This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Triangle Capital Corporation Reports First Quarter 2013 Results

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 www.sec.gov 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.

TRIANGLE CAPITAL CORPORATION
Consolidated Balance Sheets
     
  March 31, 2013 December 31, 2012
  (Unaudited)  
Assets:    
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
Liabilities:    
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
 
 
TRIANGLE CAPITAL CORPORATION
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
Expenses:    
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
 
 
TRIANGLE CAPITAL CORPORATION
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
         919-719-4784
         scolquitt@tcap.com
         
         Steven C. Lilly
         Chief Financial Officer
         919-719-4789
         slilly@tcap.com

company logo

5 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,851.43 -60.68 -0.36%
S&P 500 1,964.62 -5.33 -0.27%
NASDAQ 4,448.2830 +5.5850 0.13%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs