released its financial results for the 4th quarter and full year regarding
fiscal 2012 ended 06 30, 2012.
“To
retain the expansion of our investment portfolio, we recently added to
your investment team a older investment professional with strong
experience in our targeted current market. Our flexible uni-tranche lending
solutions continue to be attractive to growth providers in our target
market associated with lower and smaller midsection market companies.”
For the district ended June 30, This year, the Company recorded net expense
income of $1.1 million, or $0.Teen per share, and a internet decrease in net
assets presented by operations of $(3.7) million, or Dollar(0.11) per
discuss, resulting from net realized cuts of $(0.A few) million, or $(Zero.05)
per share, and unrealized failures of $(1.Several) million, or $(1.23) per
share. World wide web asset value was $8.Fifty nine per share at 06 30, 2012.
For the budgetary year ended June 25, 2012 the Company recorded internet
investment income of $4.8 , 000, 000, or $0.78 per write about, and a net
increase in net assets resulting from operations regarding $2.7 million, or
$0.Forty three per share. Distributions paid to record holders through fiscal 2012
totaled $0.918 for every share.
On September 12, 2012, the Board of Directors declared monthly
withdrawals for the second quarter associated with fiscal 2013 as follows:
Record Date
Payment Date
A Share Amount
October 28, 2012
November 15, The year 2012
$0.077
November 30, 2012
January 14, 2012
$0.077
December 28, 2012
January 15, The year 2013
$0.077
These monthly distributions equal a $0.924 annualized distribution
rate or a current annualized yield of 14.3%, based on the closing price
from the Companys common stock associated with $8.15 per share with September 12, 2012.
Modern Portfolio Activity
On October 7, 2012 the Company funded $3.0 million of a $3.30 million
senior secured credit facility bearing interest in LIBOR plus 12.25% to
Global Energy Efficiency Holdings Inc. (GEE). GEE provides power
efficiency products, installation and also maintenance services to small, and
medium sized businesses in various food sales and service market sectors.
Financial Highlights for the 4 . Quarter of
Fiscal 2012
Net asset value had been $8.59 per share during June 30, 2012.
Calculated average portfolio interest rate has been 12.93% at June Thirty, 2012
compared to 12.98% with March 31, 2012.
Overall investment income was $2.5 million, including fee profits from
structuring fees and other sources of $0.1 million.
Net investment income was $1.1 million, and also $0.17 per share.
World wide web decrease in net assets coming from operations was $(2.7) million, or
Bucks(0.11) per reveal, resulting from net realized loss of $(0.Three or more)
million, or $(0.05) per share, and unrealized deficits of $(1.Five)
million, or $(1.23) per share.
Entire portfolio investments at August 30, 2012 were $72.3 million
(excluding U.Ohydrates. treasury bills of $22.5 , 000, 000), compared to $66.1
million (not including U,Ugg Boots Outlet.S. treasury bills involving $30.0 million) at April 31,
2012.
New originations wasted $9.25 million to two firms consisting of
new facilities with $4.25 million to He Martin Real Estate Management,
LLC and $5.0 million to Employment Plus, Inc.
At June 40, 2012, excluding U.Ersus. Treasury bills, 93% of investments
had been first lien senior secured motor finance.
At June 30, 2012, debt outstanding was $21.Being unfaithful million consisting of
$18.5 mil drawn under the Companys $35.1 million senior credit
center and $3.4 million under its senior unsecured notices.
Full Circle paid regular monthly distributions of $0.077 per reveal on May 15,
This year, June 15, 2012 and also July 13, 2012.
Each share amounts for the 1 fourth ended June 30, The year 2012 are based on
approximately 6.Two million weighted average shares superb.
