All values are in Canadian dollars.
CALGARY, Feb. 9, 2012 /PRNewswire/ - Provident Energy Ltd. (Provident) (TSX-PVE; NYSE-PVX) announced today that it has released updated hedging disclosure including a volume and weighted average hedge price summary for NGL frac spread volumes and a summary of all current financial derivative positions on its website at www.providentenergy.com/bus/riskmanagement/commodity.cfm. The updated information reflects Provident's hedge positions using forward-market indications at December 30, 2011. For the first quarter of 2012, Provident has hedged approximately 73 percent of its estimated NGL frac spread sales volumes and approximately 92 percent of its estimated frac spread natural gas input volumes.
February 2012 Cash Dividend
Provident's February cash dividend of $0.045 per share is payable on March 15, 2012 and will be paid to shareholders of record on February 23, 2012. The ex-dividend date will be February 21, 2012. Provident's 2012 annualized dividend rate is $0.54 per common share. Based on the current annualized dividend rate and the TSX closing price on February 8, 2012 of $11.98, Provident's yield is approximately 4.5 percent.
For shareholders receiving their dividends in U.S. funds, the February 2012 cash dividend will be approximately US$0.045 per share based on an exchange rate of 0.9970. The actual U.S. dollar dividend will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes.
2011 Results Release Date and Conference Call Information
Provident plans to release its audited 2011 annual financial statements and Management's Discussion and Analysis for the fourth quarter and year-ended December 31, 2011 after markets close on March 6, 2012. A conference call has been scheduled for Wednesday, March 7, 2012 at 8:00 a.m. Mountain Time (10:00 a.m. Eastern).
To participate, please dial 647-427-7450 or 888-231-8191 approximately 10 minutes prior to the conference call. An archived recording of the call will be available for replay until March 14, 2012 by dialing 514-807-9274 or 855-859-2056 and entering passcode 43799676. Provident will also provide a replay of the call on its website at www.providentenergy.com.
Provident Energy Ltd. is a Calgary-based corporation that owns and manages a natural gas liquids (NGL) infrastructure and logistics business. Provident's facilities are strategically located in Western Canada and in the premium NGL markets in Eastern Canada and the U.S. Provident provides monthly cash dividends to its shareholders and trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbols PVE and PVX, respectively.
This news release contains certain forward-looking statements concerning Provident, as well as other expectations, plans, goals, objectives, information or statements about future events, conditions, results of operations or performance that may constitute "forward-looking statements" or "forward-looking information" under applicable securities legislation. Such statements or information involve substantial known and unknown risks and uncertainties, certain of which are beyond Provident's control, including the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, pipeline design and construction, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.
Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, commodity prices, operating conditions, capital and other expenditures, and project development activities.
Although Provident believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Provident can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Provident and described in the forward-looking statements or information.
The forward-looking statements or information contained in this news release are made as of the date hereof and Provident undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
SOURCE Provident Energy Ltd.
WASHINGTON, Feb. 9, 2012 /PRNewswire-USNewswire/ -- In a vigorous National Press Club Newsmakers debate Thursday (today) on the Affordable Health Care Act's constitutionality that was a preamble to the Supreme Court's upcoming March consideration, Virginia Attorney General Kenneth Cuccinelli asserted that the health bill's mandate "crushes liberty."Â Massachusetts Attorney General Martha Coakley countered that "We don't leave people at the ER door unless we change the slogan to 'Live Free and Die.'"
Coakley, who spoke first, contended that the Massachusetts health law (so-called Romney Care) is a "prototype" of what the (federal) bill does. She pointed out that Governor Romney in 2006 stated that the bill was "not only constitutional but good public policy." She provided statistics that 98% of Massachusetts residents now have health care access, which she stated is 15% higher than the national average, and the Massachusetts law reduces spending and emergency room care costs by over 30%.
Coakley said that approval of the mandate is "not even a close call" under the Commerce and "Necessary and proper" provisions. She cited as precedent the 1942 Wickard v. Filburn case regulating the wheat market.
