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TheStreet Open House

Full Circle Capital Corporation Announces First Quarter Fiscal 2014 Earnings

Stocks in this article: FULL

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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