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ARLINGTON, Va., Oct. 30, 2013 (GLOBE NEWSWIRE) -- MCG Capital Corporation (Nasdaq:MCGC) ("MCG," "we," "our," "us" or the "Company") announced today its financial results for the quarter ended September 30, 2013.
As outlined in further detail in this earnings release and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, the following highlights occurred during the three months ended September 30, 2013:
Net operating income, or NOI, was $8.0 million, or $0.11 per share;
Net income was $3.3 million, or $0.05 per share;
We made $4.2 million of advances to existing portfolio companies;
We monetized $60.9 million of our debt portfolio;
At September 30, 2013, we had $133.2 million of cash on-hand to make new investments using unrestricted cash and restricted cash from our small business investment company, or SBIC. In addition, we had $9.4 million in securitization accounts and other restricted cash accounts; and
We incurred severance costs of $0.8 million, or $0.01 per share, of which $0.7 million is included in general and administrative expense and $0.1 in amortization of employee restricted stock awards.
On October 25, 2013, the MCG board of directors declared a distribution of $0.125 per share. The distribution is payable as follows:
Record date: November 8, 2013
Payable date: November 22, 2013
If we determined the tax attributes of our 2013 distributions as of September 30, 2013, 75% would be from ordinary income and 25% would be a return of capital. However, actual determinations of the tax attributes of our distributions, including determinations of return of capital, are made annually as of the end of the fiscal year based upon our taxable income and distributions paid for the full year. Therefore, a determination as to the tax attributes of the distributions made on a quarterly basis may not be representative of the actual tax attributes for a full year. We intend to update stockholders quarterly with an estimated percentage of our distributions that resulted from taxable ordinary income. The actual tax characteristics of distributions to stockholders will be reported to stockholders annually on a Form 1099-DIV.