Allied Capital Corp. announces first quarter results.WASHINGTON--(BUSINESS WIRE)--May 9, 1996--Allied Capital Corp. (ALLC ALLC Association for Literary and Linguistic Computing ALLC Allied Capital Corporation (stock symbol) ALLC Army Logistics Leadership Center (Red River Defense Complex, Texarkana, TX) ) announced first quarter results Thursday Thursday: see week. . For the three months ended March 31, 1996, net income, which includes net unrealized appreciation and depreciation on the portfolio, increased by 108% to $4.4 million, or 69 cents per common share, from $2.1 million, or 34 cents per common share, for the comparative quarter in 1995. This increase reflected a 3% increase in average shares outstanding. The increase in net income was primarily due to a $3.1 million increase in 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. , the majority of which resulted from the sale of the company's equity in two portfolio companies. Net realized gains increased to $3.2 million for the three month period, as compared to $78,000 for the comparative quarter in 1995. Net investment income was up by 11% for the quarter as compared to the first quarter of 1995. Allied Capital invested $5 million this quarter in its first international investment, and will continue to seek opportunities to invest internationally in addition to its primary focus of seeking domestic investment opportunities. "Earnings for the quarter exceeded our expectations as the market continued to provide strong valuations for our portfolio holdings," commented Cabell Williams, president and portfolio manager. "Our investment opportunities are increasing and we are cautiously investing to ensure that we negotiate a fair price for our shareholders on each investment." Total assets increased during the quarter to $160.3 million primarily as a result of the company's one-for-seven rights offering, which netted approximately $8.2 million for the company. As a result of this offering, total shares outstanding increased by 663,710 shares. "We were very pleased with the participation of our shareholders in our recent rights offering," remarked Cabell Williams. "The equity we raised will enable the company to continue to grow and prosper." -0- (in thousands, except per share amounts)
3/31/96 Per Share 12/31/95 Per Share
Financial Position Information Total investments $122,760 -- $123,184 -- Total assets 160,253 -- 148,268 -- Common shareholders' equity (NAV) 62,789 $9.09 51,181 $8.26
3 mos. ended 3 mos. ended
3/31/96 Per Share 3/31/95 Per Share
Operating Information
Net investment income $ 982 $ 0.15 $ 881 $ 0.14 Net realized gains on investments 3,176 0.50 78 0.01 Net realized income 4,158 0.65 959 0.15 Net unrealized appreciation 284 0.04 1,175 0.19 Net income $4,442 $ 0.69 $2,134 $ 0.34 Actual shares outstanding 6,908 -- 6,163 -- Weighted avg. shares outstanding 6,343 -- 6,154 -- Distributions to Shareholders Regular dividends -- $ 0.26 -- $ 0.20-0- Quarterly Cash Dividend Declared At their most recent meeting, the board of directors of Allied Capital Corp. increased the company's quarterly cash dividend by 4% to 27 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. . The dividend is payable on June June: see month. 28, 1996 to shareholders of record as of June 14, 1996. Annual Meeting Results Announced On May 6, 1996 at the company's Annual Meeting of Shareholders held in Bethesda Bethesda, city, United States Bethesda, uninc. city (1990 pop. 62,936), Montgomery co., W central Md., an affluent residential and commercial suburb of Washington, D.C. The area was settled in the late 17th cent. , Md., shareholders elected all directors as nominated nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. in the proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. , and ratified rat·i·fy tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies To approve and give formal sanction to; confirm. See Synonyms at approve. the selection of Matthews, Carter & Boyce as independent public accountants for the company for the year ending Dec. 31, 1996. Approximately 82% of the total shares outstanding were present or represented at the meeting. Allied Capital Corp. is a publicly traded business development company, headquartered in Washington, D.C. traded on Nasdaq National Market, symbol ALLC. 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 $1 million to $7 million in small, private 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 6,907,741 total shares outstanding. Allied Capital pays a regular quarterly dividend of 27 cents per share and an annual extra distribution which is determined at year end. The company paid a total of $1.44 per share for the year ended Dec. 31, 1995, and paid a total of $1.40 per share, including a 60 cent per share annual extra distribution in the form of shares of Allied Capital Lending Capital lending is the process of a large company, or corporation, offering financing on large "ticket" items to encourage the customer to purchase that item. Many major corporations have set up finance divisions, or subsidiaries, to help the customer purchase their product over Corp., for the year ended Dec. 31, 1994. Allied Capital paid a total of $1.35 per share for the year ended Dec. 31, 1993 and $1.32 per share for 1992. Allied Capital has paid regular quarterly distributions and an annual extra distribution since 1964. All numbers have been adjusted for stock splits. Allied Capital's stock is marginable. A recent quote of the stock was $13.25. For additional information, please contact Allied Capital's Investor Relations Investor relations The process by which the corporation communicates with its investors. Department at 202/973-6343 or fax to 202/659-2053. CONTACT: Allied Capital, Washington Suzanne Sparrow, 202/973-6326 |
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