World News: 22:26 GMT Tuesday 14th January 2020. [MVC Capital, Inc. via Globe Newswire via SPi World News]
PURCHASE, N.Y., Jan. 14, 2020 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE: MVC) (the “Company”), a publicly traded business development company (BDC) that makes private debt and equity investments, announced its financial results for the fiscal fourth quarter and full year ended October 31, 2019.
For the fourth quarter of fiscal 2019, the Company earned interest income of $7.8 million and dividend and fee income of $0.2 million, compared to $5.1 million and $0.8 million, respectively, for the same quarter of fiscal 2018.
The Company reported total operating income of $8.0 million for the fourth quarter of fiscal 2019, compared to $5.9 million for the fourth quarter of fiscal 2018. The Company reported net operating income of $3.1 million for the fourth quarter of fiscal 2019, compared to $1.7 million for the same quarter in fiscal 2018.
For the fiscal year 2019, the Company earned interest income of $26.8 million, and dividend and fee income of $3.8 million, compared to $19.4 million and $3.2 million, respectively, for the fiscal year 2018.
The Company reported total operating income of $30.5 million for the fiscal year 2019, compared to $22.6 million for the fiscal year 2018. The Company reported net operating income of $11.6 million for the fiscal year 2019, compared with $3.8 million for the fiscal year 2018.
As of October 31, 2019, the Company's net assets were $228.0 million or $12.86 per share, compared with $227.9 million or $12.86 per share at the end of the prior fiscal quarter and $226.7 million or $12.46 per share at the end of the fourth quarter of fiscal 2018.
As of October 31, 2019, MVC had investments in portfolio companies totaling $340.2 million and cash and cash equivalents of $11.7 million, including $5.0 million in restricted cash equivalents.
At October 31, 2019, MVC had $15.1 million of debt outstanding under MVC's revolving credit facility with People’s United Bank.
On October 15, 2019, the Company's Board of Directors declared a dividend of $0.17 per share, a 13% increase over the prior quarter, which was paid on October 31, 2019.
Since implementing its dividend policy in July of 2005, the Company has paid fifty-eight consecutive quarterly dividends. Through October 31, 2019, dividends paid total $7.91 per share and total distributions and share repurchases (including tender offers) have surpassed $281 million.
Net operating income of $0.175 per share in the fourth quarter of fiscal 2019 exceeded the Company’s dividend of $0.17 for the quarter.
On November 1, 2019, U.S. Gas made a principal payment of approximately $32.8 million on its second lien loan.
On November 8, 2019, the Company received proceeds of approximately $2.7 million from the PE Fund related to the sale of Focus Pointe, a portfolio company of the PE Fund, resulting in a realized gain of $800,000 and carried interest of $48,000. Also, on November 8, 2019, the Company received proceeds of $291K from the PE Fund for tax refunds related to Plymouth Energy and received $11K in carried interest.
On November 25, 2019 and December 13, 2019, the Company loaned approximately $1.1 million and $1.0 million respectively, to Security Holdings, increasing its senior subordinated loan outstanding amount to approximately $8.1 million.
On December 13, 2019, the Company loaned approximately $1.6 million to Jedson Engineering, increasing the first lien loan to approximately $7.6 million.
MVC Capital (MVC) is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. For additional information about MVC, please visit MVC's website at .
Jackie Rothchild MVC Capital 914.510.9400
Jeffrey Goldberger / Allison Soss KCSA Strategic Communications 212.896.1249 / 212.896.1267
Globe Newswire: 22:26 GMT Tuesday 14th January 2020
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2020. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.