Cuccinelli argued that "The federal government cannot compel you into commerce or to buy a product."Â He said that "if you are ordered to buy health care, you can be ordered to buy a car or a gym membership."Â He contended that the "mandate requires a radical, dramatic expansion of the Commerce Clause." During questions, Coakley pointed out that auto insurance is required, and precedent allows congressional action on health care. Cuccinelli responded that the difference between state and national requirements is significant.
To a key question of whether the bill's signal new provisions that people are already enjoying– children's coverage through 26, seniors paying less for drugs, no pre-existing condition denials, no lifetime caps, insurance companies' requirement of at least 85% back in benefits, and oversight of premiums among them -- can be kept if the overall mandate is ruled unconstitutional, Coakley asserted, "The Courts so far have ruled that it is severable. Congress will have to find a way to pay for them." Cuccinelli countered that if the provisions are severed, you also have to drop the Medicaid expansion as a burden to the states. Coakley responded that those are not just a burden but also benefit the states, so any Medicaid denial would be unprecedented. Both Coakley and Cuccinelli agreed that since the Court has always approved Medicaid, any denial now would have to be based on a "significant burden" and "coercion" to break precedent. Coakley said that would be an "uphill battle" to prove.
Cuccinelli stated that he expected a 5-4 ruling but "the lineup of justices may not be as predictable as you would think." Both Attorneys General were asked if "the politics of the court—the appointing power" rather than the merits of the policy would drive the decision. While Cuccinelli conceded that "it should not surprise anyone that judges and justices tend to be closer to the world view of the presidents that appoint them," both Coakley and Cuccinelli agreed that in a "close case" this significant, the justices would rule on the merits.
(Richard Mann and Jaime Ravenet assisted Bob Weiner in writing this article)
Contact: Bob Weiner/Richard Mann 301-283-0821 or 202-306-1200 weinerpublic@comcast.net
Â
SOURCE Robert Weiner Associates
PHILADELPHIA--(BUSINESS WIRE)-- The Board of Trustees of the CBRE Clarion Global Real Estate Income Fund (NYSE: IGR) (the “Fund”) declared a monthly distribution of $0.045 per share for the month of February 2012. The following dates apply:
| Â | Â | Ex-Dividend Date | Â | Record Date | Â | Payable Date |
| February 2012 | Â | 02-16-2012 | Â | 02-21-2012 | Â | 02-29-2012 |
| Â | Â | Â |
IGR’s current distribution rate represents an annualized yield of 7.0% based on the closing market price of $7.76 on February 7, 2012 and a 6.2% yield on a closing NAV of $8.72 as of the same date.
Future earnings of the Fund cannot be guaranteed and the Fund’s dividend policy is subject to change. For more information on the Fund, please visit our website at www.cbreclarion.com.
The Fund’s dividend policy is established by the Board of Trustees. The dividend is set by the Board at regular intervals with consideration of investment income and realized gains expected for the year. Each distribution is expected to be paid from some or all of the following sources: net investment income, realized long-term gains and short-term gains, and unrealized gains or in certain cases a return of capital. The Fund’s distribution rate should not be confused with pure income or yield. We strive to establish a level regular dividend that over the course of the year will pay out all income and realized gains with a minimum of special distributions.
CBRE Clarion Global Real Estate Income Fund is a closed-end fund, which is traded on the New York Stock Exchange, and invests primarily in real estate securities. Holdings are subject to change. Past performance is no guarantee of future results. Closed-end funds, unlike open-end funds, are not continuously offered. After a public offering, once issued, shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund’s shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below, or above net asset value. Investing in closed-end funds involves risk including the possible loss of principal.
An investment in the Fund is subject to risks similar to those associated with the direct ownership of real estate. Real estate companies are sensitive to factors such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and credit worthiness of the issuer. REITs may also be affected by tax and regulatory requirements.
The Fund invests primarily in real estate investment trusts (REITs) and similar companies. When these companies make distributions to the Fund during the year, the Fund uses past disclosures and the estimates provided by the companies to provide estimated sources of distributions paid. Until the Fund receives a final determination from these companies as to the source of distributions – generally around January 31 of the following year – the Fund cannot provide you with a final determination of the source of distributions paid.
