MCLEAN, Va., Jan. 31, 2011 /PRNewswire/ -- Gladstone
Investment Corporation (Nasdaq: GAIN) (the "Company") today
announced earnings for the third quarter ended December 31, 2010. All per share references
are per basic and diluted weighted average common share
outstanding, unless noted otherwise.
(Logo:
http://photos.prnewswire.com/prnh/20101005/GLADSTONEINVESTMENT
)
Net Investment Income for 3 Months: Net Investment
Income for the quarters ended December 31,
2010 and 2009 was $7.6
million, or $0.34 per share,
and $3.1 million, or $0.14 per share, respectively, an increase in Net
Investment Income of 147.0%. The increase in Net Investment
Income was primarily driven by income recognized during the current
quarter from the sale of one of the Company's portfolio companies,
Chase II Holding Corp. ("Chase"), which was partially offset by
lower interest income resulting from a reduction in the size of the
Company's investment portfolio prior to September 30, 2010.
Net Investment Income for 9 Months: Net Investment
Income for the nine months ended December
31, 2010 and 2009 was $14.2
million, or $0.65 per share,
and $7.9 million, or $0.36 per share, respectively, an increase in Net
Investment Income of 80.5%. The increase in Net Investment Income
was primarily driven by income recognized during the nine months
ended December 31, 2010 from the
sales of two portfolio companies, A. Stucki Holding Corp. ("A.
Stucki") and Chase, and income recognized from the prepayments of
success fees by certain portfolio companies, partially offset by
lower interest income resulting from a reduction in the size of the
Company's investment portfolio subsequent to December 31, 2009.
Net Increase (Decrease) in Net Assets Resulting from
Operations for 3 Months: Net Increase (Decrease) in Net
Assets Resulting from Operations for the quarters ended
December 31, 2010 and 2009 was
$15.1 million, or $0.69 per share, and ($4.4
million), or ($0.20) per
share, respectively. The increase in the Net Increase (Decrease) in
Net Assets Resulting from Operations between the quarter ended
December 31, 2010 and the prior
year's period was primarily due to the net gain (loss) on the
Company's investment portfolio. The Company recorded a net
gain on investments of $7.5 million
for the quarter ended December 31,
2010, compared to a net loss of $7.5
million for the prior year period, which was largely
impacted by significant devaluations, primarily in the Company's
equity holdings of its Control investments.
Net Increase (Decrease) in Net Assets Resulting from
Operations for 9 Months: Net Increase (Decrease) in Net
Assets Resulting from Operations for the nine months ended
December 31, 2010 and 2009 was
$13.6 million, or $0.62 per share, and ($31.7) million, or ($1.44) per share, respectively. The increase in
the Net Increase (Decrease) in Net Assets Resulting from Operations
between the nine months ended December 31,
2010 and the prior year period was primarily due to the
large net loss on the Company's investment portfolio during the
prior year period. The Company recorded a net loss on
investments of $0.1 million for the
nine months ended December 31, 2010,
compared to a net loss on investments of $39.6 million for the prior year period, which
was largely impacted by significant devaluations, primarily in the
Company's equity holdings of its Control investments.
Investment Portfolio Fair Value: The aggregate
investment portfolio appreciated during the quarter ended
December 31, 2010, primarily due to
notable appreciations in the equity of certain of the Company's
proprietary investments. As of December 31, 2010, the entire portfolio was fair
valued at 77.1% of cost, compared to 90.9% as of March 31, 2010. The decrease was primarily
due to the monetization of A. Stucki and Chase, both of which had
significant unrealized appreciation as of March 31, 2010.
Net Asset Value: Net asset value was $9.00 per share outstanding at December 31, 2010, as compared to $8.74 per share outstanding at March 31, 2010.
Asset Characteristics: Total assets were
$277.9 million at December 31, 2010, as compared to $297.2 million at March
31, 2010. At December 31,
2010, the Company had investments in 17 portfolio companies
with an aggregate cost basis of $195.9
million and an aggregate fair value of $151.1 million. As of December 31, 2010, the Company's investment
portfolio at fair value was comprised of 79.7% in debt securities
and 20.3% in equity securities. Additionally, the Company
held $80.0 million in cash and cash
equivalents at December 31, 2010,
including $67.4 million from a
short-term loan that was subsequently repaid.
Investment Yield: The annualized weighted average
yield on the Company's portfolio, excluding cash and cash
equivalents, was 10.8% for the quarter ended December 31, 2010, as compared to 10.7% for the
quarter ended December 31, 2009.
