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Triangle Capital Corporation Reports Fourth Quarter And Full Year 2013 Results

Stocks in this article: TCAP

RALEIGH, N.C., Feb. 26, 2014 (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 and operating results for the fourth quarter of 2013 and the full year of 2013.

Fourth Quarter 2013 Highlights

  • Total Investment Portfolio: $664.4 million
  • Total Net Assets (Equity): $445.8 million
  • Net Asset Value Per Share (Book Value): $16.10
  • Weighted Average Yield on Debt Investments: 14.1%
  • Efficiency Ratio (G&A Expenses/Total Investment Income): 16.4%
  • Investment Portfolio Activity for the Quarter Ended December 31, 2013 - Cost of investments made during the period: $61.9 million - Principal repayments (excluding PIK interest repayments) during the period: $24.1 million - Proceeds related to the sale of equity investments during the period: $13.1 million
  • Financial Results for the Quarter Ended December 31, 2013 - Total investment income: $22.0 million - Net investment income: $13.2 million - Net investment income per share: $0.48 - Dividends paid per share: $0.54 - Net realized gains: $12.1 million - Net increase in net assets resulting from operations: $17.8 million - Net increase in net assets resulting from operations per share: $0.64

Full Year 2013 Highlights

  • Efficiency Ratio (G&A Expenses/Total Investment Income):  19.1%
  • Investment Portfolio Activity for the Year Ended December 31, 2013 - Cost of investments made during the period: $174.3 million - Principal repayments (excluding PIK interest repayments) during the period: $213.4 million - Proceeds related to the sale of equity investments during the period: $34.0 million 
  • Financial Results for the Year Ended December 31, 2013 - Total investment income: $101.0 million - Net investment income: $61.5 million - Net investment income per share: $2.23 - Dividends paid per share: $2.16 - Net realized gains: $18.4 million - Net increase in net assets resulting from operations: $81.2 million - Net increase in net assets resulting from operations per share: $2.94

In commenting on the Company's results, Garland S. Tucker, III, Chairman and Chief Executive Officer, stated, "We are obviously very pleased to report record operating and financial results for 2013. We generated net investment income of $2.23 per share and paid dividends to our shareholders of $2.16 per share, which represented a 6.9% increase over the dividends we paid in 2012. In addition, our investment portfolio generated over $18 million in net realized gains which has enabled us to declare two special distributions to shareholders totaling $0.30 per share to be paid during the first half of 2014. As we look ahead to the next several quarters, our portfolio performance is strong, our balance sheet is very favorably structured, and we have significant liquidity for new investment opportunities – all which position us very well for continued success."

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