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Triangle Capital Corporation Reports First Quarter 2013 Results

Stocks in this article: TCAP

RALEIGH, N.C., May 8, 2013 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE:TCAP) ("Triangle" or the "Company"), a leading provider of capital to lower middle market companies located throughout the United States, today announced its financial results for the first quarter of 2013.

Highlights

  • Total Investment Portfolio at Fair Value: $715.5 million
  • Total Net Assets (Equity): $422.3 million
  • Net Asset Value Per Share (Book Value): $15.32
  • Weighted Average Yield on Debt Investments: 14.8%
  • Efficiency Ratio (G&A Expenses/Total Investment Income): 16.8%
  • Investment Portfolio Activity for the Quarter Ended March 31, 2013 -   Cost of investments made during the period: $10.3 million -   Principal repayments during the period: $7.8 million -   Proceeds related to the sale of equity investments during the period: $1.5 million
  • Financial Results for the Quarter Ended March 31, 2013 -   Total investment income: $24.5 million -   Net investment income: $15.2 million -   Net investment income per share: $0.56 -   Dividends paid per share: $0.54 -   Net realized gains: $1.9 million -   Net increase in net assets resulting from operations: $18.4 million -   Net increase in net assets resulting from operations per share: $0.67

In commenting on the Company's results, Garland S. Tucker, III, President and Chief Executive Officer, stated, "We are pleased that in many ways the first quarter of 2013 represented a continuation of the positive trends we experienced during 2012. Our first quarter dividend increase was supported by a significant amount of new investment activity which took place during the last two weeks of 2012, coupled with additional investment activity in existing portfolio companies during the early part of 2013. Our portfolio credit quality remains excellent and at this point we believe our target market will continue to provide attractive investment opportunities over the balance of 2013 and well into 2014."

First Quarter 2013 Results

Total investment income during the first quarter of 2013 was $24.5 million, compared to total investment income of $19.1 million for the first quarter of 2012, representing an increase of 28.0%. This increase was primarily attributable to an increase in total loan interest, fee and dividend income, as well as an increase in PIK interest income. Non-recurring fee income was $0.5 million for the three months ended March 31, 2013 as compared to $0.4 million for the three months ended March 31, 2012.

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