The weighted average yield varies from period to period based
on the current stated interest rate on interest-bearing investments
and the amounts of loans for which interest is not accruing.
The increase in the weighted average yield for the quarter
ended December 31, 2010 resulted
primarily from the Company's sales and exits of lower
interest-bearing loans.
Highlights for Quarter: During the quarter ended
December 31, 2010, the following
significant events occurred:
- Chase Sale: In
December 2010, the Company sold its
equity investment and received full repayment of its debt
investment in Chase. The net cash proceeds to the Company from the
sale of its equity in Chase were $13.9
million, resulting in a realized gain of $6.9 million. In connection with the equity
sale, the company accrued and received cash dividend proceeds of
$4.0 million from its preferred stock
investment in Chase. At the same time, the Company also
received $22.9 million in repayment
of its principal, accrued interest and success fees on the loans to
Chase.
- New Control Investments: In October 2010, the Company invested $25.0 million in senior subordinated debt and
preferred equity of Venyu Solutions, Inc. In December 2010, the Company invested $10.8 million in senior debt and preferred and
common equity in connection with the management-led buyout of
Precision Southeast, Inc.
- Short Term Investment: On December 30, 2010, the Company purchased
$75.0 million of short-term U. S.
Treasury securities, which matured on January 6, 2011.
- Distributions: The Company paid monthly cash
distributions to stockholders of $0.04 per common share for each of October,
November and December 2010.
Comments from President Dave
Dullum: "We are finding an increase in the number
of new investment opportunities consistent with our investing
strategy, as demonstrated by our new investments in Venyu and
Precision during the quarter. Additionally, we continue to
devote management resources to our existing portfolio, which is
performing well, and, where prudent, we are seeking to execute on
strategic liquidity events, as we did with Chase. We hope to
finish out the current fiscal year ending March 31, 2011 with continued investment activity
and to carry that momentum into the next fiscal year."
Subsequent Events: After December 31, 2010, the following occurred:
|
Declared
|
|
X-Date
|
|
Record
Date
|
|
Payment
Date
|
|
Cash
Distribution
|
|
|
|
January
11
|
January
19
|
January
21
|
January
31
|
$0.04
|
|
|
January
11
|
February
16*
|
February
21
|
February
28
|
0.04
|
|
|
January
11
|
March
17
|
March
21
|
March
31
|
0.04
|
|
|
Total for the
Quarter:
|
0.12
|
|
|
|
|
|
*Please note that the Company's
press release, dated January 11, 2011, had erroneously used an
ex-dividend date of February 17, 2011. The proper ex-dividend
date for the February dividend is February 16, 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Information:
The following chart is a summary
of some of the information reported above (dollars in
thousands, except per share data):
|
|
|
December 31,
2010
|
|
December 31,
2009
|
|
|
For quarter
ended:
|
|
|
|
|
|
|
|
Net investment
income
|
$
|
7,591
|
|
|
$
|
3,073
|
|
|
|
Net increase
(decrease) in net assets from operations
|
15,135
|
|
|
(4,420)
|
|
|
|
Average yield on
portfolio
|
10.81%
|
|
|
10.68%
|
|
|
|
Total dollars
invested
|
$
|
36,622
|
|
|
$
|
595
|
|
|
|
Total dollars
repaid
|
21,130
|
|
|
4,496
|
|
|
|
|
|
|
|
|
|
|
For 9 months
ended:
|
|
|
|
|
|
|
|
Net investment
income
|
14,238
|
|
|
7,889
|
|
|
|
Net increase
(decrease) in net assets from operations
|
13,643
|
|
|
(31,699)
|
|
|
|
Average yield on
portfolio
|
10.61%
|
|
|
10.16%
|
|
|
|
Total dollars
invested
|
$
|
41,616
|
|
|
$
|
2,413
|
|
|
|
Total dollars
repaid
|
61,774
|
|
|
14,828
|
|
|
|
|
|
|
|
|
|
|
As of:
|
December 31,
2010
|
|
March 31,
2010
|
|
|
Fair value as a
percent of cost
|
77.1%
|
|
|
90.9%
|
|
|
|
Net asset value per
share
|
$
|
9.00
|
|
|
$
|
8.74
|
|
|
|
Number of
investments
|
17
|
|
|
16
|
|
|
|
Total
assets
|
$
|
277,940
|
|
|
$
|
297,161
|
|
|
|
|
|
|
|
|
|
|
Conference Call for Stockholders: The Company will hold a
conference call Tuesday, February 1,
2011 at 8:30 am EST.
Please call (800) 860-2442 to enter the conference. An
operator will monitor the call and set a queue for the questions. A
replay of the conference call will be available through
March 3, 2011. To hear the
replay, please dial (877) 344-7529 and use conference number
447110. The replay will be available approximately one hour
after the call concludes.
The live audio broadcast of the Company's quarterly conference
call will be available online at www.GladstoneInvestment.com. The
event will be archived and available for replay on the Company's
website through April 2, 2011.
Warning: The financial statements below are without
footnotes, so readers should obtain and carefully review the
Company's Form 10-Q for the quarter ended December 31, 2010, including the footnotes to the
financial statements contained therein. The Company has filed the
Form 10-Q today with the SEC, which can be retrieved from the SEC's
website at www.sec.gov or from the Company's website at
www.GladstoneInvestment.com. A paper copy can be obtained free of
charge by writing to the Company at 1521 Westbranch Drive, Suite
200, McLean, VA 22102.
Who we are: Gladstone Investment Corporation is a
publicly traded business development company that seeks to make
debt and equity investments in small and mid-sized businesses in
the United States in connection
with acquisitions, changes in control and recapitalizations.
Information on the business activities of all the Gladstone funds can be found at
www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds,
please visit www.gladstone.com.
The statements in this press release regarding the soundness
and performance of the Company's portfolio, the Company's projected
investment activities, the Company's ability to generate liquidity
events and provide financial support to existing portfolio
companies and other such statements are "forward-looking
statements." These forward-looking statements inherently involve
certain risks and uncertainties, although they are based on the
Company's current plans that are believed to be reasonable as of
the date of this press release. Factors that may cause the
Company's actual results to differ from these forward-looking
statements include, among others, the duration and effects of
current economic instability, the Company's ability to access debt
and equity capital and those factors listed under the caption "Risk
Factors" of the Company's Post-Effective Amendment No. 2 to the
Registration Statement on Form N-2 (No. 333-160720) as filed
with the SEC on November 22, 2010.
The risk factors set forth in the Form N-2 under the caption "Risk
Factors" are specifically incorporated by reference into this press
release. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
|
GLADSTONE
INVESTMENT CORPORATION
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
|
|
|
(DOLLAR
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
|
|
|
(UNAUDITED)
|
|
|
|
|
|
December
31,
|
|
March
31,
|
|
|
|
2010
|
|
2010
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
79,963
|
|
$
|
87,717
|
|
|
Investments at fair
value
|
|
|
|
|
|
|
Non-Control/Non-Affiliate investments (Cost of
$15,784 and $22,674,
respectively)
|
|
14,565
|
|
20,946
|
|
|
Control investments
(Cost of $134,293 and
$152,166, respectively)
|
|
101,791
|
|
148,248
|
|
|
Affiliate
investments (Cost of $45,805 and $52,727,
respectively)
|
|
34,754
|
|
37,664
|
|
|
Total
investments (Cost of $195,882 and
$227,567, respectively)
|
|
151,110
|
|
206,858
|
|
|
Interest receivable
|
|
748
|
|
1,234
|
|
|
Due from custodian
|
|
40,289
|
|
935
|
|
|
Deferred financing
fees
|
|
480
|
|
83
|
|
|
Prepaid assets
|
|
319
|
|
221
|
|
|
Other assets
|
|
5,031
|
|
113
|
|
|
TOTAL ASSETS
|
|
$
|
277,940
|
|
$
|
297,161
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Borrowings at fair
value
|
|
|
|
|
|
|
Short-term loan
(Cost of $67,400 and $75,000,
respectively)
|
|
$
|
67,400
|
|
$
|
75,000
|
|
|
Credit Facility
(Cost of $8,000 and $27,800,
respectively)
|
|
8,000
|
|
27,812
|
|
|
Total
borrowings (Cost of $75,400 and
$102,800, respectively)
|
|
75,400
|
|
102,812
|
|
|
Accounts payable and accrued
expenses
|
|
198
|
|
206
|
|
|
Fee due to
Administrator
|
|
143
|
|
149
|
|
|
Fees due to Adviser
|
|
2,184
|
|
721
|
|
|
Other liabilities
|
|
1,333
|
|
295
|
|
|
TOTAL LIABILITIES
|
|
79,258
|
|
104,183
|
|
|
NET ASSETS
|
|
$
|
198,682
|
|
$
|
192,978
|
|
|
|
|
|
|
|
|
ANALYSIS OF NET
ASSETS:
|
|
|
|
|
|
|
Common stock, $0.001 par value
per share, 100,000,000 shares authorized, 22,080,133
shares issued and
outstanding at December 31, 2010 and March 31, 2010
|
|
$
|
22
|
|
$
|
22
|
|
|
Capital in excess of par
value
|
|
257,216
|
|
257,206
|
|
|
Net unrealized depreciation of
investment portfolio
|
|
(44,772)
|
|
(20,710)
|
|
|
Net unrealized depreciation of
derivatives
|
|
(74)
|
|
(39)
|
|
|
Net unrealized appreciation of
borrowings
|
|
-
|
|
(12)
|
|
|
Accumulated net realized
investment loss
|
|
(13,710)
|
|
(43,489)
|
|
|
TOTAL NET ASSETS
|
|
$
|
198,682
|
|
$
|
192,978
|
|
|
|
|
|
|
|
|
NET ASSETS PER
SHARE
|
|
$
|
9.00
|
|
$
|
8.74
|
|
|
|
|
|
|
|
|
|
GLADSTONE
INVESTMENT CORPORATION
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
(DOLLAR
AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
|
|
|
(UNAUDITED)
|
|
|
|
|
Three Months
Ended December 31,
|
|
Nine Months
Ended December 31,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
INVESTMENT INCOME
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
Non-Control/Non-Affiliate investments
|
$
|
391
|
|
$
|
489
|
|
$
|
1,175
|
|
$
|
1,840
|
|
|
Control investments
|
2,557
|
|
2,856
|
|
7,701
|
|
8,593
|
|
|
Affiliate investments
|
970
|
|
1,605
|
|
3,031
|
|
4,533
|
|
|
Cash
and cash equivalents
|
7
|
|
1
|
|
21
|
|
1
|
|
|
Total interest income
|
3,925
|
|
4,951
|
|
11,928
|
|
14,967
|
|
|
Other
income
|
6,812
|
|
970
|
|
10,358
|
|
1,066
|
|
|
Total investment income
|
10,737
|
|
5,921
|
|
22,286
|
|
16,033
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
Loan
servicing fee
|
634
|
|
886
|
|
2,124
