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Triangle Capital Corporation Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: TCAP

Forward Looking Statements

This press release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future and some of these uncertainties are enumerated in Triangle's filings with the Securities and Exchange Commission. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, each as filed with the Securities and Exchange Commission. Copies are available on the SEC's website at www.sec.gov and shareholders may receive a hard copy of the completed audited financial statements free of charge upon request to the Company at 3700 Glenwood Avenue, Suite 530, Raleigh, NC 27612. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

TRIANGLE CAPITAL CORPORATION
Consolidated Balance Sheets
     
  December 31,
  2012 2011
Assets:    
Investments at fair value:    
Non-Control / Non-Affiliate investments (cost of $565,737,092 and $389,312,451 at December 31, 2012 and 2011, respectively)  $ 579,078,939  $ 396,502,490
Affiliate investments (cost of $123,019,204 and $97,751,264 at December 31, 2012 and 2011, respectively) 123,408,445 103,266,298
Control investments (cost of $11,474,208 and $11,278,339 at December 31, 2012 and 2011, respectively) 4,315,339 7,309,787
Total investments at fair value 706,802,723 507,078,575
Cash and cash equivalents 72,300,423 66,868,340
Interest and fees receivable 2,650,178 1,883,395
Prepaid expenses and other current assets 403,123 623,318
Deferred financing fees 12,323,430 6,682,889
Property and equipment, net 55,535 58,304
Total assets  $ 794,535,412  $ 583,194,821
Liabilities:    
Accounts payable and accrued liabilities  $ 6,405,570  $ 4,116,822
Interest payable 3,136,574 3,521,932
Taxes payable 3,210,989 1,402,866
Deferred income taxes 1,342,456 628,742
Borrowings under Credit Facility 15,000,000
Senior notes 149,500,000
SBA-guaranteed debentures payable 213,604,579 224,237,504
Total liabilities 377,200,168 248,907,866
Net Assets:    
Common stock, $0.001 par value per share (150,000,000 shares authorized, 27,284,798 and 22,774,726 shares issued and outstanding as of December 31, 2012 and 2011, respectively) 27,285 22,775
Additional paid-in-capital 403,322,097 318,297,269
Investment income in excess of distributions 6,783,161 6,847,486
Accumulated realized gains on investments 1,972,940 1,011,649
Net unrealized appreciation of investments 5,229,761 8,107,776
Total net assets 417,335,244 334,286,955
Total liabilities and net assets  $ 794,535,412  $ 583,194,821
Net asset value per share  $ 15.30  $ 14.68
 
 
TRIANGLE CAPITAL CORPORATION
Consolidated Statements of Operations
       
  Year Ended December 31,
  2012 2011 2010
Investment income:      
Loan interest, fee and dividend income:      
Non-Control / Non-Affiliate investments  $61,903,487  $42,733,900  $24,187,140
Affiliate investments 12,835,193 8,137,269 4,140,469
Control investments 210,019 1,377,232 1,333,385
Total loan interest, fee and dividend income 74,948,699 52,248,401 29,660,994
Payment-in-kind interest income:      
Non-Control / Non-Affiliate investments 11,486,261 8,321,758 4,449,358
Affiliate investments 3,421,855 2,274,514 1,059,069
Control investments 80,502 157,335 471,431
Total payment-in-kind interest income 14,988,618 10,753,607 5,979,858
Interest income from cash and cash equivalent investments 431,150 361,973 344,642
Total investment income 90,368,467 63,363,981 35,985,494
Expenses:      
Interest and other financing fees 16,412,898 10,901,913 7,782,380
General and administrative expenses 16,293,172 11,965,985 7,689,015
Total expenses 32,706,070 22,867,898 15,471,395
Net investment income 57,662,397 40,496,083 20,514,099
Net realized gains (losses):      
Net realized gain (loss) on investments — Non-Control/Non-Affiliate 3,869,571 1,894,677 (1,623,104)
Net realized gain (loss) on investment — Affiliate 1,953,166 (3,855,769)
Net realized gain on investment — Control 838,039 9,078,810
Total net realized gains (losses) 6,660,776 10,973,487 (5,478,873)
Net unrealized appreciation (depreciation) of investments (2,878,015) 6,367,473 10,940,689
Total net gain on investments 3,782,761 17,340,960 5,461,816
Loss on extinguishment of debt (829,811) (157,590) (364,626)
Provision for taxes (551,830) (908,416) (220,740)
Net increase in net assets resulting from operations  $60,063,517  $56,771,037  $25,390,549
Net investment income per share — basic and diluted  $ 2.16  $ 2.07  $ 1.62
Net increase in net assets resulting from operations per share — basic and diluted  $ 2.25  $ 2.90  $ 1.99
Dividends declared per common share  $ 2.02  $ 1.77  $ 1.61
Capital gains distributions declared per common share $ —  $ —   $ 0.04
Weighted average number of shares outstanding — basic and diluted 26,740,776 19,555,268 12,763,243
 