For the current fiscal year (January 1, 2012 to February 29, 2012), the Fund has made or declared two (2) regular monthly distributions totaling $0.09 per share. The source of the distributions declared for the current month and fiscal year to date is estimated as follows:
| Estimated Source of Distributions: | |||||||||||
| Â | Â | Â | Estimated Allocations | ||||||||
| Distribution | Â | Â |
Net InvestmentIncome* |
 |
Net Realized Short-Term Capital Gains |
 |
Net Realized Long-Term Capital Gains |
 |
Return ofCapital |
||
| Current | Â | $0.045 | $0.031 (69%) | -- (0%) | -- (0%) | $0.014 (31%) | |||||
| YTD | Â | $0.090 | Â | Â | $0.062 (69%) | Â | -- (0%) | Â | -- (0%) | Â | $0.028 (31%) |
|
*Reflects PFIC losses, as defined below. |
|||||||||||
| Â | |||||||||||
SHAREHOLDERS SHOULD NOT USE THE INFORMATION PROVIDED HERE IN PREPARING THEIR TAX RETURNS. SHAREHOLDERS WILL RECEIVE A FORM 1099-DIV FOR THE CALENDAR YEAR INDICATING HOW TO REPORT FUND DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.
The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.
The Fund invests in certain companies that have been designated as “passive foreign investment companies” (“PFICs”) for purposes of U.S. tax regulations. Increases in the value of these PFICs (“PFIC Income”) increase the income of the Fund. PFIC Income does not reflect dividends or other income actually received by the Fund, although it does serve to increase the Net Investment Income the Fund is required to distribute. Distributions of PFIC Income may result in a Return of Capital. The amount of Net Investment Income described in the foregoing table (Estimated Source of Distributions) may include PFIC Income. Decreases in the value of these PFICs (“PFIC Losses”) offset the other investment income of the Fund. PFIC Losses do not reflect a diminution in the amount of dividends or income actually received by the Fund, although they do serve to reduce the Net Investment Income the Fund is required to distribute. The amount of Net Investment Income in the foregoing table (Estimated Source of Distributions) may have been reduced by PFIC Losses.
The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money invested in the Fund is paid back. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”.
Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. Please note that all performance figures below are based on the Fund’s net asset value (“NAV”) and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance.
The Fund’s cumulative year-to-date total return for fiscal year 2012 (January 1, 2012 through January 31, 2012) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return on NAV and the Fund’s Cumulative Distribution Rate for 2012, as well as its current annualized distribution rate. Moreover, the Fund’s Average Annual Total Return (in relation to its NAV) for the preceding five-year period (February 1, 2007 through January 31, 2012) is set forth below. Shareholders should take note of the relationship between the Fund’s Average Annual Total Return on NAV for the preceding five-year period and the Fund’s Average Annual Distribution Rate for the preceding five-year period. The performance and distribution rate information disclosed in the table below is based on the Fund’s NAV. The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of common shares outstanding. While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the market price of the Fund’s shares.
|
Fund Performance and Distribution Rate Information: |
||
| Â | ||
| Year-to-date 1/1/2012 to 1/31/2012 | ||
|
Year-to-date Cumulative Total Return on NAV1 |
 | 5.59% |
| Cumulative Distribution Rate2 | 0.53% | |
| Preceding Five-Year Period 2/1/2007 to 1/31/2012 | ||
| Average Annual Total Return on NAV3 | 1.94% | |
| Average Annual Distribution Rate4 | 9.58% | |
| Current Annualized Distribution Rate5 | Â | 6.32% |
| 1 |  | Year-to-date Cumulative Total Return on NAV is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
| 2 | Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2012 through January 31, 2012) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of January 31, 2012. | |
| 3 | Average Annual Total Return on NAV represents the simple arithmetic average of the Annual NAV Total Returns of the Fund for the preceding five-year period. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions. | |
| 4 | Average Annual Distribution Rate is the simple arithmetic average of the Annual Distribution Rates for the preceding five-year period. The Annual Distribution Rates are calculated by taking the total distributions paid during the period divided by average daily NAV for the period. | |
| 5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Fund’s NAV as of January 31, 2012. | |
| Â |
Please refer to the chart below for information about the Fund’s historical NAVs, change in NAVs, total returns, and distributions paid.