|
|
2,892
|
|
|
Base
management fee
|
343
|
|
113
|
|
846
|
|
588
|
|
|
Incentive fee
|
1,898
|
|
588
|
|
2,949
|
|
588
|
|
|
Administration fee
|
142
|
|
156
|
|
582
|
|
527
|
|
|
Interest expense
|
135
|
|
385
|
|
558
|
|
1,640
|
|
|
Amortization of deferred financing fees
|
116
|
|
436
|
|
383
|
|
1,187
|
|
|
Professional fees
|
84
|
|
182
|
|
306
|
|
502
|
|
|
Stockholder related costs
|
26
|
|
49
|
|
245
|
|
276
|
|
|
Insurance expense
|
74
|
|
71
|
|
219
|
|
190
|
|
|
Directors fees
|
43
|
|
48
|
|
152
|
|
147
|
|
|
Other
expenses
|
101
|
|
61
|
|
314
|
|
198
|
|
|
Expenses before credits from Adviser
|
3,596
|
|
2,975
|
|
8,678
|
|
8,735
|
|
|
Credits to fees from Adviser
|
(450)
|
|
(127)
|
|
(630)
|
|
(591)
|
|
|
Total expenses net of credits to fees
|
3,146
|
|
2,848
|
|
8,048
|
|
8,144
|
|
|
|
|
|
|
|
|
|
|
|
NET INVESTMENT INCOME
|
7,591
|
|
3,073
|
|
14,238
|
|
7,889
|
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAIN
(LOSS) ON:
|
|
|
|
|
|
|
|
|
|
Realized gain (loss) on sale of investments
|
6,514
|
|
(1,318)
|
|
23,489
|
|
(35,922)
|
|
|
Realized loss on termination of derivative
|
-
|
|
-
|
|
-
|
|
(53)
|
|
|
Net
unrealized appreciation of Non-Control/Non-Affiliate
investments
|
52
|
|
1,383
|
|
509
|
|
36,597
|
|
|
Net
unrealized depreciation of Control investments
|
(1,399)
|
|
(8,853)
|
|
(28,583)
|
|
(35,234)
|
|
|
Net
unrealized appreciation (depreciation) of Affiliate
investments
|
2,373
|
|
1,257
|
|
4,011
|
|
(4,862)
|
|
|
Net
unrealized appreciation (depreciation) of derivatives
|
4
|
|
(7)
|
|
(34)
|
|
19
|
|
|
Net
unrealized depreciation (appreciation) of borrowings
|
-
|
|
45
|
|
13
|
|
(133)
|
|
|
Net gain (loss) on investments, derivatives and
borrowings
|
7,544
|
|
(7,493)
|
|
(595)
|
|
(39,588)
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS
|
$
|
15,135
|
|
$
|
(4,420)
|
|
$
|
13,643
|
|
$
|
(31,699)
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
$
|
0.69
|
|
$
|
(0.20)
|
|
$
|
0.62
|
|
$
|
(1.44)
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OF
COMMON STOCK OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares
|
22,080,133
|
|
22,080,133
|
|
22,080,133
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22,080,133
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GLADSTONE
INVESTMENT CORPORATION
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CONDENSED CONSOLIDATED FINANCIAL
HIGHLIGHTS
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(DOLLAR
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AND PER UNIT
DATA)
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(UNAUDITED)
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Three months
ended December 31,
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Nine months
ended December 31,
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2010
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2009
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2010
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2009
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Per Share Data
(1)
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Net asset value at beginning of
period
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$
8.43
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$
|
8.24
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$
|
8.74
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$
|
9.73
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Income from investment
operations
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Net investment
income(2)
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0.34
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|
0.14
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|
0.65
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|
0.36
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Realized gain (loss) on
exit(2)
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0.30
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(0.05)
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1.06
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(1.63)
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Net unrealized appreciation
(depreciation)(2)
|
0.05
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(0.28)
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(1.09)
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(0.17)
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Total from investment
operations
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0.69
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(0.19)
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0.62
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(1.44)
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Distributions
from:
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Net investment income
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(0.12)
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(0.12)
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(0.36)
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(0.36)
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Total
distributions(3)
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(0.12)
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(0.12)
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(0.36)
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(0.36)
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Net asset value at end of
period
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$
9.00
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$
|
7.93
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$
|
9.00
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$
|
7.93
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Per share market value at
beginning of period
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$
6.75
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$
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4.83