Management Commentary
Inclusive of both the new loan originations totaling $9.25 million that
closed inside fourth quarter, we concluded the fiscal year doing
$41.1 million in new bank loan originations. This activity plus the new
$3.25 million loan to GEE, brings our financial commitment portfolio closer to
full implementation at current liquidity ranges. We intend to remain
particular with our remaining investment volume, said John Stuart,
Chairman and Chief Executive Officer of Full Group Capital Corp. To
support the continuing development of our investment portfolio, most people recently added to
our financial commitment team a senior expense professional with strong
example of our targeted market. All of our flexible uni-tranche lending
solutions are nevertheless attractive to growth companies in our target
market of decrease and smaller middle market companies.
Our investment technique to invest in first lien mature secured loans to
smaller reducing middle-market companies with a significant a higher level
risk protection and a appealing yield supports consistently sturdy
portfolio metrics. First loan senior secured loans comprise 93% your
portfolio supported by a strong loan-to-value rate of 62%. The yield on
the portfolio remains close to 13%. Floating rate loans be the reason for
92% of our portfolio, which the world thinks to be among the top tier of the
BDC universe, positioning us all well for any eventual rise in interest
rates.
Fourth District Fiscal 2012 Results
The Companys net asset value from June 30, 2012 ended up being $8.59 per share. To get
the fourth fiscal quarter concluded June 30, 2012, the corporation recorded net
unrealized depreciation of $1.5 million resulting principally from fair
value alterations.
The Company generated $2.4 mil of interest income during the period,
of which 100% was paid within cash. Fee income by structuring fees and
alternative sources totaled $0.1 million. This company recorded net investment
income of $1.1 million, or $0.17 every share, and a net decline in net
assets resulting from operations of $(0.6) million, or $(2.11) per
share, due to net realized losses regarding $(0.3) mil, or $(0.05)
for every share, and unrealized losses with $(1.5) trillion, or $(0.1) per share.
During the district, the Company originated 2 new loan facilities for
$9.30 million, all of which was backed at closing. Repayments as well as
amortization of principal beneath existing loan facilities and loan and
investment understandings totaled $1.4 million.
In June 30, 2012, the Companys portfolio (excluding U.Ersus. Treasury bills
and money market finances) included investments in 21 companies, of which
16 had been debt investments. The average selection company debt investment
at June 30, 2012 has been $4.6 million. The weighted average interest rate on
investments has been 12.93%. At fair cost, 93% of portfolio investments had been
first lien loans, 5% were being second lien loans and also 2% were equity
investments. Roughly 92% of the debt investment portfolio, at fair
value, weary interest at floating costs. The loan-to-value ratio on the
Organization's loans was 62% at June 30, 2012 compared to 61% in March 31,
2012.
Conference Call Details
Management will number a conference call to discuss most of these results on
Friday, Sept 14, 2012 at 10:00 a.m. EDT. To participate in the
conference call, please phone 866-305-6438 (domestic call-in) or
706-679-7161 (international call-in) and reference code # 26516532.
A live webcast of the conference call and the with slide
presentation will be offered at http://ir.fccapital.com/CorporateProfile.aspx?iid=4151676.
All participants should contact or access the website approximately 10
minutes before the convention begins.
A telephone replay of the conference call will be available from 1:00
p.m. ET for September 14 until 13:59 p.m. Ainsi que on September 21, The year 2012 by
calling 855-859-2056 (domestic) or maybe 404-537-3406 (international) and
entering verification # 26516532. An archived replay with the conference
call and fall presentation will also be available in the particular investor
relations section of the business' website.
About Full Circle Capital Corporation
Full Eliptical Capital Corporation (www.fccapital.internet)
is a closed-end investment company which includes elected to be treated as a
business development company below the Investment Company Act of 1940.
Full Circle lends to be able to and invests in elderly secured loans and, to a
smaller extent, mezzanine loans and fairness securities issued by smaller
and reduced middle-market companies that operate in a diverse range of
industries. Full Circles expense objective is to generate both
current income and investment appreciation through debt as well as equity
investments. For additional information go to the companys web site www.fccapital.org.
