Allied Capital Corporation II announces third quarter results.WASHINGTON--(BUSINESS WIRE)--Nov. 7, 1996-- Quarterly Cash Dividend Increased 8% to 41 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. from 38 Cents Per Share Annual Extra Distribution of 45 Cents Per Share Increases Total Annual Distribution by 20% Allied Capital Corporation II (Nasdaq: ALII) announced third quarter results Thursday Thursday: see week. . Net realized income increased 32% for the nine months ended Sept. 30, 1996 as a result of significant gains that have been realized this year, but third quarter net realized income was down as compared to the prior comparative period in 1995. For the three months ended Sept. 30, 1996, net investment income before 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. decreased by 11% to $2.1 million from $2.4 million for the prior comparative period as a result of the high rate of repayments the company has experienced this year. Net realized gains were $0.6 million for the third quarter of 1996 as compared to $3.1 million for the same period in 1995. Realized gains occur upon the sale of the company's equity interests in portfolio companies and can be unpredictable This article is about the R&B album. For the Eureka episode, see Unpredictable (Eureka). For other uses, see Predictability. Unpredictable is Jamie Foxx's second studio release. ; as a result, realized gains tend to vary significantly from quarter to quarter. Net realized income decreased to $2.8 million, a 49% decrease from net realized income of $5.5 million for the three months ended Sept. 30, 1995. For the quarter, net income, which includes unrealized appreciation and depreciation, totaled $2.5 million, or 34 cents per share, as compared to $6.2 million, or 89 cents per share, for the same three month period in 1995. The company had a 6% increase in the weighted average shares outstanding during the period. The value of the portfolio declined by $0.3 million during the quarter according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. valuations assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. by the Board of Directors. Earnings for the nine months ended Sept. 30, 1996 were $10.7 million, or $1.47 per share, as compared to $14.8 million, or $2.13 per share, for the comparative period in 1995. During the nine-month period, net investment income increased 2.5% to $6.7 million over 1995. Net realized gains for the 1996 nine-month period also increased, and totaled $6.1 million for the period as compared to $3.2 million for the same period in 1995. The company invested a total of $12.5 million in new portfolio investments during the quarter. After repayments and changes in valuations, the company reported an 8.5% increase in invested assets, or $7.7 million, during the quarter. As of Sept. 30, 1996 the company had outstanding commitments for new investments totaling $3.4 million. Following the company's most recent board of directors meeting, commitments totaled $10 million. 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. , Allied Capital II's president and portfolio manager, commented, "For the quarter, net investment income, which represents our recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. income, dipped dip v. dipped, dip·ping, dips v.tr. 1. To plunge briefly into a liquid, as in order to wet, coat, or saturate. 2. slightly but should recover as we continue to increase invested assets. Net realized gains for the year, however, are up 92% for the year and have exceeded our expectations. "We've we've Contraction of we have. we've have exited several investments for strong returns, including Labor Ready Labor Ready, Inc., based in Tacoma, Washington, is the United States' largest provider of temporary manual labor to the construction industry, other light industry, and small businesses. Its shares are traded on the New York Stock Exchange under the ticker symbol LRW. Inc. We currently have approximately $1.5 million in unrealized appreciation on our investment in The Peerless Group, Inc., which completed its IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. just after quarter-end. Our disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. rate was also strong this quarter." Statements in this release concerning the company's future prospects are "forward looking statements" under the Federal securities laws. There can be no assurance that future results will be achieved and actual results could differ materially from forecasts and estimates. Important factors that could cause actual results to differ materially are included but are not limited to those listed in the company's quarterly reports as filed on Form 10-Q Form 10-Q See 10-Q. and annual report as filed on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . -0-
(in thousands, except per share amounts)
9/30/96 Per Share 12/31/95 Per Share
------- ---------- --------- ----------
Financial Position
Information
Total investments $ 97,808 -- $ 99,207 --
Total assets 109,721 -- 107,169 --
Shareholders'
equity (NAV) 108,839 $ 14.77 101,981 $ 14.36
3 mos. ended 3 mos. ended
9/30/96 Per Share 9/30/95 Per Share
-------- ---------- -------- ---------
Operating
Information
Total investment
income $ 2,790 $ 0.38 $ 3,158 $ 0.45
Net investment
income $ 2,124 $ 0.29 $ 2,382 $ 0.34
Net realized
gains 684 0.09 3,097 0.44
--------- -------- ---------- --------
Net realized
income $ 2,808 $ 0.38 5,479 $ 0.78
Net unrealized
apprec/(deprec) (260) (0.04) 732 0.11
--------- --------- ---------- -------
Net income $ 2,548 $ 0.34 $ 6,211 $ 0.89
Actual shares
outstanding 7,367 -- 6,945 --
Weighted avg.
shares outstanding 7,386 -- 6,978 --
Distributions to
Shareholders
Regular dividends -- $ 0.38 -- 0.29
9 mos. ended 9 mos. ended
9/30/96 Per Share 9/30/95 Per Share
--------- ----------- --------- ---------
Operating Information
Total investment
income $ 8,923 $ 1.22 $ 8,898 $ 1.28
Net investment
income $ 6,652 $ 0.91 $ 6,493 $ 0.93
Net realized
gains 6,141 0.84 3,193 0.46
----------- ----------- ---------- -------
Net realized
income $ 12,793 $ 1.75 $ 9,686 $ 1.39
Net unrealized
apprec/(deprec) (2,084) (0.28) 5,116 0.74
----------- ----------- ---------- -------
Net income $ 10,709 $ 1.47 $ 14,802 $ 2.13
Weighted avg.
shares outstanding 7,287 -- 6,959 --
Distributions
to Shareholders
Regular dividends -- $ 1.06 -- $ 0.81
-0- Quarterly Cash Dividend Declared Allied Capital Corporation II increased the company's quarterly cash dividend by 8% to 41 cents per share from 38 cents per share. This represents the seventh consecutive increase in the quarterly dividend. The dividend is payable on Dec. 31, 1996 to shareholders of record as of Dec. 13, 1996. Annual Extra Cash Distribution Declared For the seventh consecutive year, the company also recently declared an annual extra distribution. For 1996, this extra distribution will be 45 cents per share, and is payable on Jan. 31, 1997 to shareholders of record as of Dec. 27, 1996. Including this annual extra distribution, Allied Capital Corporation II will distribute a total of $1.92 per share to its shareholders, which represents a 20% increase over the total distribution to shareholders for 1995. 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 7,367,089 total shares outstanding. A recent quote of the stock was $20.00. Allied Capital II pays a regular quarterly dividend of 41 cents per share and has paid an extra distribution each year since inception. For 1996, Allied Capital II will distribute a total of $1.92 per share to shareholders. For 1995, Allied Capital II distributed a total of $1.60 per share; for 1994, distributions totaled $1.34 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 202/973-6383, fax to 202/659-2053, or visit our world wide web site at www.alliedcapital.com. CONTACT: Allied Capital Corp., 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. 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 |
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