Allied Capital Corp. II announces 1996 net income of $1.38 per share.WASHINGTON--(BUSINESS WIRE)--Feb. 18, 1997--Allied Capital Corp. II (ALII) announced 1996 results Tuesday Tuesday: see week. . For the year ended Dec. 31, 1996, net income was $10.2 million, or $1.38 per share, as compared to $14.7 million, or $2.11 per share, for the year ended Dec. 31, 1995. Net investment income increased 10% to $9.1 million over 1995 net investment income of $8.4 million, and net realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. on investments increased by 105% over 1995 to $7.4 million as the result of the sale of several portfolio investments during the year. The large harvest (tool, networking) Harvest - A highly scalable, customisable system for discovering resources on the Internet. Version: 1.3. http://tardis.ed.ac.uk/harvest/. of realized gains in 1996, combined with the depreciation of some investments, resulted in an overall decline in net unrealized portfolio appreciation which had the effect of reducing net income for the year. Total distributions of taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. , which included four regular quarterly dividends and an annual extra distribution, were $1.92 per share, a 20% increase over the company's 1995 total distribution of $1.60 per share. The company's stock, which traded at a yield of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 9% throughout 1996, had a total return of 37.2% for the year. For 1996, the company invested $25.8 million into new and follow-on fol·low-on adj. Following as a related or consequent aspect or development: "Such contracts involve follow-on sales of maintenance services" Christian Science Monitor. investments. Repayments, sales of equity securities and changes in portfolio valuations totaling approximately $39 million caused an overall decrease in the company's total investments of 13% to $86.3 million by year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . The company currently has $3.1 million in outstanding commitments for new investments. During the fourth quarter of 1996, $8.4 million was invested in new or existing portfolio companies. The company reported a net loss for the three months ended Dec. 31, 1996 of $0.6 million, which included $2.5 million in net investment income and $1.3 million in net realized gains, offset by $4.3 million in net unrealized depreciation. Bill Walton William Theodore Walton III, better known as Bill Walton (born November 5, 1952), is a former American basketball player and current television sportscaster. He is the father of current Los Angeles Lakers player Luke Walton. , chairman, president, and chief executive officer of Allied Capital II, commented, "The market provided the company with some extraordinary opportunities to exit several investments this year, and the unrealized appreciation that had been previously reported related to these investments was realized as gains during the year. "We are pursuing new investments vigorously vig·or·ous adj. 1. Strong, energetic, and active in mind or body; robust. See Synonyms at healthy. 2. Marked by or done with force and energy. See Synonyms at active. , but with appropriate caution, in this period of optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op valuations." -0-
(in thousands, except
per share amounts) 12 mos. ended 12 mos. ended
------------- -------------
12/31/96 Per Share 12/31/95 Per Share
-------- ---------- -------- ---------
Operating
Information
------------
Net investment
income $ 9,148 $ 1.25 $ 8,350 $ 1.20
Net realized gains 7,427 1.01 3,621 0.52
-------- ---------- -------- ---------
Net realized income 16,575 2.26 11,971 1.72
Net unrealized
apprec. (deprec.) (6,426) (0.88) 2,762 0.39
-------- ---------- -------- ---------
Net income $ 10,149 $ 1.38 $ 14,733 $ 2.11
-------- ---------- -------- ---------
Actual shares
outstanding 7,550 -- 7,104 --
Weighted avg.
shares outstanding 7,343 -- 6,979 --
Distributions to
Shareholders
----------------
Regular dividends -- $ 1.47 -- $ 1.12
Extra distribution -- 0.45 -- 0.48
---------- ---------
Total distributions
for 12 months -- $ 1.92 -- $ 1.60
---------- ---------
3 mos. ended 3 mos. ended
------------ ------------
12/31/96 Per Share 12/31/95 Per Share
-------- ---------- -------- ---------
Operating
Information
------------
Net investment
income $ 2,496 $ 0.34 $ 1,857 $ 0.27
Net realized gains 1,286 0.17 428 0.06
-------- ---------- -------- ---------
Net realized income 3,782 0.51 2,285 0.33
Net unrealized
apprec. (deprec.) (4,342) (0.59) (2,354) (0.34)
-------- ---------- -------- ---------
Net loss $ (560) $ (0.08) $ (69) $ (0.01)
-------- ---------- -------- ---------
Actual shares
outstanding 7,550 -- 7,104 --
Weighted avg.
shares outstanding 7,405 -- 6,970 --
Distributions to
Shareholders
----------------
Regular dividends -- $ 0.41 -- $ 0.31
12/31/96 Per Share 12/31/95 Per Share
-------- ---------- -------- ---------
Balance Sheet
Information
-------------
Total investments $ 86,266 -- $ 99,207 --
Total assets 106,908 -- 107,169 --
Shareholders'
equity (NAV) 102,838 $ 13.62 101,981 $ 14.36
-0-
Allied Capital Corp. II is a business development company headquartered in Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C. and traded on the Nasdaq National Market under the symbol ALII. The company makes long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investments ranging in size from $2 million to $8 million in small, growing businesses throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . There are 7,596,744 total shares outstanding. Allied Capital II pays a regular quarterly dividend of 43 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. and has paid an extra distribution each year since inception. Allied Capital II distributed a total of $1.92 per share to shareholders for 1996, and $1.60 per share for 1995. For additional information, please contact Allied Capital's Investor Relations Investor relations The process by which the corporation communicates with its investors. Department at 202/973-6383 or fax to 202/659-2053. Press releases and other information may be obtained through the company's News-On-Demand fax service at 888/329-5519, or through Allied Capital's world wide web site at www.alliedcapital.com . CONTACT: Allied Capital, Washington Suzanne Suzanne is a common female given name that was particularly popular in the United States in the 1950s and 1960s. It remained in the top 200 most popular names in the United States between 1930 and the late 1980s. Sparrow, 202/973-6326 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion