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Triangle Capital Corporation Reports Fourth Quarter And Full Year 2012 Results

RALEIGH, N.C., March 6, 2013 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE:TCAP) ("Triangle" or the "Company"), a leading provider of capital to lower middle market companies located throughout the United States, today announced its financial and operating results for the fourth quarter of 2012 and the full year of 2012.

Fourth Quarter 2012 Highlights

  • Total Investment Portfolio: $706.8 million
  • Total Net Assets (Equity): $417.3 million
  • Net Asset Value Per Share (Book Value): $15.30
  • Weighted Average Yield on Debt Investments: 14.6%
  • Efficiency Ratio (G&A Expenses/Total Investment Income): 18.1%
  • Investment Portfolio Activity for the Quarter Ended December 31, 2012 -  Cost of investments made during the period: $120.4 million -  Principal repayments during the period: $43.6 million
  • Financial Results for the Quarter Ended December 31, 2012 -  Total investment income: $25.0 million -  Net investment income: $15.5 million -  Net investment income per share: $0.57 -  Dividends paid per share: $0.53 ($0.54 announced for first quarter 2013) -  Net realized gains: $1.4 million -  Net increase in net assets resulting from operations: $15.6 million -  Net increase in net assets resulting from operations per share: $0.57

Full Year 2012 Highlights

  • Efficiency Ratio (G&A Expenses/Total Investment Income): 18.0%
  • Investment Portfolio Activity for the Year Ended December 31, 2012 -  Cost of investments made during the period: $348.9 million -  Principal repayments during the period: $148.2 million
  • Financial Results for the Year Ended December 31, 2012 -  Total investment income: $90.4 million -  Net investment income: $57.7 million -  Net investment income per share: $2.16 -  Dividends paid per share: $2.02 -  Net realized gains: $6.7 million -  Net increase in net assets resulting from operations: $60.1 million -  Net increase in net assets resulting from operations per share: $2.25

In commenting on the Company's results, Garland S. Tucker, III, President and Chief Executive Officer, stated, "The fourth quarter of 2012 was the capstone of another great operational and financial year for Triangle.  We were very active from an investing and a capital markets standpoint during the quarter as we broadened our investment portfolio and further strengthened our balance sheet with our $80.5 million 6.375% ten year bond offering.  The strength and performance of our investment portfolio during the year provided us the opportunity to increase our dividend four times over the last five quarters, to a current dividend of $0.54 per share."

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