Allied Capital Lending Corp. announces first quarter results.WASHINGTON--(BUSINESS WIRE)--May 13, 1997-- Quarterly dividend of 32 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. declared 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. (Nasdaq: ALCL ALCL Anaplastic Large Cell Lymphoma ALCL Assembly Line Communications Link ) announced first quarter results Tuesday Tuesday: see week. . For the quarter ended March 31, 1997, net income remained steady at $1.3 million as compared to the first quarter of 1996. On a per share basis, net income was 25 cents per share, as compared to 30 cents per share as a result of an 18% increase in the weighted average shares outstanding since the end of the first quarter of 1996. The company issued 723,245 new shares in the second and third quarters of 1996 through a rights offering to shareholders and through a private sale. Total investment income increased for the first quarter of 1997 by 11% as compared to the first quarter of 1996. However, the company experienced some delays in selling certain companion loans that were originated in conjunction with 7(a) loans, and as a result the company incurred additional interest costs which repressed re·pressed adj. Being subjected to or characterized by repression. first quarter earnings. During the first quarter, the company originated loans totaling $10.9 million, and sold loans into the secondary market totaling $6.3 million. Net of repayments, changes in portfolio valuations, and secondary market sales, total loans increased by 4% to $63 million since Dec. 31, 1996. At March 31, 1997, the company had a backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of loans to small businesses totaling approximately $54 million. Kathy Marien, president and portfolio manager, remarked, "We've accelerated our pace of origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real activity to minimize the impact of the recent loan size cap imposed by the SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government on Section 7(a) loans. "We are also increasing our non-SBA loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. activity and looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ways to finance that activity through loan sales and additional lines of credit." -0-
(in thousands, except per
share amounts)
(Unaudited) 3/31/97 Per Share 12/31/96 Per Share
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Financial Position
Information
Total investments $ 62,835 -- $ 60,408 --
Total assets 73,281 -- 68,402 --
Shareholders'
equity (NAV) 41,823 $ 8.14 41,971 $ 8.19
3 mos. ended 3 mos. ended
3/31/97 Per Share 3/31/96 Per Share
------- --------- -------- ---------
Operating
Information
Net investment
income $ 1,405 $ 0.27 $ 1,411 $ 0.32
Net realized losses (28) (0.01) (60) (0.01)
------- --------- -------- ---------
Net realized income 1,377 0.26 1,351 0.31
Net unrealized
apprec/(deprec) (72) (0.01) (21) (0.01)
------- --------- -------- ---------
Net income $ 1,305 $ 0.25 $ 1,330 $ 0.30
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Actual shares
outstanding 5,139 -- 4,389 --
Weighted avg. shares
outstanding 5,156 -- 4,386 --
Distributions to
Shareholders
Regular dividends -- $ 0.32 -- $ 0.30
-0- At their most recent meeting, the company's board of directors declared the company's quarterly dividend in the amount of 32 cents per share. The company has paid regular quarterly cash dividends every quarter since its public offering in 1993. The dividend is payable as follows: Amount: 32 cents per share Ex-Dividend Date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. : June 18, 1997 Record Date: June 20, 1997 Payment Date: June 30, 1997 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- Allied Capital Lending Corp. is a business development company headquartered in Washington, D.C. and traded on the Nasdaq National Market under the symbol ALCL. The company is engaged in making senior secured loans to small, private businesses primarily through Small Business Administration (SBA) loan programs. Allied Capital Lending pays a regular quarterly dividend of 32 cents per share and an annual extra distribution which is determined at year end. The company paid a total of $1.30 per share for the year ended Dec. 31, 1996 and $1.22 per share for the year ended Dec. 31, 1995. There are 5,138,933 total shares outstanding. 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. Recent 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 Sparrow, 202/973-6326 |
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