| Â |
AverageDailyNAV forPeriod |
 |
End ofPeriodNAV PerShare |
 |
Changein NAV |
 |
AnnualizedTotalReturns |
 |
DistributionRate4 |
 |
LevelDistributionsPaid |
 |
SpecialDistributionsPaid |
 |
TotalDistributionsPaid |
||||||||||
| IPO | $ | 15.00 | |||||||||||||||||||||||
|
20041 |
$ | 14.39 | $ | 17.46 | 16.40 | % | 28.20 | % | 5.77 | % | $ | 0.75 | $ | 0.08 | $ | 0.83 | |||||||||
| 2005 | $ | 16.81 | $ | 17.23 | -1.32 | % | 8.13 | % | 8.75 | % | $ | 1.29 | $ | 0.18 | $ | 1.47 | |||||||||
| 2006 | $ | 20.27 | $ | 22.78 | 32.21 | % | 53.42 | % | 16.13 | % | $ | 1.38 | $ | 1.89 | $ | 3.27 | |||||||||
| 2007 | $ | 21.67 | $ | 16.16 | -29.06 | % | -15.82 | % | 14.86 | % | $ | 1.38 | $ | 1.84 | $ | 3.22 | |||||||||
| 2008 | $ | 11.97 | $ | 5.63 | -65.16 | % | -61.14 | % | 10.36 | % | $ | 1.24 | $ | - | $ | 1.24 | |||||||||
| 2009 | $ | 5.82 | $ | 7.51 | 33.39 | % | 46.79 | % | 9.28 | % | $ | 0.54 | $ | - | $ | 0.54 | |||||||||
| 2010 | $ | 7.82 | $ | 8.58 | 14.25 | % | 22.41 | % | 6.91 | % | $ | 0.54 | $ | - | $ | 0.54 | |||||||||
| 2011 | $ | 8.60 | $ | 8.14 | -5.13 | % | 0.94 | % | 6.28 | % | $ | 0.54 | $ | - | $ | 0.54 | |||||||||
|
20122 |
$ | 8.35 | $ | 8.55 | 5.04 | % | 5.59 | % | Â | 0.54 | % | $ | 0.045 | $ | - | $ | 0.045 | ||||||||
| Average3 | Â | Â | Â | Â | Â | Â | Â | 11.16 | % | Â | 9.94 | % | Â | Â | Â | Â | Â | Â | |||||||
|
Since Inception Annualized Total Return |
3.69% |
||||||||||||||||||||||||
| Â | ||
| 1 | Figures for 2004 are from February 24, 2004, the Fund’s inception date. | |
| 2 | 2012 figures are year-to-date through January 31, 2012. | |
| 3 | Average calculated on number of months and years since inception. The Fund’s inception date was February 24, 2004. | |
| 4 | Distribution rate calculated by taking the total distributions paid within the period divided by average daily NAV for the period. | |
| Â | ||
|
Sources: NAV per share amounts and annualized total returns are published in the Fund’s audited annual reports for the respective year. |
||
| Â | ||
About CBRE Clarion Securities:
CBRE Clarion Securities is a registered investment advisory firm specializing in the management of global listed real estate securities for both institutional and individual investors. Headquartered near Philadelphia, Pennsylvania, the firm manages approximately $20 billion in assets and has over 70 employees located in offices in the United States, United Kingdom, Hong Kong, Japan, and Australia. Please visit our website at www.cbreclarion.com.
CBRE Clarion Securities is the listed equity management arm of CBRE Global Investors. CBRE Global Investors is a global real estate investment management firm with $94.1 billion in assets under management* as of December 31, 2011. The firm sponsors investment programs across the risk/return spectrum for investors worldwide. CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE: CBG), and harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services company for the benefit of its investors. CBRE has approximately 34,000 employees (excluding affiliates) in more than 300 offices (excluding affiliates) worldwide.
