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Triangle Capital Corporation Reports Third Quarter 2013 Results

Stocks in this article: TCAP

RALEIGH, N.C., Nov. 6, 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 third quarter of 2013.

Highlights

  • Total Investment Portfolio at Fair Value: $630.5 million
  • Total Net Assets (Equity): $441.3 million
  • Net Asset Value Per Share (Book Value): $15.94
  • Weighted Average Yield on Debt Investments: 14.3%
  • Efficiency Ratio (current quarter) (G&A Expenses/Total Investment Income): 20.3%
  • Efficiency Ratio (year-to-date) (G&A Expenses/Total Investment Income): 19.8%
  • Investment Portfolio Activity for the Quarter Ended September 30, 2013 - Cost of investments made during the period: $75.3 million - Principal repayments during the period: $92.9 million - Proceeds related to the sale of equity investments during the period: $5.5 million
  • Financial Results for the Quarter Ended September 30, 2013 - Total investment income: $27.3 million - Net investment income: $16.8 million - Net investment income per share: $0.61 - Dividends paid per share: $0.54 - Net realized gains: $1.0 million - Net increase in net assets resulting from operations: $23.2 million - Net increase in net assets resulting from operations per share: $0.84

In commenting on the Company's results, Garland S. Tucker, III, Chief Executive Officer, stated, "The third quarter of 2013 was another very strong quarter for Triangle across all of the key metrics we track. Our new investment activity increased significantly during the quarter and our investment portfolio continues to perform well as we experienced both realized and unrealized gains during the quarter. Private equity sponsors that focus on the lower middle market are becoming increasingly active, which we believe bodes well for future investment opportunities for Triangle."

Third Quarter 2013 Results

Total investment income during the third quarter of 2013 was $27.3 million, compared to total investment income of $24.3 million for the third quarter of 2012, representing an increase of 12.3%. This increase was primarily attributable to an increase in non-recurring fee, dividend and PIK interest income totaling approximately $4.1 million, partially offset by a decrease in loan interest income of approximately $1.1 million. 

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