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TheStreet Open House

NGP Capital Resources Company Announces Fourth Quarter And Fiscal Year 2012 Financial Results

Stocks in this article: NGPC

On March 4, 2013, GMXR announced that it failed to make its interest payment on its 9% Subordinated Notes due March 2018, which was due on March 4, 2013. Under the indenture, this failure to pay does not constitute an event of default unless it continues for thirty days; however, it does constitute an event of default under another GMXR debt security, which could potentially trigger cross-default features and acceleration of substantially all of GMXR's indebtedness. GMXR has announced that it has engaged Jefferies & Company, Inc. as financial advisor to assist GMXR in its ongoing exploration of financing alternatives, including a potential restructuring of GMXR's balance sheet in light of its current liquidity and cash needs. GMXR has announced that if it is not able to successfully implement a consensual alternative for restructuring its balance sheet, or in order for GMXR to implement a financial alternative, GMXR may voluntarily seek protection under the U.S. Bankruptcy Code. As of December 31, 2012, we held $12.7 million face amount in GMXR 9% Subordinated Notes due March 2018, with an estimated fair value of $7.4 million. As of December 31, 2012, we recorded a 100% reserve, totaling $0.4 million, or $0.02 per share, on our interest receivable from GMXR as of such date. We sold all 228,853 shares of GMXR common stock held by us in March 2013 for net proceeds totaling $0.8 million.

Conference Call at 11:00 a.m. Eastern Time on March 7, 2013

We invite all interested persons to participate in our conference call on Thursday, March 7, 2013 at 11:00 a.m. Eastern Time. The dial-in number for the call is (877) 303-7617. International callers should dial (760) 666-3609.  The call will also be accessible via the internet, on our Investor Relations page at www.ngpcrc.com .

NGP CAPITAL RESOURCES COMPANY
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
     
  December 31, December 31,
  2012 2011
     
Assets    
Investments in portfolio securities at fair value     
Control investments - majority owned     
(cost: $8,140 and $0, respectively)   $ 8,608  $ 150
Affiliate investments     
(cost: $16,280 and $36,778, respectively)   13,153  13,498
Non-affiliate investments     
(cost: $193,332 and $135,824, respectively)   191,853  131,409
Total portfolio investments   213,614  145,057
Investments in U.S. Treasury Bills at fair value    
(cost: $45,996 and $0, respectively)   45,996  -- 
Total investments  259,610  145,057
Cash and cash equivalents  47,655  106,570
Accounts receivable and other current assets  732  1,442
Interest receivable  1,876  792
Prepaid assets  2,449  2,720
Total current assets  52,712  111,524
Total assets  $ 312,322  $ 256,581
     
Liabilities and net assets    
Current liabilities    
Accounts payable and accrued expenses  $ 1,372  $ 739
Management and incentive fees payable  1,305  1,190
Payables for investment securities purchased   --   417
Dividends payable  3,363  3,893
Income taxes payable  515  66
Short-term debt  45,000  -- 
Total current liabilities  51,555  6,305
Deferred tax liabilities  1  10
Long-term debt  59,500  50,000
Total liabilities  111,056  56,315
Commitments and contingencies     
Net assets    
Common stock, $.001 par value, 250,000,000 shares authorized;    
21,020,077 and 21,628,202, shares issued and outstanding  21  22
Paid-in capital in excess of par  251,294  255,486
Undistributed net investment income (loss)  (913)  (518)
Undistributed net realized capital gain (loss)  (48,113)  (30,286)
Net unrealized appreciation (depreciation) on investments  (1,023)  (24,438)
Total net assets  201,266  200,266
Total liabilities and net assets  $ 312,322  $ 256,581
Net asset value per share  $ 9.57  $ 9.26
     
