00 a.m. (Eastern Time). Slides and financial information to be reviewed during the investor conference call will be available on MCG's website at http://www.mcgcapital.com prior to the call.

HIGHLIGHTS

  • Net operating income, or NOI, was $5.1 million, or $0.07 per share, for the fourth quarter. NOI for the full year was $18.8 million, or $0.25 per share;
  • Net income was $6.4 million, or $0.09 per share, for the fourth quarter. Net income for the full year was $5.0 million, or $0.07 per share;
  • In the fourth quarter, we incurred transition costs of $2.1 million, or $0.03 per share, including $1.6 million, or $0.02 per share, included in operating expenses and $0.5 million, or $0.01 per share, of realized losses. For the year, we incurred transition costs of $9.3 million, or $0.13 per share, including $8.8 million, or $0.12 per share, included in operating expenses and $0.5 million, or $0.01 per share, of realized losses.
  • During the fourth quarter, we funded $113.9 million of advances and originations, including $79.2 million to five new portfolio companies. For the full year, we funded $162.0 million of advances and originations, including $115.3 million to eight new portfolio companies;
  • During the fourth quarter, we monetized $0.6 million of our equity investments and $80.3 million of our debt portfolio. For the full year, we monetized $65.0 million of our equity investments and $347.2 million of our debt portfolio;
  • At December 31, 2012, we had $121.1 million of cash on-hand to make new investments using unrestricted cash and restricted cash from our SBIC. In addition, we had $24.3 million in securitization accounts and other restricted cash accounts; and
  • Under our stock repurchase program, we repurchased and retired 1,062,160 shares of our common stock during the fourth quarter at a total cost of $4.8 million or an average of $4.48 per share. For the full year, we repurchased and retired 6,182,046 shares at a total cost of $27.2 million, or an average purchase price of $4.40 per share.

DISTRIBUTION

On March 1, 2013, the MCG board of directors declared a distribution of $0.125 per share. The distribution is payable as follows:

Stock quotes in this article: MCGC 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs