- Entered Definitive Merger Agreement
with Great Elm Capital Corporation -- Special
Meeting for Stockholder Vote Approval to be Held October 31,
2016 -- Net Asset Value of $3.59 as of June
30, 2016 -
Full Circle Capital Corporation (Nasdaq:FULL) (the “Company”) today
announced its financial results for the fiscal fourth quarter and
full year ended June 30, 2016.
Financial Highlights for the Fiscal Fourth
Quarter Ended June 30, 2016:
- Received $10.0 million in repayments.
- Total investment income of $3.2 million, compared with $4.4
million for the prior-year quarter.
- Net investment loss was $0.2 million, or $0.01 per share,
compared with net investment income (“NII”) of $2.4 million, or
$0.11 per share, in the prior-year quarter. The net
investment loss in the fiscal fourth quarter of 2016 includes $1.7
million of extraordinary merger-related expenses.
- Net change in unrealized and realized gains/losses was a loss
of $0.2 million. This consists of net realized losses of
$12.8 million, of which $12.6 million were previously recognized as
unrealized losses and are reflected in this quarter’s income
statement as unrealized gains.
- Decrease in net assets from operations was $0.4 million, or
$0.02 per share.
- Per share amounts are based on approximately 22.5 million
weighted average shares outstanding for the fourth quarter of
fiscal 2016, compared to approximately 23.2 million weighted
average shares outstanding for the fourth quarter of fiscal
2015.
As of June 30, 2016:
- Net asset value was $3.59 per share and aggregate investment
portfolio fair value was $81.1 million.
- Weighted average portfolio interest rate was 10.46%.
- 87% of portfolio company investments were first lien senior
secured loans.
Update on Merger with Great Elm Capital
Corporation
On June 23, 2016, Full Circle Capital and Great
Elm Capital Corp. (“GECC”) entered into a definitive merger
agreement under which Full Circle will merge with and into Great
Elm Capital Corp.
The closing of the merger is subject to the
satisfaction of customary closing conditions, including, among
others, the registration and listing of the shares of common stock
of GECC that will be issued in the merger and the approval of the
merger by the holders as of the record date of September 15, 2016
of a majority of the outstanding shares of the common stock of Full
Circle Capital at its Special Meeting on October 31, 2016.
Pursuant to the terms of the Merger Agreement,
Full Circle Capital’s Board of Directors intends to declare a
special cash distribution to the Company’s stockholders of record
as of the close of business on the day on which the merger becomes
legally effective, in an aggregate amount equal to the sum of:
- $5.0 million;
- $408,763, which is the positive amount of Full Circle Capital’s
net investment income, calculated in accordance with generally
accepted accounting principles in the United States, or GAAP, from
March 31, 2016 through August 31, 2016; and
- The amount of net investment income paid or accrued on Full
Circle Capital’s investment portfolio and on its cash balances from
August 31, 2016 through the effective time of the merger.
Full Circle Capital expects that a significant
part of the $5.0 million fixed portion of the Special Distribution
will be a distribution in excess of Full Circle Capital’s current
and accumulated earnings and profits and could be treated as a
return of capital for U.S. federal income tax purposes.
“Our pending merger with Great Elm Capital
Corporation continues to progress and we urge our stockholders to
vote their support at next month’s Special Meeting,” said Gregg
Felton, President and Chief Executive Officer of Full Circle
Capital Corporation. “Once the merger is completed, the
combined company will have a significantly larger asset base which
should provide the ability to invest in larger opportunities, a
deeply experienced management team in MAST Capital controlling the
portfolio, and the capability to grow our net investment income
stream and provide a more sustainable regular distribution to our
stockholders.”
Fourth Quarter Fiscal 2016 ResultsThe Company’s
net asset value at June 30, 2016 was $3.59 per share. During the
quarter, the Company generated $2.8 million of interest income
compared to $4.4 million in the fourth quarter of fiscal 2015, a
decrease of 35.5%. Income from fees and other sources in the
quarter totaled $0.4 million, compared to $0.1 million in the
prior-year quarter.
The Company produced a net investment loss of
$0.2 million, or $0.01 per share, in the quarter ended June 30,
2016, compared to net investment income of $2.4 million, or $0.11
per share, in the quarter ended June 30, 2015. The net
investment loss for the fiscal fourth quarter 2016 includes $1.7
million of extraordinary merger-related expenses.
