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Triangle Capital Corporation Reports Fourth Quarter And Full Year 2012 Results

Fourth Quarter 2012 Results

Total investment income during the fourth quarter of 2012 was $25.0 million, compared to total investment income of $18.3 million for the fourth quarter of 2011, representing an increase of 36.4%. The Company's increase in investment income is primarily attributable to a $6.7 million increase in total loan interest, fee, dividend, and payment-in-kind interest income due to a net increase in portfolio investments. Of the $25.0 million in total investment income during the fourth quarter of 2012, approximately $0.5 million, or $0.02 per share, was related to a non-recurring portfolio company dividend.

Net investment income during the fourth quarter of 2012 was $15.5 million, compared to net investment income of $12.0 million for the fourth quarter of 2011, representing an increase of 29.6%. Net investment income per share during the fourth quarter of 2012 was $0.57 based on weighted average shares outstanding during the quarter of 27.3 million, compared to $0.53 per share during the fourth quarter of 2011, based on weighted average shares outstanding of 22.7 million.

The Company's net increase in net assets resulting from operations was $15.6 million during the fourth quarter of 2012, as compared to $12.4 million during the fourth quarter of 2011. The Company's net increase in net assets resulting from operations was $0.57 per share during the fourth quarter of 2012, based on weighted average shares outstanding of 27.3 million, as compared to $0.55 per share during the fourth quarter of 2011, based on weighted average shares outstanding of 22.7 million. 

Full Year 2012 Results

For the year ended December 31, 2012, total investment income was $90.4 million, compared to total investment income of $63.4 million for the year ended December 31, 2011, representing an increase of 42.6%. Total investment income during 2012 consisted of $90.0 million of loan interest, fee, dividend, and payment-in-kind interest income and $0.4 million of interest income from cash on hand. Total investment income in 2011 consisted of $63.0 million of loan interest, fee, dividend, and payment-in-kind income and $0.4 million of interest income from cash on hand.  During 2012, the Company's total investment income was primarily impacted by new investments funded during the year which totaled $348.9 million. 

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