For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
* Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
CBRE Clarion SecuritiesAnalyst and Press Inquiries:David Leggette, Vice President610-995-2500orInvestor Relations:888-711-4272www.cbreclarion.com
Source: CBRE Clarion Global Real Estate Income Fund
KNOXVILLE, Tenn., Feb.9, 2012 /PRNewswire/ --  Having sold houses for a living for 24 years, Vick Dyer has faithfully attended his company's international conferences for 14 years. This year, though, he'll be making the trip of more than 700 miles under his own power – simply to make a point about technology.
On Monday at 10 a.m., Dyer, 58, sets out from his Knoxville, Tennessee, office on his bicycle, pedaling some 40 pounds of gear and clothing 13 days on a mid-winter ride to the New Orleans Convention Center.
His route takes him across the breadth of four states and through 12 overnight stops, ending on stage before an expected 4,000 attendees of the Coldwell Banker Real Estate's International Business Conference.
Dyer aims to use a 150-year-old transportation technology to focus attention on the newest communications technologies and their rising importance in real estate services, an integral part of this year's conference theme, "Generation Blue Experience."
Along the way, he plans to conduct business with clients from his bike, using a smart phone and an iPad. Dyer will also document his ride electronically, tracking progress with a GPS signal and a blog. In addition, he will stop at eight Coldwell Banker offices en route to exchange ideas on how technology can help colleagues become better real estate agents.
"The business tools we use now change every year, from online video to mobile marketing and cloud computing," Dyer said. "My business has weathered the economic downturn well in part because I learned about these new tools and techniques at past conferences.
"I believe home ownership is the key to better times ahead. Now that the housing market is starting to rebound, this ride is my way of helping home buyers and sellers take advantage of new opportunities."
The public is invited to see Dyer's start at 10 a.m. on February 13 at the Bearden office of Coldwell Banker Wallace & Wallace REALTORS®, 140 Major Reynolds Place, Knoxville, Tenn. For more information, call 865-584-4000.
Dyer's route: Athens, Cleveland, and Chattanooga, Tennessee; Fort Payne, Ashville, Birmingham, Tuscaloosa, and Livingston, Alabama; Meridian, Laurel, Hattiesburg, Popularville and Picayune, Mississippi; Slidell, Louisiana.
SOURCE Coldwell Banker Wallace & Wallace
RYE BROOK, N.Y., Feb. 9, 2012 /PRNewswire/ -- Full Circle Capital Corporation (Nasdaq: FULL) (the "Company") today announced its financial results for the second quarter of fiscal 2012 ended December 31, 2011.
For the quarter ended December 31, 2011, the Company recorded net investment income of $1.1 million, or $0.18 per share, and a net increase in net assets resulting from operations of $0.3 million, or $0.04 per share. Net asset value was $8.92 per share at December 31, 2011 compared to $9.11 per share at September 30, 2011.
On February 3, 2012, the Board of Directors declared monthly distributions for the fourth quarter of fiscal 2012 as follows:
Record Date | Payment Date | Per Share Amount | |
April 30, 2012 | May 15, 2012 | $0.077 | |
May 31, 2012 | June 15, 2012 | $0.077 | |
June 29, 2012 | July 13, 2012 | $0.077 | |
These monthly distributions equate to a $0.924 annualized distribution rate or a current annualized yield of 11.4%, based on the closing price of the Company's common stock of $8.08 per share on February 8, 2012.
Financial Highlights for the Second Quarter of Fiscal 2012
- Net asset value was $8.92 per share at December 31, 2011.
- Weighted average portfolio interest rate increased to 13.04% at December 31, 2011 from 12.89% at September 30, 2011.
- Total investment income was $2.4 million, including fee income from structuring fees and other sources of $65,000.
- Net investment income was $1.1 million, or $0.18 per share.
- Net increase in net assets resulting from operations was $0.3 million, or $0.04 per share.
- Total portfolio investments at December 31, 2011 were $64.6 million (excluding U.S. treasury bills of $32.5 million), compared to $68.9 million (excluding U.S. treasury bills of $35.0 million) at September 30, 2011.