Net unrealized gains of $12.6 million were
comprised of $0.7 million of net unrealized appreciation on equity
investments and $11.9 million of net unrealized appreciation on
debt investments. Realized losses on investments were $12.8
million. Decrease in net assets resulting from operations was
$0.4 million, or $0.02 per share.
Since the beginning of calendar 2016, the
Company has received approximately $43 million in repayments.
At June 30, 2016, the Company’s portfolio
included debt investments in 22 companies at an average of $3.7
million per investment. The weighted average interest rate on
all outstanding debt investments was 10.46% at June 30, 2016, while
the weighted average interest rate of the Company’s performing debt
investments was 12.08%. At fair value, 86.8% of portfolio
investments were first lien loans, 12.7% were second lien loans and
0.5% were equity investments. Approximately 78% of the debt
investment portfolio, at fair value, bore interest at floating
rates. The loan-to-value ratio on the Company’s loans was 67% at
June 30, 2016, compared to 59% at June 30, 2015.
Subsequent Events
On July 8, 2016, the subordinated senior secured
term loan to Bioventus, LLC was sold for total proceeds of
approximately $6.0 million.
On August 17, 2016, the Company foreclosed on
the commercial property underlying its loan to JN Medical
Corporation (“JNI”). Subsequent to the foreclosure, on
September 14, 2016 the Company entered into a forbearance agreement
with JNI, which among other things, required JNI to enter into a
triple net lease agreement with respect to the commercial property
and to fund an initial payment of $730,723 to the Company in
addition to resuming all other obligations under the loan
agreement.
The Company holds collateralized note
obligations from PEAKS Trust 2009-1. ITT Educational Services
Inc. (“ITT”) has guaranteed payment on these notes. On August
26, 2016, ITT announced that it would no longer be accepting new
students for enrollment during the current academic year.
Subsequently ITT terminated operations at its campuses and on
September 16, 2016 ITT filed for Chapter 7 bankruptcy. To the
degree that ITT has liabilities in excess of the proceeds resulting
from the Chapter 7 proceedings, ITT may not be able to meet
obligations under its guarantee, which could impair the value of
the notes. At August 31, 2016, the Company valued the notes at
70.91% of par value as compared to 83.92% of par value at June 30,
2016. The Company is currently reviewing the situation, but does
not expect a significant change in the value of the notes due to
the status of ITT.
Conference Call Details
Due to the ongoing merger process, the Company
will not be holding an earnings call for this quarter.
About Full Circle Capital
Corporation
Full Circle Capital Corporation
(www.fccapital.com) is a closed-end investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Full Circle lends to and invests in
senior secured loans and, to a lesser extent, mezzanine loans and
equity securities issued by lower middle-market companies that
operate in a diverse range of industries. Full Circle’s investment
objective is to generate both current income and capital
appreciation through debt and equity investments. For additional
information visit the company’s website www.fccapital.com.
Important Information for Investors and
Stockholders
This communication is for informational purposes
only and does not constitute an offer to sell or the solicitation
of an offer to buy any securities or a solicitation of any vote or
approval, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended. In connection with the transactions referred to in this
material, Great Elm Capital Corp. (“GECC”) has filed a registration
statement on Form N-14 with the Securities and Exchange Commission
(“SEC”) containing a proxy statement of Full Circle Capital
Corporation (the “Company”) that also constitutes a prospectus of
GECC. The registration statement was declared effective by the SEC
on September 27, 2016, the Company will mail a definitive proxy
statement-prospectus to stockholders of the Company on or about
September 28, 2016. This material is not a substitute for the
proxy statement/prospectus or registration statement to which it
pertains or for any other document that GECC or the Company may
file with the SEC and send to the Company’s stockholders in
connection with the proposed transactions. INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ THE PROXY STATEMENT-PROSPECTUS AND OTHER
DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders will be able to obtain
free copies of the proxy statement/prospectus (when available) and
other documents filed with the SEC by GECC or the Company through
the website maintained by the SEC at http://www.sec.gov. Copies of
the documents filed with the SEC by the Company will be available
free of charge on the Company’s website at ir.fccapital.com or by
contacting Full Circle at 203-900-2100.
The Company, MAST Capital Management LLC
(“MAST”) and Great Elm Capital Group, Inc. (“Great Elm”) and their
respective directors and their respective executive officers may be
considered participants in the solicitation of proxies with respect
to the proposed transactions under the rules of the SEC.
Information about the directors and executive officers of the
Company is contained in its proxy statement for its special meeting
of stockholders, which was filed with the SEC on September 28,
2016. Information about the directors and executive officers of
Great Elm is contained in its proxy statement which was filed with
the SEC on April 21, 2016. Information about the members, managers,
officers and employees of MAST that may be engaged in the
solicitations is contained in the proxy statement/prospectus that
was filed with the SEC on September 28, 2016 and will be mailed to
the Company’s stockholders on or about September 28, 2016. These
documents can be obtained free of charge from the sources indicated
above. Additional information regarding the participants in the
proxy solicitations and a description of their direct and indirect
interests, by security holdings or otherwise, will also be included
in other relevant materials to be filed with the SEC when they
become available.
Cautionary Statement Regarding
Forward-Looking Statements
Certain statements in this communication
regarding the proposed merger and the business of the combined
company including statements regarding the expected timetable for
completing the merger, benefits of the transaction, statements
regarding the combined company, its investment plans, policies and
expected results and any other statements regarding the Company’s,
MAST’s, Great Elm’s and the combined company’s expectations,
beliefs, plans, objectives, financial conditions, assumptions or
future events or performance that are not historical facts are
"forward-looking" statements within the meaning of the federal
securities laws. These statements are often, but not always, made
through the use of words or phrases such as "believe," "expect,"
"anticipate," "should," "planned," "will," "may," "intend,"
"estimated," "aim," "target," "opportunity," "tentative,"
"positioning," "designed," "create," "seek," "would," "could",
"potential," "continue," "ongoing," "upside," "increases," and
"potential," and similar expressions. All such forward-looking
statements involve estimates and assumptions that are subject to
risks, uncertainties and other factors that could cause actual
results to differ materially from the results expressed in the
statements. Among the key factors that could cause actual results
to differ materially from those projected in the forward-looking
statements are the following: the timing to consummate the proposed
transactions; the risk that a condition to closing the proposed
transactions may not be satisfied; the failure to receive, on a
timely basis or otherwise, the required approvals by the Company
and the Company’s stockholders, governmental or regulatory agencies
and third parties; the combined company’s ability to achieve the
synergies, recurring net investment income and value creation
contemplated by the proposed transactions; uncertainty as to
whether the combined company will be able to perform as well as
funds managed by MAST; uncertainty as to the integration,
prospects, distributions and investment performance of the combined
company; the ability of each company to retain its senior
executives and maintain relationships with business partners
pending consummation of the merger; the impact of legislative,
regulatory and competitive changes; and the diversion of management
time on transaction-related issues. There can be no assurance that
the merger will in fact be consummated. Additional information
concerning these and other factors can be found in GECC’s
