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MVC Capital Announces Third Quarter Fiscal 2013 Results

Stocks in this article: MVC

PURCHASE, N.Y., Sept. 9, 2013 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC), a publicly traded business development company that makes private equity and debt investments, today announced its financial results for the third fiscal quarter ended July 31, 2013.

Third Fiscal Quarter 2013 Financial Highlights

  • Interest and dividend income of $5.7 million, compared with $2.8 million in Q3 2012
  • Approximately $2.9 million of which was a U.S. Gas & Electric, Inc. ("USG&E") dividend 
  • Total net realized and unrealized gains on investments of $20.2 million compared to a loss of $12.6 million in Q3 2012
  • This increase is mostly attributed to significant write-ups in two portfolio holdings; USG&E and Custom Alloy Corporation
  • Fee and other income of $1.6 million, compared with $1.2 million in Q3 2012
  • Paid quarterly dividend of $0.135 per share totaling $3.1 million; 33 rd consecutive quarterly dividend
  • Raised an additional $33.9 million from Senior Notes
  • Entered into a new $50 million revolving credit facility
  • Repurchased $16.7 million of MVC stock in FY2013 through July 31, 2013
  • Made two new yielding investments and two follow-on investments totaling over $42 million
  • $27.2 million of net investment activity during the quarter

"With our improved cash position as a result of the capital raise and sale of Summit Research Labs, we have ramped up our investment activity in pursuit of our yield-generating focused strategy," said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital.   "During the quarter, we invested in two new portfolio companies and continued to support our existing portfolio. We are excited by the quality of the middle-market companies seeking our financial support and expertise to strengthen their performance and drive future growth."

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