Allied Capital Corporation II announces first quarter results.WASHINGTON--(BUSINESS WIRE)--May 13, 1996--Allied Capital Corporation II (Nasdaq: ALII) announced first quarter results Monday Monday: see week. . For the three months ended March 31, 1996, net income, which includes net unrealized appreciation and depreciation on the portfolio, increased by 102% to $5.9 million, or 83 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. , as compared to $2.9 million, or 42 cents per share, for the first quarter of 1995. This increase reflects a 3% increase in average shares outstanding. The increase in net income was primarily due to a significant 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. , which resulted from the sale of the company's equity interest in two portfolio companies during the quarter. Net realized gains for the quarter increased to $2.6 million from $40,000 for the prior comparative quarter. Net investment income increased 8% to $2.3 million from $2.1 million for the first quarter of 1995. Allied Capital Corporation II invested a total of $2 million during the first quarter. The company had total investments in small businesses of $96.0 million as of March 31, 1996. Outstanding commitments to new or existing portfolio companies totaled $1.4 million at the end of the quarter. "We augmented our steady investment income from the portfolio with nearly 36 cents per share in net realized gains this quarter as we capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. on the strong market valuations for our investments," remarked Will Dunbar Dunbar, town (1991 pop. 6,015), East Lothian, SE Scotland, on the North Sea. It is a fishing center and seaside resort. Dunbar Castle was held by "Black Agnes," countess of Dunbar, against a six-week siege by the English in 1338. , president and portfolio manager. Dunbar continued, "The efforts spent on realizing gains in the portfolio affected the pace of new investments in the first quarter. We are seeing an increase in quality investment opportunities, but we remain cautious investors to assure that the returns we accept are suitable." Total assets at March 31, 1996 were $108.3 million and net unrealized appreciation on the portfolio at quarter-end totaled approximately $6.8 million. -0- (in thousands, except per share amounts)
3/31/96 Per Share 12/31/95 Per Share
------- --------- -------- ---------
Financial Position
Information
------------------
Total investments $ 95,999 -- $ 99,207 --
Total assets 108,256 -- 107,169 --
Shareholders'
equity (NAV) 107,223 $ 14.90 101,981 $ 14.36
3 mos. ended 3 mos. ended
3/31/96 Per share 3/31/95 Per share
------- --------- ------- ---------
Operating Information
---------------------
Net investment
income $ 2,298 $ 0.32 $ 2,132 $ 0.31
Net realized gains 2,568 0.36 40 0.00
----- ---- ----- ----
Net realized income 4,866 0.68 2,172 0.31
Net unrealized
apprec/(deprec) 1,083 0.15 771 0.11
----- ---- ----- ----
Net income $ 5,949 $ 0.83 $ 2,943 $ 0.42
===== ==== ===== ====
Actual shares
outstanding 7,198 -- 6,938 --
Weighted avg.
shares outstanding 7,143 -- 6,945 --
Distributions to Shareholders ----------------- Regular dividends -- $ 0.33 -- $ 0.25-0- Quarterly Cash Dividend Increased The board of directors of Allied Capital Corporation II increased the company's quarterly dividend by 6% to 35 cents per share from 33 cents per share paid on March 29, 1996. This is the fifth consecutive quarterly dividend increase the company has announced. The second quarter dividend is payable June June: see month. 28, 1996 to shareholders of record as of June 14, 1996. Annual Meeting Results Announced On May 10, 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 Matthews may refer to: In places:
Allied Capital Corporation II is a business development company traded on the Nasdaq National Market, 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 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 7,197,836 total shares outstanding. A recent quote of the stock was $17.75. Allied Capital II pays a regular quarterly dividend of 35 cents per share and has paid an extra distribution each year since inception. For 1995, Allied Capital II distributed a total of $1.60 per share to shareholders; for 1994, distributions totaled $1.34 per share; for 1993, distributions totaled $1.22 per share; for 1992, distributions totaled $1.15 per share. Allied Capital II's stock is marginable. For additional information or a copy of the company's annual report, 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 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion