Allied Capital Corp. announces second quarter results.WASHINGTON--(BUSINESS WIRE)--Aug. 14, 1995--Allied Capital Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 second quarter results Monday Monday: see week. . For the three months ended June June: see month. 30, 1995, net income, which includes unrealized appreciation and depreciation in the portfolio, increased by 172% to $7.2 million, or $1.16 per common share, from $2.6 million, or 42 cents per common share, for the comparative quarter in 1994. The company reported a substantial increase in net unrealized appreciation on the portfolio of small business investments. Net unrealized appreciation was $6.5 million for the quarter ended June 30, 1995 as compared to $963,000 for the comparative quarter in 1994. "A number of investments in our portfolio have appreciated significantly. For instance Garden Ridge
See: Secondary market. aftermarket See secondary market. . We are encouraged by the performance of many small businesses in the portfolio and look forward to future capital gains," Cabell Williams, President, remarked. For the six months ended June 30, 1995 Allied Capital Corp. reported earnings of $9.3 million, or $1.49 per common share, a 175% increase over earnings of $3.4 million, or 53 cents per common share, for the same six month period in 1994. Year to date, net investment income has increased by 312% over last year. "At our recent board of directors meeting, we determined that the prospects are good for realizing capital gains in 1995 and 1996, and to reflect our confidence we increased the regular quarterly dividend to 22 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. ," said Williams. During the second quarter of 1995, Allied Capital Corp. invested approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $8 million in new or existing portfolio companies. After repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan and changes in valuations, the company increased its total investments in small businesses by approximately $3.5 million during the quarter. At June 30, 1995, investments in small businesses totaled 90% of the company's total assets. -0-
(in thousands, except per share amounts)
Per Per
(Unaudited) 6/30/95 Share 12/31/94 Share(1)
------- ----- -------- -------
Financial Position
Information
------------------
Total investments $ 122,244 -- $ 115,026 --
Total assets 136,252 -- 135,517 --
Common shareholders'
equity (NAV) 51,147 $ 8.28 43,987 $7.15
-0-
3 mos. ended 3 mos. ended
Per Per
6/30/95 Share 6/30/94 Share(1)
------- ------ ------- --------
Operating Information
---------------------
Net investment income $ 504 $ 0.08 $ 131 $ 0.02
Net realized gains 217 0.03 1,547 0.25
--- -----
Net realized income 721 0.12 1,678 0.27
Net unrealized
appreciation 6,475 1.05 963 0.16
----- ---
Net income (2) $7,196 $ 1.16 $ 2,641 $ 0.42
====== =======
Actual common shares outstanding 6,174 -- 6,154 -- Weighted avg. common shares outstanding 6,174 -- 6,177 -- Distributions to Shareholders ---------------- Regular dividends -- $ 0.20 -- $ 0.20
-0-
6 mos. ended 6 mos. ended
Per Per
6/30/95 Share 6/30/94 Share(1)
------- ------ ------- --------
Operating Information
---------------------
Net investment income $ 1,385 $ 0.22 $ 336 $ 0.05
Net realized gains 295 0.05 1,788 0.29
----- -----
Net realized income 1,680 0.27 2,124 0.34
Net unrealized
appreciation 7,650 1.24 1,269 0.21
----- -----
Net income (2) $ 9,330 $ 1.49 $3,393 $ 0.53
======= ======
Actual common
shares outstanding 6,174 -- 6,155 --
Weighted avg. common
shares outstanding 6,174 -- 6,182 --
Distributions to Shareholders ---------------- Regular dividends -- $ 0.40 -- $ 0.40 (1) The weighted average number of common shares and common share equivalents outstanding and the per share computations for the prior periods presented have been restated to include the issuance of common stock pursuant to the company's dividend reinvestment plan in 1995. (2) Net income has been reduced by preferred stock dividends for the calculation of earnings per common share.-0- Quarterly Cash Dividend Increased At their most recent meeting, the board of directors of Allied Capital Corp. increased the company's quarterly cash dividend by 10% from 20 cents per share to 22 cents per share. This dividend is payable on Sept. 29, 1995 to shareholders of record as of Sept. 15, 1995. -0- Allied Capital Corp. is a publicly traded 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. traded on Nasdaq National Market, symbol ALLC. There are 6,174,047 total shares outstanding. Allied Capital pays a regular quarterly cash distribution of 22 cents per share and an annual extra distribution which is determined at year end. Allied Capital 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 $1.35 per share in cash distributions for the year ended Dec. 31, 1993; $1.32 per share for 1992; $1.30 per share for 1991; $1.27 per share for 1990. 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 $12.375. For additional information, please contact Allied Capital's Investor Relations Investor relations The process by which the corporation communicates with its investors. Department at 202/331-1112 or fax to 202/659-2053. 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, 202/331-1112 |
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