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Triangle Capital Corporation Reports Second Quarter 2013 Results

RALEIGH, N.C., Aug. 7, 2013 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE:TCAP) ("Triangle" or the "Company"), a leading provider of capital to lower middle market companies, today announced its financial results for the second quarter of 2013.

Highlights

  • Total Investment Portfolio at Fair Value: $650.1 million
  • Total Net Assets (Equity): $431.1 million
  • Net Asset Value Per Share (Book Value): $15.62
  • Weighted Average Yield on Debt Investments: 14.8%
  • Efficiency Ratio (current quarter) (G&A Expenses/Total Investment Income): 22.0%
  • Efficiency Ratio (year-to-date) (G&A Expenses/Total Investment Income): 19.6%
  • Investment Portfolio Activity for the Quarter Ended June 30, 2013 -- Cost of investments made during the period: $26.9 million -- Principal repayments during the period: $88.6 million -- Proceeds related to the sale of equity investments during the period: $13.8 million
  • Financial Results for the Quarter Ended June 30, 2013 -- Total investment income: $27.3 million -- Net investment income: $16.3 million -- Net investment income per share: $0.59 -- Dividends paid per share: $0.54 -- Net realized gains: $3.5 million -- Net increase in net assets resulting from operations: $21.8 million -- Net increase in net assets resulting from operations per share: $0.79

In commenting on the Company's results, Garland S. Tucker, III, Chief Executive Officer, stated, "The second quarter was another very successful quarter for Triangle. Our $0.59 of net investment income per share represented a 13.5% year-over-year increase and our $0.54 dividend per share represented an 8.0% year-over-year increase. Our portfolio exits during the quarter generated combined returns in excess of 24% and new investment activity, which has been light thus far during 2013, appears to be gaining significant momentum. As a result, we are very pleased with our operating model and the financial results we continue to generate for our shareholders."

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