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$
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6.01
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$
|
3.67
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Per share market value at end of
period
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7.65
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|
4.56
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7.65
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4.56
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Total
return(4)
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15.14%
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(3.18)%
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34.48%
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34.06%
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Shares outstanding at end of
period
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22,080,133
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|
22,080,133
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22,080,133
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|
22,080,133
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Statement of Assets and
Liabilities Data:
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Net assets at end of
period
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$
198,682
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$
|
175,001
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$
|
198,682
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$
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175,001
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Average net
assets(5)
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189,420
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179,155
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191,299
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194,783
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Senior Securities
Data:
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Total borrowings
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$
75,400
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$
|
101,883
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$
|
75,400
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$
|
101,883
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Asset coverage
ratio(6)
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343%
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270%
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343%
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270%
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Asset coverage per
unit(7)
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$
3,429
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$
|
2,703
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$
|
3,429
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$
|
2,703
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Ratios/Supplemental
Data:
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Ratio of expenses to average net
assets(8), (9)
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7.59%
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6.64%
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6.05%
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5.98%
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Ratio of net expenses to average
net assets(8), (10)
|
6.64
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|
6.36
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|
5.61
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|
5.57
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Ratio of net investment income
to average net assets(8)
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16.03
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|
6.86
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|
9.92
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|
5.40
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(1) Based on actual shares
outstanding at the end of the corresponding period.
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(2) Based on weighted
average basic per share data.
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(3) Distributions are
determined based on taxable income calculated in accordance with
income tax regulations which may differ from amounts determined
under accounting principles generally accepted in the United States
of America.
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(4) Total return equals
the change in the market value of the Company's common stock from
the beginning of the period, taking into account dividends
reinvested in accordance with the terms of the Company's dividend
reinvestment plan.
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(5) Calculated using the
average of the balance of net assets at the end of each month of
the reporting period.
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(6) As a business
development company, the Company is generally required to maintain
an asset coverage ratio of at least 200% of total consolidated
assets, less all liabilities and indebtedness not represented by
senior securities, to total borrowings and guaranty
commitments.
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(7) Asset coverage per
unit is the asset coverage ratio expressed in terms of dollar
amounts per one thousand dollars of indebtedness.
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(8) Amounts are
annualized.
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(9) Ratio of expenses to
average net assets is computed using expenses before credits from
the Adviser.
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(10) Ratio of net expenses
to average net assets is computed using total expenses net of
credits to the management fee.
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SOURCE Gladstone Investment Corporation
