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Triangle Capital Corporation Reports First Quarter 2013 Results

Stocks in this article: TCAP

At March 31, 2013, the Company had cash and cash equivalents totaling $37.0 million, and no borrowings outstanding under its $165.0 million senior credit facility.

During the first quarter of 2013, Triangle prepaid $20.5 million in Small Business Administration ("SBA")-guaranteed debentures that bore interest at a rate of 6.44%. As of March 31, 2013, the Company had outstanding non-callable, fixed-rate SBA-guaranteed debentures totaling $193.1 million with a weighted average interest rate of 4.07%. The Company has the ability to issue $31.3 million in additional SBA-guaranteed debentures.

Dividend and Distribution Information

On February 27, 2013, Triangle announced that its board of directors had declared a cash dividend of $0.54 per share, representing a 14.9% increase over the dividend the Company paid during the first quarter of 2012.  This was the Company's twenty-fifth consecutive quarterly dividend since its initial public offering in February, 2007, and was the Company's fifteenth dividend increase.    The dividend was payable as follows:

                        Record Date:  March 13, 2013                         Payment Date:  March 27, 2013

At the time of its IPO in February, 2007, Triangle adopted a dividend reinvestment plan ("DRIP") that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend, stockholders who have not opted out of the DRIP will have their cash dividends automatically reinvested in additional shares of the Company's common stock, rather than receiving cash dividends. 

When the Company declares and pays dividends, it determines the allocation of the distribution between current income, accumulated income and return of capital on the basis of accounting principles generally accepted in the United States ("GAAP").  At each year end, the Company is required for tax purposes to determine the dividend allocation based on tax accounting principles.  Due to differences between GAAP and tax accounting principles, the portion of each dividend distribution that is ordinary income, capital gain or return of capital may differ for GAAP and tax purposes. 

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