NGP CAPITAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
           
           
  Quarter Ended December 31,  For The Year Ended December 31, 
  2012 2011 2012 2011 2010
Investment income          
Interest income:          
Control investments - majority owned  $ --   $ --   $ --   $ 8,605  $ 4,180
Affiliate investments  468  352  1,728  1,325  3,674
Non-affiliate investments  4,471  4,353  18,638  15,587  13,153
Dividend income:          
Non-affiliate investments  1,007  --   1,917  --   -- 
Royalty income (loss), net of amortization:          
Control investments - majority owned  --   --   --   1,195  1,792
Non-affiliate investments  91  230  523  1,031  (845)
Other income  76  34  563  160  1,631
Total investment income  6,113  4,969  23,369  27,903  23,585
Operating expenses          
Interest expense and bank fees  762  330  2,018  1,473  1,261
Management and incentive fees  1,305  1,160  4,580  5,422  5,548
Professional fees  304  254  1,098  1,065  878
Insurance expense  180  181  721  728  741
Other general and administrative expenses  816  858  3,143  3,346  3,663
Total operating expenses  3,367  2,783  11,560  12,034  12,091
Income tax provision (benefit), net  (8)  25  46  60  54
Net investment income   2,754  2,161  11,763  15,809  11,440
Net realized capital gain (loss) on investments          
Control investments - majority owned  (107)  (180)  (143)  (32,978)  (33,298)
Affiliate investments  (21,758)  --   (21,758)  --   -- 
Non-affiliate investments  2,842  --   4,535  2,364  22
Benefit (provision) for taxes on realized gain (loss)  (461)  --   (461)  --   -- 
Total net realized capital gain (loss) on investments  (19,484)  (180)  (17,827)  (30,614)  (33,276)
Net unrealized appreciation (depreciation) on investments          
Control investments - majority owned  500  --   350  18,680  27,611
Affiliate investments  21,670  (431)  20,604  (22,197)  (1,934)
Non-affiliate investments  (5,625)  (1,868)  2,452  (1,588)  5,500
Benefit (provision) for taxes on unrealized          
appreciation (depreciation) on investments  2  19  9  22  1,133
Total net unrealized appreciation (depreciation)          
on investments  16,547  (2,280)  23,415  (5,083)  32,310
Net increase (decrease) in net assets resulting           
from operations  $ (183)  $ (299)  $ 17,351  $ (19,888)  $ 10,474
Net increase (decrease) in net assets resulting          
from operations per common share  $ (0.01)  $ 0.01  $ 0.81  $ (0.92)  $ 0.49
           
Dividends declared per common share  $ 0.16  $ 0.18  $ 0.57  $ 0.72  $ 0.69
Weighted average shares outstanding - basic and diluted  21,198  21,628  21,429  21,628  21,628
           
           
           
  Quarter Ended December 31,  For The Year Ended December 31, 
Per Share Data (1) 2012 2011 2012 2011 2010
           
Net asset value, beginning of period  $ 9.70  $ 9.45  $ 9.26  $ 10.90  $ 11.10
           
Net investment income   0.13  0.10  0.55  0.73  0.53
Net realized and unrealized gain (loss) on investments  (0.14)  (0.11)  0.26  (1.65)  (0.04)
Net increase (decrease) in net assets resulting from          
operations  (0.01)  (0.01)  0.81  (0.92)  0.49
           
Dividends declared  (0.16)  (0.18)  (0.57)  (0.72)  (0.69)
Other (2)  0.04  --   0.07  --   -- 
           
Net asset value, end of period  $ 9.57  $ 9.26  $ 9.57  $ 9.26  $ 10.90
           
(1) Per Share Data is based on weighted average number of common shares outstanding for the period.      
(2) Represents the impact of common stock repurchases.           
           

About NGP Capital Resources Company

NGP Capital Resources Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. We principally invest in private companies and from time to time, we may also invest in public companies. We invest primarily in senior secured and mezzanine loans according to our business plan and in some instances receive equity interests in portfolio companies in connection with such investments. Our manager is NGP Investment Advisor, LP, an affiliate of NGP Energy Capital Management, L.L.C. ("NGP ECM"). Founded in 1988, NGP ECM is a premier investment franchise in the natural resources industry, which together with its affiliates has managed $13 billion in cumulative committed capital since inception. 

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