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NGP Capital Resources Company Announces First Quarter 2013 Financial Results And Portfolio Activity

Stocks in this article: NGPC

Second Quarter 2013 Portfolio Activity

On April 22, 2013, we provided $17.5 million of financing to Nekoosa Coated Products, a leading manufacturer of carbonless sheets and an expanding line of specialty products used by digital and offset printers in the commercial printing industry, in the form of a Second Lien Term Loan, to facilitate the acquisition of IGI Corp., a leading manufacturer of specialty pressure sensitive graphic arts materials used in the signage and visual communications industry. The Second Lien Term Loan earns interest payable in cash at an annual rate of 13% plus paid-in-kind interest of 2% per annum and matures in October 2018.

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

We invite all interested persons to participate in our conference call on Tuesday, May 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)
     
  March 31, December 31,
  2013 2012
  (Unaudited)  
Assets    
Investments in portfolio securities at fair value     
Control investments - majority owned     
(cost: $24,516 and $8,140, respectively)   $ 23,141  $ 8,608
Affiliate investments     
(cost: $33,996 and $16,280, respectively)   31,127  13,153
Non-affiliate investments     
(cost: $186,491 and $193,332, respectively)   176,899  191,853
Total portfolio investments   231,167  213,614
Investments in U.S. Treasury Bills at fair value    
(cost: $45,999 and $45,996, respectively)   45,999  45,996
Total investments  277,166  259,610
Cash and cash equivalents  30,310  47,655
Accounts receivable and other current assets  1,788  732
Interest receivable  2,538  1,876
Prepaid assets  2,100  2,449
Total current assets  36,736  52,712
Total assets  $ 313,902  $ 312,322
     
Liabilities and net assets    
Current liabilities    
Accounts payable and accrued expenses  $ 1,807  $ 1,372
Management and incentive fees payable  1,367  1,305
Dividends payable  3,363  3,363
Income taxes payable  69  515
Short-term debt  45,000  45,000
Total current liabilities  51,606  51,555
Deferred tax liabilities  --   1
Long-term debt  72,000  59,500
Total liabilities  123,606  111,056
Commitments and contingencies     
Net assets    
Common stock, $.001 par value, 250,000,000 shares authorized; 21,020,077 shares issued and outstanding  21  21
Paid-in capital in excess of par  251,088  251,088
Undistributed net investment income (loss)  (2,716)  (1,672)
Undistributed net realized capital gain (loss)  (47,376)  (47,148)
Net unrealized appreciation (depreciation) on investments  (10,721)  (1,023)
Total net assets  190,296  201,266
Total liabilities and net assets  $ 313,902  $ 312,322
Net asset value per share  $ 9.05  $ 9.57
 
 
NGP CAPITAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)
     
  For The Three Months Ended March 31, 
  2013 2012
Investment income    
Interest income:    
Control investments - majority owned  $ 401  $ -- 
Affiliate investments  720  378
Non-affiliate investments  3,633  4,839
Dividend income:    
Non-affiliate investments  983  -- 
Royalty income, net of amortization:    
Non-affiliate investments  --   146
Other income  66  256
Total investment income  5,803  5,619
Operating expenses    
Interest expense and bank fees  815  334
Management and incentive fees  1,367  1,084
Professional fees  298  202
Insurance expense  179  180
Other general and administrative expenses  809  841
Total operating expenses  3,468  2,641
Income tax provision (benefit), net  16  12
Net investment income   2,319  2,966
Net realized capital gain (loss) on investments    
Control investments - majority owned  --   (30)
Non-affiliate investments  (228)  -- 
Total net realized capital gain (loss) on investments  (228)  (30)
Net unrealized appreciation (depreciation) on investments    
Control investments - majority owned  (1,843)  (150)
Affiliate investments  257  (520)
Non-affiliate investments  (8,113)  1,943
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments  1  2
Total net unrealized appreciation (depreciation) on investments  (9,698)  1,275
Net increase (decrease) in net assets resulting from operations  $ (7,607)  $ 4,211
Net increase (decrease) in net assets resulting from operations per common share  $ (0.36)  $ 0.19
     
Dividends declared per common share  $ 0.16  $ 0.12
Weighted average shares outstanding - basic and diluted  21,020  21,628
     
     
     
  For The Three Months Ended March 31, 
Per Share Data (1) 2013 2012
     
Net asset value, beginning of period  $ 9.57  $ 9.26
     
Net investment income   0.11  0.14
Net realized and unrealized gain (loss) on investments  (0.47)  0.05
Net increase (decrease) in net assets resulting from operations  (0.36)  0.19
     
Dividends declared  (0.16)  (0.12)
     
Net asset value, end of period  $ 9.05  $ 9.33
     
(1) Per Share Data is based on weighted average number of common shares outstanding for the period.

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 approximately $13 billion in cumulative committed capital since inception. 

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