Q2 2016 Highlights
"We continue to build our operating income with a long-term goal of raising our distributions to
|Quarter Ended||Six Months Ended|
|(Unaudited) ($ in thousands except for per share data)||Q2 2016||Q1 2016||Q2 2015||Q1 2015||April-16||April-15|
|Total operating income||15,855||8,090||5,273||4,856||23,945||10,129|
|Portfolio fees - asset management||186||187||187||204||373||391|
|Management fee - asset management||86||101||(18||)||16||187||(2||)|
|Interest, fees and other borrowing costs||2,497||2,629||2,616||2,455||5,126||5,071|
|Net Incentive compensation||1,135||(2,230||)||(3,462||)||(2,120||)||(1,095||)||(5,582||)|
|Total waiver by adviser||(1,527||)||(532||)||(37||)||(38||)||(2,059||)||(75||)|
|Net operating income before net realized and unrealized gains||10,345||4,998||2,595||1,200||15,343||3,795|
|Net increase (decrease) in net assets resulting from operations||6,046||(4,991||)||(11,813||)||(9,743||)||1,055||(21,556||)|
|Net increase (decrease) in net assets resulting from operations per share||0.26||(0.21||)||(0.52||)||(0.43||)||0.05||(0.95||)|
|Net asset value per share||12.56||12.43||13.93||14.58||12.56||13.93|
For the second quarter of 2016, the Company earned
The Company reported net operating income of
The increase in dividend and fee income for the second quarter 2016 was primarily due to the receipt of a
During the second quarter of fiscal year 2016, the fair values of 22 portfolio companies and escrow receivables were adjusted, resulting in a net decrease of
The Valuation Committee took into account many factors, including the performance of the portfolio companies, as well as the impact of changes in market multiples within certain sectors and fluctuations in currency valuations, particularly in the Euro.
During the second quarter of fiscal year 2016, the Board of Directors declared a dividend of
Since implementing its dividend policy in July of 2005, MVC has paid forty-four consecutive quarterly dividends. Dividends paid through
MVC is currently planning to hold a shareholder call following the filing of its Q3 2016 10-Q. A press release announcing the call with the dial-in details will be distributed as soon as the details of the call are confirmed.
MVC is a business development company traded on the
Safe Harbor Statement and Other Disclosures
The information contained in this press release contains forward-looking
statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including:
The press release contains unaudited financial results. For ease of review, we have excluded the word "approximately" when rounding the results.
There can be no assurance that future dividend payments will match or exceed historic ones, or that they will be made at all. There can be no assurance whether, when and to what extent MVC will repurchase shares, as the share repurchase program does not obligate MVC to acquire any specific number of shares and may be discontinued at any time. Share repurchases may also be subject to appropriate trading windows and are subject to the ongoing discretion of our Portfolio Manager. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of MVC's common stock. There is no assurance that the market price of MVC's shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases, or that the program will enhance shareholder value over the long-term. There can be no assurance that MVC will achieve its investment objective.
Contact: Investor Relations
Jackie Rothchild MVC Capital914.510.9400 Or Jeffrey Goldberger/ Allison Soss KCSA Strategic Communications212.896.1249 / 212.896.1267 Media Inquiries Patrick Scanlan Sard Verbinnen & Co.212.687.8080
News Provided by Acquire Media