registration statement and proxy/prospectus as well as in the
Company’s and Great Elm’s respective filings with the SEC,
including GEC’s (filed as Unwired Planet’s) April 2016 proxy
statement. Each of the Company, MAST, Great Elm and GECC assume no
obligation to, and expressly disclaim any duty to, update any
forward-looking statements contained in this document or to conform
prior statements to actual results or revised expectations except
as required by law. Readers are cautioned not to place undue
reliance on these forward-looking statements that speak only as of
the date hereof.
|
|
FULL CIRCLE CAPITAL CORPORATION AND
SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES |
|
|
|
|
|
|
June 30, 2016 |
|
|
June 30, 2015 |
|
Assets |
|
|
|
|
|
|
|
|
|
Control Investments at
Fair Value (Cost of $314,312 and $11,409,596, respectively) |
|
|
$ |
|
100,000 |
|
|
|
$ |
|
5,812,064 |
|
|
Affiliate Investments
at Fair Value (Cost of $5,727,925 and $24,434,726,
respectively) |
|
|
|
|
313,355 |
|
|
|
|
|
16,019,272 |
|
|
Non-Control/Non-Affiliate Investments at Fair Value (Cost of
$89,806,480 and $136,351,581, respectively) |
|
|
|
|
80,708,860 |
|
|
|
|
|
130,282,423 |
|
|
Total
Investments at Fair Value (Cost of $95,848,717 and $172,195,903,
respectively) |
|
|
|
|
81,122,215 |
|
|
|
|
|
152,113,759 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
33,390,695 |
|
|
|
|
|
3,736,563 |
|
|
Interest
Receivable |
|
|
|
|
993,965 |
|
|
|
|
|
1,903,606 |
|
|
Principal
Receivable |
|
|
|
|
126,448 |
|
|
|
|
|
23,287 |
|
|
Distributions
Receivable |
|
|
|
|
- |
|
|
|
|
|
15,141 |
|
|
Due from
Affiliates |
|
|
|
|
- |
|
|
|
|
|
605,749 |
|
|
Due from Portfolio
Investments |
|
|
|
|
93,450 |
|
|
|
|
|
180,300 |
|
|
Receivable on Open Swap
Contract |
|
|
|
|
- |
|
|
|
|
|
1,081 |
|
|
Prepaid Expenses |
|
|
|
|
66,149 |
|
|
|
|
|
66,105 |
|
|
Other Assets |
|
|
|
|
15,286 |
|
|
|
|
|
1,483,578 |
|
|
Deferred Offering
Expenses |
|
|
|
|
- |
|
|
|
|
|
328,168 |
|
|
Deferred Credit
Facility Fees |
|
|
|
|
51,486 |
|
|
|
|
|
267,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets |
|
|
|
|
115,859,694 |
|
|
|
|
|
160,724,982 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Due to Affiliates |
|
|
|
|
388,965 |
|
|
|
|
|
1,052,489 |
|
|
Accrued
Liabilities |
|
|
|
|
1,486,055 |
|
|
|
|
|
179,378 |
|
|
Deposit from Swap
Counterparty |
|
|
|
|
- |
|
|
|
|
|
10,380,000 |
|
|
Payable for Investments
Acquired |
|
|
|
|
- |
|
|
|
|
|
15,020,000 |
|
|
Distributions
Payable |
|
|
|
|
- |
|
|
|
|
|
813,240 |
|
|
Interest Payable |
|
|
|
|
3,889 |
|
|
|
|
|
57,605 |
|
|
Other Liabilities |
|
|
|
|
204,313 |
|
|
|
|
|
305,957 |
|
|
Accrued Offering
Expenses |
|
|
|
|
- |
|
|
|
|
|
7,258 |
|
|
Notes Payable 8.25% due
June 30, 2020 (plus unamortized premium of $135,498 and $158,504
and less deferred debt issuance costs of $675,046 and $833,541,
respectively) |
|
|
|
|
33,105,977 |
|
|
|
|
|
32,970,488 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
|
|
|
35,189,199 |
|
|
|
|
|
60,786,415 |
|
|
Commitments and
contingencies |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets |
|
|
$ |
|
80,670,495 |
|
|
|
$ |
|
99,938,567 |
|
|
|
|
|
|
|
|
|
|
|
|
Components of
Net Assets |
|
|
|
|
|
|
|
|
|
Common Stock, par value
$0.01 per share (100,000,000 authorized; 22,472,243 and 23,235,430
issued and outstanding, respectively) |
|
|
$ |
|
224,722 |
|
|
|
$ |
|
232,354 |
|
|
Paid-in Capital in
Excess of Par |
|
|
|
|
128,084,659 |
|
|
|
|
|
132,487,067 |
|
|
Distributions in Excess
of Net Investment Income |
|
|
|
|
(107,390 |
) |
|
|
|
|
(119,318 |
) |
|
Accumulated Net
Realized Losses |
|