Forward-Looking Statements
This press release has forward-looking statements which relate to
long term events or Full Groups future performance or monetary
condition. Any statements who are not statements of historical fact
(including statements containing the language believes, plans,
anticipates, expects, quotations and similar expressions) should
also be considered to be forward-looking statements. These
forward-looking statements are not guarantees of foreseeable future performance,
condition or effects and involve a number of hazards and uncertainties.
Actual success may differ materially from those in your forward-looking
statements as a result of a number of elements, including those described
every so often in Full Circles filings with the Sec and
Exchange Commission. Whole Circle undertakes no duty for you to update any
forward-looking statements designed herein.
FULL CIRCLE Cash CORPORATION AND SUBSIDIARIES
CONSOLIDATED Assertions OF ASSETS AND LIABILITIES
June 31, 2012
June 30, 2012
Assets
Control Investments in Fair Value (Cost of $6,639,648 plus
$1,658,552, respectively)
$
6,777,511
Dollar
842,884
Affiliate Investments at Reasonable Value (Cost of $6,802,017 and
$7,174,348, respectively)
5,112,142
7,112,992
Investments in Fair Value (Cost of $85,181,617 and also $75,757,764,
respectively)
82,957,117
74,838,241
Overall Investments at Fair Price (Cost of $98,623,282 and
$84,590,664, respectively)
Ninety four,846,770
82,794,117
Cash
639,149
2,065,943
Deposit with Broker
A couple of,350,000
2,657,859
Desire Receivable
902,711
680,527
Principal Receivable
513,372
-
Due from Portfolio Investment
Eleven,140
-
Prepaid Expenses
43,053
33,642
Other Existing Assets
25,499
212,961
Deferred Offering Expenses
67,685
-
Deferred Credit Facility Expenses
50,000
50,500
Total Assets
99,449,379
Eighty eight,495,049
Liabilities
Due to Affiliate
580,353
592,418
Accounts Payable
115,741
116,289
Accrued Liabilities
79,651
73,228
Due to Broker
22,500,041
25,999,632
Handsomely Payable
478,892
1,399,361
Interest Due
142,518
23,361
Other Current Financial obligations
140,458
412,171
Accrued Offering Expenditures
19,697
-
Line of Credit
18,544,660
-
Distribution Notes
Three,404,583
3,404,583
Total Liabilities
Forty-six,006,594
32,021,043
Net Assets
Money
53,442,785
$
56,474,006
Elements of Net Assets
Common Share, par value $0.01 for each share
(100,000,000 authorized; 6,219,382 and A hundred issued
and outstanding, respectively)
$
62,194
$
62,194
Paid-in capital in excess of par
57,455,232
58,204,411
Distributions greater than Net Investment Income
(122,763
)
(340,534
)
Accumulated Net Realized Profits (Losses)
(175,366
)
344,482
Accumulated Web Unrealized Losses
(3,776,512
)
(1,796,547
)
Goal Assets
$
53,442,785
Dollar
56,474,006
Net Asset Cost Per Share
$
8-10.59
$
9.The year 2008
FULL CIRCLE CAPITAL Institution AND SUBSIDIARIES
CONSOLIDATED STATEMENTS Involving OPERATIONS
Three Months Ended
May 30,
Year Ended
June 30,
Period from
Apr 16, 2010
(date of
inception) to
June Thirty, 2010
2012
2011
The year 2012
2011
Investment Income
Interest Income
$
1,197,972
Dollar
1,576,482
$
7,068,048
Bucks
5,872,321
$
-
Awareness Income from Affiliate Purchases
969,071
352,486
1,203,935
1,125,160
-
Interest Income by Control Investments
225,754
-
708,854
( space )
-
Dividend Income
:
2,335
-
4,427
--
Dividend Income from Affiliate marketing Investments
