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Triangle Capital Corporation Reports First Quarter 2013 Results

Stocks in this article: TCAP

Forward Looking Statements

This press release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future and some of these uncertainties are enumerated in Triangle's filings with the Securities and Exchange Commission. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, each as filed with the Securities and Exchange Commission. Copies are available on the SEC's website at and shareholders may receive a hard copy of the completed audited financial statements free of charge upon request to the Company at 3700 Glenwood Avenue, Suite 530, Raleigh, NC 27612. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

Consolidated Balance Sheets
  March 31, 2013 December 31, 2012
Investments at fair value:    
Non-Control / Non-Affiliate investments (cost of $571,951,156 and $565,737,092 at March 31, 2013 and December 31, 2012, respectively)  $ 587,495,700  $ 579,078,939
Affiliate investments (cost of $124,090,454 and $123,019,204 at March 31, 2013 and December 31, 2012, respectively) 123,444,532 123,408,445
Control investments (cost of $11,586,932 and $11,474,208 at March 31, 2013 and December 31, 2012, respectively) 4,585,685 4,315,339
Total investments at fair value 715,525,917 706,802,723
Cash and cash equivalents 37,041,674 72,300,423
Interest and fees receivable 4,131,647 2,650,178
Prepaid expenses and other current assets 593,736 403,123
Deferred financing fees 11,521,363 12,323,430
Property and equipment, net 56,583 55,535
Total assets  $ 768,870,920  $ 794,535,412
Accounts payable and accrued liabilities  $ 1,707,249  $ 6,405,570
Interest payable 1,065,668 3,136,574
Taxes payable 234,796 3,210,989
Deferred income taxes 901,067 1,342,456
Notes 149,500,000 149,500,000
SBA-guaranteed debentures payable 193,148,838 213,604,579
Total liabilities 346,557,618 377,200,168
Net Assets:    
Common stock, $0.001 par value per share (150,000,000 shares authorized, 27,563,375 and 27,284,798 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively) 27,563 27,285
Additional paid-in-capital 404,748,852 403,322,097
Investment income in excess of distributions 6,714,859 6,783,161
Accumulated realized gains on investments 3,825,722 1,972,940
Net unrealized appreciation of investments 6,996,306 5,229,761
Total net assets 422,313,302 417,335,244
Total liabilities and net assets  $ 768,870,920  $ 794,535,412
Net asset value per share  $ 15.32  $ 15.30
Unaudited Consolidated Statements of Operations
  Three Months Ended March 31, 2013 Three Months Ended March 31, 2012
Investment income:    
Loan interest, fee and dividend income:    
Non-Control / Non-Affiliate investments  $ 17,187,501  $ 12,963,602
Affiliate investments 2,963,029 2,717,149
Control investments 49,371 59,773
Total loan interest, fee and dividend income 20,199,901 15,740,524
Payment-in-kind interest income:    
Non-Control / Non-Affiliate investments 3,250,548 2,587,267
Affiliate investments 958,379 654,233
Control investments 5,867 19,971
Total payment-in-kind interest income 4,214,794 3,261,471
Interest income from cash and cash equivalent investments 51,240 109,858
Total investment income 24,465,935 19,111,853
Interest and other debt financing fees 5,111,512 3,310,737
General and administrative expenses 4,120,958 3,607,267
Total expenses 9,232,470 6,918,004
Net investment income 15,233,465 12,193,849
Net realized gains:    
Net realized gain on investments – Non-Control / Non-Affiliate 578,782
Net realized gain on investments – Affiliate 1,274,000
Net unrealized appreciation of investments 1,766,545 621,471
Total net gain on investments 3,619,327 621,471
Loss on extinguishment of debt (412,673) (205,043)
Income tax benefit (provision) (20,303) 7,231
Net increase in net assets resulting from operations  $ 18,419,816  $ 12,617,508
Net investment income per share—basic and diluted  $ 0.56  $ 0.49
Net increase in net assets resulting from operations per share—basic and diluted  $ 0.67  $ 0.50
Dividends declared per common share  $ 0.54  $ 0.47
Weighted average number of shares outstanding—basic and diluted 27,433,290 25,075,300
Unaudited Consolidated Statements of Cash Flows
  Three Months Ended March 31, 2013 Three Months Ended March 31, 2012
Cash flows from operating activities:    
Net increase in net assets resulting from operations  $ 18,419,816  $ 12,617,508
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:    
Purchases of portfolio investments (10,259,545) (41,952,989)
Repayments received/sales of portfolio investments 9,274,946 8,253,844
Loan origination and other fees received 255,159 666,420
Net realized gain on investments (1,852,782)
Net unrealized appreciation of investments (1,325,156) (768,682)
Deferred income taxes (441,389) 147,211
Payment-in-kind interest accrued, net of payments received (3,685,061) (2,704,362)
Amortization of deferred financing fees 389,394 222,917
Loss on extinguishment of debt 412,673 205,043
Accretion of loan origination and other fees (734,094) (476,512)
Accretion of loan discounts (396,661) (374,341)
Accretion of discount on SBA-guaranteed debentures payable 44,259 43,629
Depreciation expense 9,172 7,349
Stock-based compensation 630,006 648,750
Changes in operating assets and liabilities:    
Interest and fees receivable (1,481,469) (861,679)
Prepaid expenses (190,613) 153,192
Accounts payable and accrued liabilities (4,698,321) (2,606,598)
Interest payable (2,070,906) (2,316,068)
Taxes payable (2,976,193) (1,198,973)
Net cash used in operating activities (676,765) (30,294,341)
Cash flows from investing activities:    
Purchases of property and equipment (10,220) (9,656)
Net cash used in investing activities (10,220) (9,656)
Cash flows from financing activities:    
Repayments of SBA-guaranteed debentures payable (20,500,000) (10,410,000)
Repayments of credit facility (15,000,000)
Proceeds from notes 69,000,000
Financing fees paid (2,230,237)
Proceeds from public stock offerings, net of expenses 77,248,074
Common stock withheld for payroll taxes upon vesting of restricted stock (897,637)
Cash dividends paid (14,071,764) (11,760,385)
Net cash provided by (used in) financing activities (34,571,764) 105,949,815
Net increase (decrease) in cash and cash equivalents (35,258,749) 75,645,818
Cash and cash equivalents, beginning of period 72,300,423 66,868,340
Cash and cash equivalents, end of period  $ 37,041,674  $ 142,514,158
Supplemental disclosure of cash flow information:    
Cash paid for interest  $ 6,594,078  $ 5,289,789
Summary of non-cash financing transactions:    
Dividends paid through DRIP share issuances  $ 797,027  $ 1,028,519
CONTACT: Sheri Blair Colquitt
         Vice President, Investor Relations
         Steven C. Lilly
         Chief Financial Officer

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