Full Circle Capital Corporation (Nasdaq: FULL) (the “Company”) today announced its financial results for the first quarter of fiscal 2014 ended September 30, 2013.
Financial Highlights for the First Quarter of Fiscal 2014
- Net asset value of $7.48 per share at September 30, 2013.
- Total investment income was $3.2 million, an increase of 14.9% compared to $2.8 million for the three months ended September 30, 2012.
- Net investment income was $1.2 million, or $0.16 per share, compared to $1.2 million, or $0.20 per share, for the three months ended September 30, 2012.
- Net realized and unrealized losses were $3.5 million, or $0.46 per share. Combined with net investment income, this resulted in a net decrease in net assets from operations of $2.3 million, or $0.30 per share.
- Total portfolio investments at September 30, 2013 were $94.6 million, a 25.3% increase compared to portfolio investments of $75.5 million at September 30, 2012 and a 7.3% increase compared to portfolio investments of $88.2 million at June 30, 2013.
- Weighted average portfolio interest rate was 12.75% at September 30, 2013.
- New originations and expansion of facilities to existing borrowers were $10.0 million, including three new portfolio companies.
- At September 30, 2013, 92% of portfolio company investments were first lien senior secured loans.
On November 1, 2013, the Board of Directors declared monthly distributions for the third quarter of fiscal 2014 as follows:
|Record Date||Payment Date||Per Share Amount|
|January 31, 2014||February 14, 2014||$0.067|
|February 28, 2014||March 14, 2014||$0.067|
|March 31, 2014||April 15, 2014||$0.067|
These distributions equate to an $0.804 annualized distribution rate, or a current annualized yield of 10.1%, based on the closing price of the Company’s common stock of $7.99 per share on November 7, 2013.
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