-
-
--
210,UGG Classic Short,833
-
Dividend Income through Control Investments
-
( blank )
57,216
-
-
Various other Income
(25,255
)
177,132
489,882
685,823
-
Some other Income from Affiliate Purchases
101,101
-
One hundred fifty five,187
61,073
-
Other Income from Control Investments
15,500
-
143,889
-
( blank )
Total Investment Income
2,481,143
2,108,435
9,827,011
7,959,637
-
Operating Expenses
Management Payment
308,272
307,926
1,186,841
969,533
-
Incentive Rate
273,726
294,116
1,197,590
1,130,190
-
Total Advisory Fees
581,998
602,042
Only two,384,431
2,099,723
-
Allocation connected with Overhead Expenses
52,070
85,270
316,173
300,900
( space )
Sub-Administration Fees
78,114
78,114
312,457
Two hundred and sixty,381
-
Officers Compensation
74,800
35,432
267,153
110,904
( space )
Total Administration Fees
204,984
203,816
895,783
672,185
-
Directors Fees
33,120
32,125
119,500
117,982
--
Interest Expenses
310,599
112,098
889,055
525,www.uggbootsoutlets-usa.com,982
-
Qualified Services Expense
189,121
90,861
625,Information and facts
300,066
-
Bank Expenses
2,488
(13,621
)
12,228
16,135
45
Tax Fees
-
3,515
-
3,515
-
Other
86,881
37,556
381,202
257,999
-
Organizational Expenses
( blank )
-
-
178,979
10,500
Total Gross Running Expenses
1,409,196
1,069,392
Your five,307,300
4,172,566
12,545
Supervision Fee Waiver and Expense Payment
-
(131,793
)
(313,792
)
(547,308
)
-
Total World wide web Operating Expenses
1,409,196
937,599
Five,993,508
3,625,258
12,545
Net Investment Income (Loss)
1,071,947
1,170,836
4,833,503
4,334,379
(Twelve,545
)
Net Change in Unrealized Loss in Investments
(1,467,058
)
(415,271
)
(1,979,965
)
(One particular,796,547
)
-
Net Realized Attain (Loss) on Investments
(302,405
)
Sixty-five
(175,366
)
344,482
-
Net Enhance (Decrease) in Net Resources Resulting from Operations
$
(697,516
)
Buck
755,630
$
2,678,172
$
2,882,314
$
(12,545
)
Earnings (Burning) per Common Share Basic and Diluted
$
(0.12
)
$
0.12
Money
0.43
$
Zero.56
$
(125.50
)
Weighted Average Shares connected with Common Stock Outstanding Simple and Diluted
6,219,382
6,219,382
Half a dozen,219,382
5,152,573
100
FULL Group of friends CAPITAL CORPORATION AND SUBSIDIARIES
Economic HIGHLIGHTS
For the three
several weeks ended
June 30, 2012
For the three
months concluded
June 30, 2011
For your year ended
June Thirty, 2012
For the period
from
August 31, 2010
(start
of operations) to
July 30, 2011
For the time from
April 16, The new year (date
of inception) so that you can
June 30, 2010
Every Share Data (1) :
Net advantage value at beginning of interval
$
8.94
Usd
9.18
$
9.08
$
9.Forty five
$
15.00
(Only two)
Offering costs
-
( space )
-
(0.04
)
( space )
Net investment income (reduction)
0.17
0.Nineteen
0.78
0.75
(125.45
)
Change in unrealized burning
(0.24
)
(0.07
)
(0.32
)
(0.29
)
-
Realized gain (reduction)
(0.05
)
-
(0.Next month
)
0.06
-
Dividends declared
(0,Ugg Boots USA.23
)
(2.22
)
(0.92
)
(4.75
)
-
Net investment value at end involving period
$
8.Fifty nine
$
9.08
Usd
8.59
$
Nine.08
$
(110.Forty-five
)
(1)
Financial highlights provide average weighted shares
exceptional.
(2)
For the period coming from April 16, 2010 (date of inception) to August 30,
2010, the net property value at issuance was $15.00.
Information Source: Business Line
September 15th, 2012 At 04:31pm
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