- The Company sold to a third party a $3.5 million participation in the loans of one borrower and received a $0.9 million pre-payment from another borrower. The Company funded $0.9 million to existing borrowers.
- At December 31, 2011, excluding U.S. Treasury bills, 92% of investments were first lien senior secured loans.
- At December 31, 2011, debt outstanding was $14.1 million consisting of $10.7 million drawn under the Company's $35.0 million senior leverage facility and $3.4 million under its senior unsecured notes.
- Full Circle paid monthly distributions of $0.077 per share on November 15, 2011, December 15, 2011 and January 13, 2012.
- Per share amounts for the quarter ended December 31, 2011 are based on approximately 6.2 million weighted average shares outstanding.
Management Commentary
"Our senior secured uni-tranche product continues to generate demand from borrowers in our target market of growing lower middle and smaller market companies, however, as we've previously discussed, the timing of origination closings and the recording of origination income can be uneven," said John Stuart, chairman and chief executive officer of Full Circle Capital Corp. "A number of funding opportunities are working through our due diligence and underwriting process and we expect the loan portfolio to continue to build."
"Currently, 92% of our portfolio consists of first lien loans, providing us with greater control and security in the primary collateral of the borrower. The yield on the loan portfolio continued to expand during the quarter, reaching 13.04%. Floating rate loans now account for 91% of the portfolio compared to 81% at September 30, 2011 and 69% at December 31, 2010."
Second Quarter Fiscal 2012 Results
The Company's net asset value at December 31, 2011 was $8.92 per share. For the second fiscal quarter ended December 31, 2011, the Company recorded net unrealized depreciation of $847,000 resulting primarily from fair value adjustments.
The Company generated $2.3 million of interest income during the period, of which 100% was paid in cash. Fee income from structuring fees and other sources totaled $65,000. The Company recorded net investment income of $1.1 million, or $0.18 per share, and a net increase in net assets resulting from operations of $0.3 million, or $0.04 per share.
The Company sold to a third party a $3.5 million participation in the loans of one borrower and received a $0.9 million pre-payment from another borrower. The Company funded $0.9 million to existing borrowers.
At December 31, 2011, the Company's portfolio (excluding U.S. Treasury bills and money market funds) included investments in 17 companies of which 14 were debt investments. The average portfolio company debt investment at December 31, 2011 was $4.5 million. Â The weighted average interest rate on investments was 13.04%. At fair value, 92% of portfolio investments were first lien loans, 5% were second lien loans and 3% were equity investments. Approximately 91% of the debt investment portfolio, at fair value, bore interest at floating rates. The loan-to-value ratio on the Company's loans was 63% at December 31, 2011 compared to 53% at September 30, 2011.
Recent Events
On January 31, 2012, Iron City Brewing, LLC paid off the entirety of its loan to the Company at par.
On January 19, 2012, Equisearch Acquisition, Inc. ("Equisearch") filed for protection under Chapter 7 of the U.S. Bankruptcy Code. At that date, the Company had an investment in Equisearch of $2,580,201 through a first lien, senior secured loan facility. At December 31, 2011 the fair value of our investment in Equisearch was $1,989,892.  The Company is currently pursuing full recovery under its first priority lien on the assets of the business, and is awaiting information regarding the proceedings in order to make a judgment regarding the economic outcome and related impact to the Company. There can be no assurance regarding what amount the Company may recover.
Conference Call Details
Management will host a conference call to discuss these results on Friday, February 10, 2012 at 10:00 a.m. ET. Â To participate in the conference call, please call 866-305-6438 (domestic call-in) or 706-679-7161 (international call-in) and reference code # 47247175.
A live webcast of the conference call and the accompanying slide presentation will be available at http://ir.fccapital.com/CorporateProfile.aspx?iid=4151676. All participants should call or access the website approximately 10 minutes before the conference begins. Â
A telephone replay of the conference call will be available from 1:00 p.m. ET on February 10 until 11:59 p.m. ET on February 16 by calling 855-859-2056 (domestic) or 404-537-3406 (international) and entering confirmation # 22331284. Â An archived replay of the conference call and slide presentation will also be available in the investor relations section of the company's website.
