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MVC Capital Announces First Quarter Fiscal 2013 Results

Stocks in this article: MVC

PURCHASE, N.Y., March 7, 2013 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC), a publicly traded business development company that makes private equity and debt investments, today announced its financial results for the first fiscal quarter ended January 31, 2013.

First Fiscal Quarter 2013 Financial Highlights

  • Interest and dividend income of $5.6 million, compared with $2.7 million in Q1 2012
  • Fee and other income of $0.8 million, compared with $1 million in Q1 2012
  • Net operating income of $1.0 million, compared with $1.3 million in Q1 2012
  • Paid quarterly dividend of $0.135 per share; 31 st consecutive quarterly dividend

"The sale of Summit, combined with the successful completion of our recent unsecured note issuance and subsequent retirement of our $50 million term loan, positions us to implement our strategy shift towards yielding investments. With these activities behind us, we can dedicate resources towards refocusing and building a portfolio of investments capable of offering a steady stream of income to sustain and seek to build our dividend over the long-term," said Michael Tokarz, Chairman and Portfolio Manager. "We are looking to prudently invest the capital we just raised. Our focus will continue to be towards investing in proprietary deals, which we have a successful track record of sourcing."

First-Fiscal Quarter 2013 Results

(Unaudited) (in thousands except for per share data) Q1 2013 Q4 2012 Q1 2012
Total operating income 6,386 6,148 3,644
Management fee 2,080 2,027 2,257
Portfolio fees - asset management 106 106 62
Management fee - asset management 232 140 388
Administrative 890 862 923
Interest, fees and other borrowing costs 937 886 795
Net Incentive compensation 1,175 (1,410) (1,937)
Total waiver by adviser (38) (38) (96)
Tax expense 1 3 1
Net operating income before net realized and unrealized gains 1,003 3,572 1,251
Net (decrease) increase in net assets resulting from operations 6,876 (3,556) (9,018)
Net (decrease) increase in net assets resulting from operations per share $0.29 ($0.14) ($0.37)
Net asset value per share $16.29 $16.14 $17.04

In the first quarter of 2013, the Company earned $5.6 million in interest and dividend income and $790,000 in fee and other income, representing an increase in total operating income of $2.7 million or 75% as compared to the same quarter in 2012. 

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