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Triangle Capital Corporation Reports Third Quarter 2013 Results

Stocks in this article: TCAP

Forward Looking Statements

This press release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future and some of these uncertainties are enumerated in Triangle's filings with the Securities and Exchange Commission. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, each as filed with the Securities and Exchange Commission. Copies are available on the SEC's website at www.sec.gov and stockholders may receive a hard copy of the completed audited financial statements free of charge upon request to the Company at 3700 Glenwood Avenue, Suite 530, Raleigh, NC 27612. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

TRIANGLE CAPITAL CORPORATION
Consolidated Balance Sheets
     
  September 30, 2013 December 31, 2012
  (Unaudited)  
Assets:    
Investments at fair value:    
Non-Control / Non-Affiliate investments (cost of $499,409,391 and $565,737,092 at September 30, 2013 and December 31, 2012, respectively)  $ 519,185,426  $ 579,078,939
Affiliate investments (cost of $106,302,777 and $123,019,204 at September 30, 2013 and December 31, 2012, respectively) 108,028,880 123,408,445
Control investments (cost of $7,977,878 and $11,474,208 at September 30, 2013 and December 31, 2012, respectively) 3,261,887 4,315,339
Total investments at fair value 630,476,193 706,802,723
Cash and cash equivalents 160,020,438 72,300,423
Interest and fees receivable 3,885,283 2,650,178
Prepaid expenses and other current assets 785,992 403,123
Deferred financing fees 11,441,030 12,323,430
Property and equipment, net 54,174 55,535
Total assets  $ 806,663,110  $ 794,535,412
Liabilities:    
Accounts payable and accrued liabilities  $ 7,128,708  $ 6,405,570
Interest payable 1,072,595 3,136,574
Taxes payable 40,249 3,210,989
Deferred income taxes 2,780,236 1,342,456
Borrowings under credit facility 11,636,928
Notes 149,500,000 149,500,000
SBA-guaranteed debentures payable 193,238,889 213,604,579
Total liabilities 365,397,605 377,200,168
Net Assets:    
Common stock, $0.001 par value per share (150,000,000 shares authorized, 27,678,286 and 27,284,798 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively) 27,678 27,285
Additional paid in capital 408,501,259 403,322,097
Investment income in excess of distributions 10,432,313 6,783,161
Accumulated realized gains 8,309,620 1,972,940
Net unrealized appreciation 13,994,635 5,229,761
Total net assets 441,265,505 417,335,244
Total liabilities and net assets  $ 806,663,110  $ 794,535,412
Net asset value per share  $ 15.94  $ 15.30
 
TRIANGLE CAPITAL CORPORATION
Unaudited Consolidated Statements of Operations
         
  Three Months Three Months Nine Months  Nine Months 
  Ended Ended Ended Ended
  September 30, September 30, September 30, September 30,
  2013 2012 2013 2012
Investment income:        
Loan interest, fee and dividend income:        
Non-Control / Non-Affiliate investments  $ 19,933,576  $ 16,376,768  $ 56,817,499  $ 44,401,267
Affiliate investments 2,710,338 3,838,341 8,919,819 9,508,295
Control investments 50,334 49,384 145,899 161,375
Total loan interest, fee and dividend income 22,694,248 20,264,493 65,883,217 54,070,937
Payment-in-kind interest income:        
Non-Control / Non-Affiliate investments 3,591,182 3,017,120 10,076,655 8,454,799
Affiliate investments 942,609 946,345 2,882,719 2,470,663
Control investments 6,058 20,250 17,886 60,221
Total payment-in-kind interest income 4,539,849 3,983,715 12,977,260 10,985,683
Interest income from cash and cash equivalent investments 81,071 78,500 176,774 344,407
Total investment income 27,315,168 24,326,708 79,037,251 65,401,027
Operating expenses:        
Interest and other debt financing fees 4,997,620 4,046,885 15,098,655 11,502,245
General and administrative expenses 5,537,980 4,403,469 15,653,640 11,778,156
Total operating expenses 10,535,600 8,450,354 30,752,295 23,280,401
Net investment income 16,779,568 15,876,354 48,284,956 42,120,626
Realized and unrealized gains (losses) on investments and foreign currency borrowings:        
Net realized gains (losses):        
Non-Control / Non-Affiliate 1,006,339 816,393 4,013,789 3,600,501
Affiliate 17,811 785,132 4,613,810 785,132
Control  (2,290,919) 838,039
Net realized gains (losses) 1,024,150 1,601,525 6,336,680 5,223,672
Net unrealized appreciation (depreciation):        
Investments 4,892,807  (586,937) 8,776,148  (2,011,835)
Foreign currency borrowings  (11,274)  (11,274)
Net unrealized appreciation (depreciation) 4,881,533  (586,937) 8,764,874  (2,011,835)
Net realized and unrealized gains (losses) on investments and foreign currency borrowings 5,905,683 1,014,588 15,101,554 3,211,837
Loss on extinguishment of debt  (624,768)  (412,673)  (829,811)
Income tax benefit (provision) 486,413  (34,388) 466,110  (27,157)
Net increase in net assets resulting from operations  $ 23,171,664  $ 16,231,786  $ 63,439,947  $ 44,475,495
Net investment income per share—basic and diluted  $ 0.61  $ 0.58  $ 1.75  $ 1.59
Net increase in net assets resulting from operations per share—basic and diluted  $ 0.84  $ 0.59  $ 2.30  $ 1.68
Dividends declared per common share  $ 0.54  $ 0.52  $ 1.62  $ 1.49
Weighted average number of shares outstanding—basic and diluted 27,619,464 27,290,493 27,541,442 26,545,542
 
