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TheStreet Open House

Ares Capital Corporation Declares Third Quarter 2013 Dividend Of $0.38 Per Share And Announces June 30, 2013 Financial Results

Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced that its Board of Directors has declared a third quarter dividend of $0.38 per share, payable on September 30, 2013 to stockholders of record as of September 16, 2013.

JUNE 30, 2013 FINANCIAL RESULTS

Ares Capital also announced financial results for its second quarter ended June 30, 2013.

HIGHLIGHTS

 

Financial

   
Q2-13 Q2-12
(in millions, except per share data)

Total Amount

  Per Share(1) Total Amount   Per Share(1)
Core EPS (2) $ 0.38 $ 0.40
Net investment income $ 93.6 $ 0.35 $ 87.9 $ 0.40
Net realized gains (losses) $ 8.6 $ 0.03 $ (41.6 ) $ (0.19 )
Net unrealized gains $ 31.3 $ 0.12 $ 44.6 $ 0.20
GAAP net income $ 133.5 $ 0.50 $ 90.9 $ 0.41
Dividends declared $ 0.38 $ 0.37
 
 
As of June 30,
(in millions, except per share data) 2013 2012
Portfolio investments at fair value $ 6,815.0 $ 5,504.8
Total assets $ 7,130.8 $ 5,807.5
Stockholders’ equity $ 4,348.0 $ 3,446.5
Net assets per share $ 16.21 $ 15.51
(1)   All per share amounts are basic and diluted.
(2) Basic and diluted Core EPS is a non-GAAP financial measure. Core EPS is the net per share increase (decrease) in stockholders’ equity resulting from operations less realized and unrealized gains and losses, any incentive fees attributable to such net realized and unrealized gains and losses and any income taxes related to such realized gains. Basic and diluted GAAP EPS is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of basic and diluted Core EPS to the most directly comparable GAAP financial measure are set forth in Schedule 1 hereto.

Portfolio Activity

   
(dollar amounts in millions) Q2-13 Q2-12
Portfolio Activity During the Period:
Gross commitments $ 1,203.2 $ 727.6
Exits of commitments $ 394.7 $ 473.3
 
Portfolio as of the End of the Period:
Number of portfolio company investments 164 144
Weighted average yield of debt and other income producing securities:
At amortized cost(3) 10.8 % 11.7 %
At fair value(4) 10.7 % 11.6 %
Weighted average yield on total investments:
At amortized cost(5) 9.8 % 10.4 %
At fair value(6) 9.6 % 10.3 %
(3)   Computed as (a) annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount earned on accruing debt and other income producing securities, divided by (b) total debt and other income producing securities at amortized cost.
(4) Computed as (a) annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount earned on accruing debt and other income producing securities, divided by (b) total debt and other income producing securities at fair value.
(5) Computed as (a) annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount earned on accruing debt and other income producing securities, divided by (b) total investments at amortized cost.
(6) Computed as (a) annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount earned on accruing debt and other income producing securities, divided by (b) total investments at fair value.

SECOND QUARTER 2013 OPERATING RESULTS

For the quarter ended June 30, 2013, Ares Capital reported GAAP net income of $133.5 million or $0.50 per share (basic and diluted), Core EPS(2) of $0.38 per share (basic and diluted), net investment income of $93.6 million, or $0.35 per share (basic and diluted), and net realized and unrealized gains of $39.9 million or $0.15 per share (basic and diluted).

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