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 smaller and 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 web site www.fccapital.com.
Forward-Looking Statements
This press release contains forward-looking statements which relate to future events or Full Circle's future performance or financial condition. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. These forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Full Circle's filings with the Securities and Exchange Commission. Full Circle undertakes no duty to update any forward-looking statements made herein.
Company Contact: | Investor Relations Contacts: | |
John E. Stuart, CEO | Stephanie Prince/Jody Burfening | |
Full Circle Capital Corporation | Lippert/Heilshorn & Associates | |
914-220-6300 | 212-838-3777 | |
FULL CIRCLE CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES | ||||||||||
December 31, 2011 | June 30, 2011 | |||||||||
(Unaudited) | (Audited) | |||||||||
Assets | ||||||||||
Control Investments at Fair Value (Cost of $7,435,072 and $1,658,552, respectively) | $ | 6,733,560 | $ | 842,884 | ||||||
Affiliate Investments at Fair Value (Cost of $430,500 and $7,174,348, respectively) | 561,371 | 7,112,992 | ||||||||
Investments at Fair Value (Cost of $91,983,163 and $75,757,764, respectively) | 89,839,577 | 74,838,241 | ||||||||
Total Investments at Fair Value (Cost of $99,848,735 and $84,590,664, respectively) | 97,134,508 | 82,794,117 | ||||||||
Cash | 1,295,697 | 2,065,943 | ||||||||
Deposit with Broker | 3,300,000 | 2,657,859 | ||||||||
Interest Receivable | 924,320 | 680,527 | ||||||||
Principal Receivable | 709,008 | - | ||||||||
Prepaid Expenses | 105,424 | 33,642 | ||||||||
Other Current Assets | 12,164 | 212,961 | ||||||||
Deferred Credit Facility Fees | 50,000 | 50,000 | ||||||||
Total Assets | 103,531,121 | 88,495,049 | ||||||||
Liabilities | ||||||||||
Due to Affiliate | 575,363 | 592,418 | ||||||||
Accounts Payable | 6,232 | 116,289 | ||||||||
Accrued Liabilities | 113,920 | 73,228 | ||||||||
Due to Broker | 32,500,163 | 25,999,632 | ||||||||
Dividends Payable | 478,892 | 1,399,361 | ||||||||
Interest Payable | 107,865 | 23,361 | ||||||||
Other Current Liabilities | 156,659 | 412,171 | ||||||||
Line of Credit | 10,697,602 | - | ||||||||
Distribution Notes | 3,404,583 | 3,404,583 | ||||||||
Total Liabilities | 48,041,279 | 32,021,043 | ||||||||
Net Assets | $ | 55,489,842 | $ | 56,474,006 | ||||||
Components of Net Assets | ||||||||||
Common Stock, par value $0.01 per share | ||||||||||
(100,000,000 authorized; 6,219,382 issued | ||||||||||
and outstanding) | $ | 62,194 | $ | 62,194 | ||||||
Paid-in Capital in Excess of Par | 58,204,411 | 58,204,411 | ||||||||
Distributions in Excess of Net Investment Income | (533,590) | (340,534) | ||||||||
Accumulated Net Realized Gains | 471,054 | 344,482 | ||||||||
Accumulated Net Unrealized Losses | (2,714,227) | (1,796,547) | ||||||||
Net Assets | $ | 55,489,842 | $ | 56,474,006 | ||||||
Net Asset Value Per Share | $ | 8.92 | $ | 9.08 | ||||||
FULL CIRCLE CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||
2011 | 2010 (1) | 2011 | 2010 (1) | ||||||||||
Investment Income | |||||||||||||
Interest Income | $ | 2,104,779 | $ | 2,091,480 | $ | 3,930,042 | $ | 2,802,910 | |||||
Interest Income from Affiliate Investments | - | 240,260 | 234,864 | 331,034 | |||||||||
Interest Income from Control Investments | 227,071 | - | 254,644 | - | |||||||||