TRIANGLE CAPITAL CORPORATION
Unaudited Consolidated Statements of Cash Flows
     
  Nine Months Ended Nine Months Ended
  September 30, 2013 September 30, 2012
Cash flows from operating activities:    
Net increase in net assets resulting from operations  $ 63,439,947  $ 44,475,495
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:    
Purchases of portfolio investments  (112,405,369)  (228,510,522)
Repayments received/sales of portfolio investments 210,113,002 113,898,080
Loan origination and other fees received 1,221,431 3,565,896
Net realized gain on investments  (6,336,680)  (5,223,672)
Net unrealized (appreciation) depreciation on investments  (10,213,928) 1,420,124
Net unrealized depreciation on foreign currency borrowings 11,274
Deferred income taxes 1,437,780 591,712
Payment-in-kind interest accrued, net of payments received  (1,459,624)  (5,501,302)
Amortization of deferred financing fees 1,154,021 789,479
Loss on extinguishment of debt 412,673 829,811
Accretion of loan origination and other fees  (3,447,435)  (2,397,275)
Accretion of loan discounts  (1,144,867)  (1,482,707)
Accretion of discount on SBA-guaranteed debentures payable 134,310 131,748
Depreciation expense 30,417 24,145
Stock-based compensation 2,817,267 2,074,927
Changes in operating assets and liabilities:    
Interest and fees receivable  (1,235,105)  (2,086,562)
Prepaid expenses  (382,869) 172,301
Accounts payable and accrued liabilities 723,138 768,607
Interest payable  (2,063,979)  (2,664,482)
Taxes payable  (3,170,740)  (1,095,866)
Net cash provided by (used in) operating activities 139,634,664  (80,220,063)
Cash flows from investing activities:    
Purchases of property and equipment  (29,056)  (20,667)
Net cash used in investing activities  (29,056)  (20,667)
Cash flows from financing activities:    
Repayments of SBA-guaranteed debentures payable  (20,500,000)  (40,810,000)
Borrowings under credit facility 11,625,654 26,000,000
Repayments of credit facility  (15,000,000)
Proceeds from notes 69,000,000
Financing fees paid  (684,294)  (3,572,059)
Proceeds from public stock offerings, net of expenses 77,122,974
Common stock withheld for payroll taxes upon vesting of restricted stock  (1,111,444)
Cash dividends paid  (42,326,953)  (38,146,302)
Net cash provided by (used in) financing activities  (51,885,593) 73,483,169
Net increase in cash and cash equivalents 87,720,015  (6,757,561)
Cash and cash equivalents, beginning of period 72,300,423 66,868,340
Cash and cash equivalents, end of period   $ 160,020,438  $ 60,110,779
Supplemental disclosure of cash flow information:    
Cash paid for interest  $ 15,374,816  $ 12,999,240
Summary of non-cash financing transactions:    
Dividends paid through DRIP share issuances  $ 2,362,288  $ 2,462,947
     
CONTACT: Sheri Blair Colquitt
         Vice President, Investor Relations
         919-719-4784
         scolquitt@tcap.com
         
         Steven C. Lilly
         Chief Financial Officer
         919-719-4789
         slilly@tcap.com

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