Full Circle Capital Corporation (Nasdaq:FULL) (the “Company”) today announced its financial results for the second quarter of fiscal 2014 ended December 31, 2013.
Financial Highlights for the Second Quarter of Fiscal 2014
- Total investment income was $4.0 million, an increase of 29.0% compared to $3.1 million for the three months ended December 31, 2012 and a 24.3% increase compared to $3.2 million for the three months ended September 30, 2013.
- Net investment income was $1.9 million, or $0.25 per share, compared to $1.5 million, or $0.22 per share, for the three months ended December 31, 2012 and compared to $1.2 million, or $0.16 per share, for the three months ended September 30, 2013.
- Net realized and unrealized losses were $3.1 million, or $0.41 per share. The change in unrealized loss on investments was $2.6 million, or $0.34 per share. Of the change in unrealized loss, $0.4 million was related to the reversal of previously unrealized gains related to iMedx Inc., CSL Operating LLC, Coast Plating, Inc., and Employment Plus, Inc. This $0.4 million was recognized as fee income during the three months ended December 31, 2013.
- Realized losses were $0.5 million, or $0.07 per share. Combined with net investment income, this resulted in a net decrease in net assets from operations of $1.2 million, or $0.16 per share.
- Net asset value of $7.09 per share at December 31, 2013.
- Total portfolio investments at December 31, 2013 were $75.9 million compared to $77.6 million at December 31, 2012 and $94.6 million at September 30, 2013.
- Weighted average portfolio interest rate was 12.48% at December 31, 2013.
- New originations and expansion of facilities to existing borrowers were $5.0 million, including one new portfolio company. Repayments and realizations totaled $19.7 million during the three month period.
- At December 31, 2013, 90% of portfolio company investments were first lien senior secured loans.
On February 5, 2014, the Board of Directors declared monthly distributions for the fourth quarter of fiscal 2014 as follows:
|Record Date||Payment Date||Per Share Amount|
|April 30, 2014||May 15, 2014||$0.067|
|May 30, 2014||June 13, 2014||$0.067|
|June 30, 2014||July 15, 2014||$0.067|
These distributions equate to a $0.804 annualized distribution rate, or a current annualized yield of 10.88%, based on the closing price of the Company’s common stock of $7.39 per share on February 7, 2014.