Dividend Income from Affiliate Investments | - | 153,333 | - | 210,833 | |||||||||
Dividend Income from Control Investments | 1,823 | - | 1,823 | - | |||||||||
Other Income | 64,992 | 193,124 | 376,449 | 201,002 | |||||||||
Other Income from Affiliate Investments | - | - | 54,086 | - | |||||||||
Other Income from Control Investments | - | - | 105,000 | - | |||||||||
Total Investment Income | 2,398,665 | 2,678,197 | 4,956,908 | 3,545,779 | |||||||||
Operating Expenses | |||||||||||||
Management Fee | 300,690 | 304,429 | 586,650 | 411,413 | |||||||||
Incentive Fee | 274,674 | 374,776 | 646,276 | 487,462 | |||||||||
Total Advisory Fees | 575,364 | 679,205 | 1,232,926 | 898,875 | |||||||||
Allocation of Overhead Expenses | 89,207 | 90,270 | 174,892 | 120,360 | |||||||||
Sub-Administration Fees | 78,115 | 78,114 | 156,229 | 104,152 | |||||||||
Officers' Compensation | 71,629 | 33,424 | 117,553 | 43,111 | |||||||||
  Total Costs Incurred Under Administration Agreement | 238,951 | 201,808 | 448,674 | 267,623 | |||||||||
Directors' Fees | 26,125 | 26,125 | 54,250 | 55,232 | |||||||||
Interest Expenses | 244,405 | 216,988 | 366,965 | 330,519 | |||||||||
Professional Services Expense | 93,806 | 82,331 | 314,679 | 120,125 | |||||||||
Bank Fees | 3,285 | 11,880 | 6,966 | 16,890 | |||||||||
Other | 118,089 | 76,817 | 203,258 | 117,316 | |||||||||
Organizational Expenses | - | 34,996 | - | 178,979 | |||||||||
Total Gross Operating Expenses | 1,300,025 | 1,330,150 | 2,627,718 | 1,985,559 | |||||||||
Management Fee Waiver and Expense Reimbursement | - | (147,078) | (313,792) | (241,688) | |||||||||
Total Net Operating Expenses | 1,300,025 | 1,183,072 | 2,313,926 | 1,743,871 | |||||||||
Net Investment Income | 1,098,640 | 1,495,125 | 2,642,982 | 1,801,908 | |||||||||
Net Change in Unrealized Loss on Investments | (846,865) | (224,281) | (917,680) | (330,135) | |||||||||
Realized Gain on Investments | 766 | 86,574 | 126,572 | 92,637 | |||||||||
Net Increase in Net Assets Resulting from Operations | $ | 252,541 | $ | 1,357,418 | $ | 1,851,874 | $ | 1,564,410 | |||||
Earnings per common share | $ | 0.04 | $ | 0.22 | $ | 0.30 | $ | 0.38 | |||||
Weighted average shares of common stock outstanding | 6,219,382 | 6,191,515 | 6,219,382 | 4,138,926 | |||||||||
(1) Â Certain amounts have been reclassified to conform to the current period's presentation | |||||||||||||
FULL CIRCLE CAPITAL CORPORATION AND SUBSIDIARIES Financial highlights (Unaudited) | |||||||||||||
Three months ended December 31, 2011 | Three months ended December 31, 2010 | Six months ended December 31, 2011 | For the period from August 31, 2010 (commencement of operations) to December 31, 2010 | ||||||||||
Per Share Data (1) : | |||||||||||||
Net asset value at beginning of period | $ | 9.11 | $ | 9.36 | $ | 9.08 | $ | 9.40 | |||||
Offering costs | - | (0.04) | - | (0.04) | |||||||||
Net investment income | 0.18 | 0.24 | 0.43 | 0.30 | |||||||||
Change in unrealized loss | (0.14) | (0.04) | (0.15) | (0.06) | |||||||||
Realized gain | - | 0.02 | 0.02 | 0.02 | |||||||||
Dividends declared | (0.23) | (0.22) | (0.46) | (0.30) | |||||||||
Net asset value at end of period | $ | 8.92 | $ | 9.32 | $ | 8.92 | $ | 9.32 | |||||
(1) Â Financial highlights are based on average weighted shares outstanding. | |||||||||||||
SOURCE Full Circle Capital Corporation
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