|
|
|
(32,804,994 |
) |
|
|
|
|
(12,579,392 |
) |
|
Accumulated Net
Unrealized Losses |
|
|
|
|
(14,726,502 |
) |
|
|
|
|
(20,082,144 |
) |
|
Net
Assets |
|
|
$ |
|
80,670,495 |
|
|
|
$ |
|
99,938,567 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value
Per Share |
|
|
$ |
|
3.59 |
|
|
|
$ |
|
4.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL CIRCLE CAPITAL CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) |
|
|
|
Three Months Ended June 30, |
|
Full Year Ended June 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Investment
Income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income from
Non-Control/Non-Affiliate Investments |
|
$ |
|
2,806,110 |
|
|
$ |
|
3,558,167 |
|
|
$ |
|
12,610,189 |
|
|
$ |
|
13,044,316 |
|
Interest Income from
Affiliate Investments |
|
|
|
(196 |
) |
|
|
|
610,424 |
|
|
|
|
1,093,451 |
|
|
|
|
2,445,713 |
|
Interest Income from
Control Investments |
|
|
|
- |
|
|
|
|
184,892 |
|
|
|
|
464,244 |
|
|
|
|
1,465,069 |
|
Dividend Income from
Control Investments |
|
|
|
41,209 |
|
|
|
|
36,247 |
|
|
|
|
75,207 |
|
|
|
|
36,247 |
|
Other Income from
Non-Control/Non-Affiliate Investments |
|
|
|
373,757 |
|
|
|
|
27,174 |
|
|
|
|
2,070,241 |
|
|
|
|
542,164 |
|
Other Income from
Affiliate Investments |
|
|
|
- |
|
|
|
|
4,004 |
|
|
|
|
4,314 |
|
|
|
|
98,671 |
|
Other Income from
Control Investments |
|
|
|
- |
|
|
|
|
12,500 |
|
|
|
|
119,385 |
|
|
|
|
50,000 |
|
Other Income from
Non-Investment Sources |
|
|
|
(2,439 |
) |
|
|
|
8,566 |
|
|
|
|
21,362 |
|
|
|
|
67,163 |
|
Total
Investment Income |
|
|
|
3,218,441 |
|
|
|
|
4,441,974 |
|
|
|
|
16,458,393 |
|
|
|
|
17,749,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Management Fee |
|
|
|
379,944 |
|
|
|
|
580,607 |
|
|
|
|
1,992,111 |
|
|
|
|
2,280,058 |
|
Incentive Fee |
|
|
|
- |
|
|
|
|
462,349 |
|
|
|
|
1,263,241 |
|
|
|
|
1,798,000 |
|
Total
Advisory Fees |
|
|
|
379,944 |
|
|
|
|
1,042,956 |
|
|
|
|
3,255,352 |
|
|
|
|
4,078,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation of Overhead
Expenses |
|
|
|
46,600 |
|
|
|
|
44,531 |
|
|
|
|
212,783 |
|
|
|
|
171,559 |
|
Sub-Administration
Fees |
|
|
|
50,000 |
|
|
|
|
61,237 |
|
|
|
|
246,268 |
|
|
|
|
256,236 |
|
Officers’
Compensation |
|
|
|
76,307 |
|
|
|
|
75,913 |
|
|
|
|
305,226 |
|
|
|
|
303,652 |
|
Total
Costs Incurred Under Administration Agreement |
|
|
|
172,907 |
|
|
|
|
181,681 |
|
|
|
|
764,277 |
|
|
|
|
731,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors’ Fees |
|
|
|
48,750 |
|
|
|
|
43,750 |
|
|
|
|
168,000 |
|
|
|
|
182,196 |
|
Interest Expenses |
|
|
|
889,689 |
|
|
|
|
1,006,442 |
|
|
|
|
3,799,951 |
|
|
|
|
4,305,558 |
|
Professional Services
Expense |
|
|
|
1,792,587 |
|
|
|
|
191,032 |
|
|
|
|
2,564,170 |
|
|
|
|
700,324 |
|
Bank Fees |
|
|
|
10,105 |
|
|
|
|
9,832 |
|
|
|
|
33,302 |
|
|
|
|
39,931 |
|
Other |
|
|
|
135,178 |
|
|
|
|
116,880 |
|
|
|
|
549,864 |
|
|
|
|
519,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross Operating Expenses |
|
|
|
3,429,160 |
|
|
|
|
2,592,573 |
|
|
|
|
11,134,916 |
|
|
|
|
10,557,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Waivers and Expense
Reimbursement |
|
|
|
- |
|
|
|
|
(590,319 |
) |
|
|
|
(967,372 |
) |
|
|
|
(1,420,843 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Operating Expenses |
|
|
|
3,429,160 |
|
|
|
|
2,002,254 |
|
|
|
|
10,167,544 |
|
|
|
|
9,136,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
(Loss) |
|
|
|
(210,719 |
) |
|
|
|
2,439,720 |
|
|
|
|
6,290,849 |
|
|
|
|
8,613,072 |
|
Net Change in
Unrealized Gain (Loss) on Investments |
|
|
|
12,627,602 |
|
|
|