 
TRIANGLE CAPITAL CORPORATION
Consolidated Statements of Cash Flows
       
  Year Ended December 31,
  2012 2011 2010
Cash flows from operating activities:      
Net increase in net assets resulting from operations  $ 60,063,517  $ 56,771,037  $ 25,390,549
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:      
Purchases of portfolio investments (348,938,154) (224,996,843) (173,581,930)
Repayments received/sales of portfolio investments 159,278,326 66,345,192 54,914,835
Loan origination and other fees received 5,631,915 4,364,689 3,351,568
Net realized (gain) loss on investments (6,660,776) (10,973,487) 5,478,873
Net unrealized (appreciation) depreciation on investments 2,164,302 (6,787,628) (10,572,009)
Deferred income taxes 713,714 420,155 (368,680)
Payment-in-kind interest accrued, net of payments received (5,885,069) (6,110,494) (2,269,307)
Amortization of deferred financing fees 1,150,466 787,902 432,368
Loss on extinguishment of debt 829,811 157,590 364,626
Accretion of loan origination and other fees (3,414,778) (1,751,182) (1,268,839)
Accretion of loan discounts (1,899,914) (1,178,229) (701,268)
Accretion of discount on SBA-guaranteed debentures payable 177,075 172,638 50,948
Depreciation expense 33,038 27,295 19,554
Stock-based compensation 3,030,757 1,909,808 1,151,576
Changes in operating assets and liabilities:      
Interest and fees receivable (766,783) (1,015,768) (215,212)
Prepaid expenses and other current assets 220,195 (504,167) 167,639
Accounts payable and accrued liabilities 2,288,748 1,847,924 46,721
Interest payable (385,358) 1,133,427 54,553
Deferred revenue (37,500) (37,500)
Taxes payable 1,808,123 1,204,887 138,801
Net cash used in operating activities (130,560,845) (118,212,754) (97,452,134)
Cash flows from investing activities:      
Purchases of property and equipment (30,269) (37,952) (38,535)
Net cash used in investing activities (30,269) (37,952) (38,535)
Cash flows from financing activities:      
Borrowings under SBA-guaranteed debentures payable 30,000,000 31,100,000 102,803,918
Repayments of SBA-guaranteed debentures payable (40,810,000) (9,500,000) (22,300,000)
Borrowings under credit facility 26,000,000 30,400,000
Repayments of borrowings under credit facility (41,000,000) (15,400,000)
Proceeds from senior notes 149,500,000
Financing fees paid (7,620,818) (1,428,127) (3,456,756)
Proceeds from public stock offerings, net of expenses 77,122,974 128,636,252 41,212,968
Common stock withheld for taxes upon vesting of restricted stock (2,885,904) (643,308) (234,912)
Taxes paid on deemed distribution of long-term capital gains (2,494,033) (495,233)
Cash dividends paid (51,789,022) (32,370,760) (20,466,584)
Cash distributions paid (448,164)
Net cash provided by financing activities 136,023,197 130,298,824 97,110,470
Net increase (decrease) in cash and cash equivalents 5,432,083 12,048,118 (380,199)
Cash and cash equivalents, beginning of year 66,868,340 54,820,222 55,200,421
Cash and cash equivalents, end of year  $ 72,300,423  $ 66,868,340  $ 54,820,222
Supplemental disclosure of cash flow information:      
Cash paid for interest  $ 15,075,903  $ 8,675,796  $ 7,244,512
Summary of non-cash financing transactions:      
Dividends paid through DRIP share issuances $ 3,300,031 $ 4,215,462 $ 4,879,008
CONTACT: Sheri Blair Colquitt
         Vice President, Investor Relations
         919-719-4784
         scolquitt@tcap.com
         
         Steven C. Lilly
         Chief Financial Officer
         919-719-4789
         slilly@tcap.com

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