|
236,919 |
|
|
|
|
5,355,642 |
|
|
|
|
(6,237,328 |
) |
Net Realized Gain
(Loss) on: |
|
|
|
|
Non-Control/Non-Affiliate Investments |
|
|
|
(1,780,274 |
) |
|
|
|
130,823 |
|
|
|
|
(4,388,061 |
) |
|
|
|
(4,055,309 |
) |
Affiliate
Investments |
|
|
|
(10,957,378 |
) |
|
|
|
276,933 |
|
|
|
|
(9,593,394 |
) |
|
|
|
321,394 |
|
Control
Investments |
|
|
|
(38,410 |
) |
|
|
|
(3,600,000 |
) |
|
|
|
(5,482,804 |
) |
|
|
|
(3,842,390 |
) |
Open Swap
Contract |
|
|
|
- |
|
|
|
|
1,081 |
|
|
|
|
(1,882,293 |
) |
|
|
|
1,081 |
|
Foreign
Currency Transactions |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(101 |
) |
|
|
|
(1,248 |
) |
Net Realized Gain
(Loss) |
|
|
|
(12,776,062 |
) |
|
|
|
(3,191,163 |
) |
|
|
|
(21,346,653 |
) |
|
|
|
(7,576,472 |
) |
Net Increase
(Decrease) in Net Assets Resulting from Operations |
|
$ |
|
(359,179 |
) |
|
$ |
|
(514,524 |
) |
|
$ |
|
(9,700,162 |
) |
|
$ |
|
(5,200,728 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) per
Common Share Basic and Diluted |
|
$ |
|
(0.02 |
) |
|
$ |
|
(0.02 |
) |
|
$ |
|
(0.43 |
) |
|
$ |
|
(0.35 |
) |
Net Investment Income
per Common Share Basic and Diluted |
|
$ |
|
(0.01 |
) |
|
$ |
|
0.11 |
|
|
$ |
|
0.28 |
|
|
$ |
|
0.63 |
|
Weighted Average Shares
of Common Stock Outstanding Basic and Diluted |
|
|
|
22,472,243 |
|
|
|
|
23,224,818 |
|
|
|
|
22,662,947 |
|
|
|
|
14,803,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL CIRCLE CAPITAL CORPORATION AND
SUBSIDIARIES |
|
FINANCIAL HIGHLIGHTS |
|
|
|
|
Year Ended June 30,
2016 |
|
Year Ended June 30, 2015 |
|
Year Ended June 30, 2014 |
|
Year Ended June 30, 2013 |
|
Year Ended June 30, 2012 |
|
Per Share Data
(1) : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at
beginning of period |
$ |
|
4.30 |
|
|
$ |
|
6.38 |
|
|
$ |
|
8.01 |
|
|
$ |
|
8.59 |
|
|
$ |
|
9.08 |
|
|
Accretion (dilution)
from offering(s) (2) |
|
|
- |
|
|
|
|
(0.92 |
) |
|
|
|
0.03 |
|
|
|
|
(0.18 |
) |
|
|
|
- |
|
|
Accretion from share
repurchases (3) |
|
|
0.03 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
Offering costs |
|
|
- |
|
|
|
|
(0.06 |
) |
|
|
|
(0.04 |
) |
|
|
|
(0.02 |
) |
|
|
|
- |
|
|
Net investment income
(loss) |
|
|
0.28 |
|
|
|
|
0.63 |
|
|
|
|
0.71 |
|
|
|
|
0.77 |
|
|
|
|
0.78 |
|
|
Net change in
unrealized gain (loss) |
|
|
0.24 |
|
|
|
|
(0.51 |
) |
|
|
|
(1.36 |
) |
|
|
|
0.37 |
|
|
|
|
(0.32 |
) |
|
Net realized gain
(loss) |
|
|
(0.94 |
) |
|
|
|
(0.51 |
) |
|
|
|
(0.11 |
) |
|
|
|
(0.60 |
) |
|
|
|
(0.03 |
) |
|
Dividends from net
investment income |
|
|
(0.28 |
) |
|
|
|
(0.63 |
) |
|
|
|
(0.69 |
) |
|
|
|
(0.78 |
) |
|
|
|
(0.80 |
) |
|
Return of capital |
|
|
(0.04 |
) |
|
|
|
(0.08 |
) |
|
|
|
(0.17 |
) |
|
|
|
(0.14 |
) |
|
|
|
(0.12 |
) |
|
Net asset value at end
of period |
$ |
|
3.59 |
|
|
$ |
|
4.30 |
|
|
$ |
|
6.38 |
|
|
$ |
|
8.01 |
|
|
$ |
|
8.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Financial highlights are based on weighted
average shares outstanding. |
|
(2) Accretion and dilution from offering(s) is
based on the net change in net asset value from each follow-on
offering. |
|
(3) Accretion from share repurchases during the
period is based on the net change in net asset value from the share
repurchases. |
Company Contact:
Gregg J. Felton, President and Chief Executive Officer
Michael J. Sell, Chief Financial Officer, Treasurer and Secretary
Full Circle Capital Corporation
(203) 900 – 2100
info@fccapital.com
Investor Relations Contacts:
Garrett Edson/Brad Cohen
ICR, LLC
(203) 682-8200
Full Circle Capital Corp. (MM) (NASDAQ:FULL)
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