180 Degree Capital Corp. Reports Net Asset Value per Share of $2.76 as of March 31, 2019; an Increase of 4.5% From December ...
May 01 2019 - 4:15PM
180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”),
today reported its financial results as of March 31, 2019.
Key results for the quarter include:
|
Q4 2018 -> Q1 2019 |
Stock Price |
$1.75 -> $1.86 (+6.3%) |
Net Asset Value per Share (“NAV”) |
$2.64 -> $2.76 (+4.5%) |
Stock Price / NAV |
66% -> 67% (+100 bps) |
Cash + Liquid Securities |
$32.7mm -> $36.4mm (+11.3%) |
- Also during Q1 2019: -- Public portfolio gross total
return was 13.6% versus the Russell Microcap Index increase of
13.1%. Public portfolio increased in value by approximately
$4.4 million, or $0.14 per share. -- Private portfolio
value remained flat.
The Company also published a letter to
shareholders that can be viewed at
https://ir.180degreecapital.com/financial-results.
“It was another solid quarter for our public
holdings,” said Kevin M. Rendino, Chief Executive Officer of
180. “Our public portfolio’s gross total return of 13.6%
slightly outperformed the 13.1% total return for the Russell
Microcap Index. Going back to the beginning of 2017, we have
achieved a 108.4% gross total return in our public holdings versus
an 8.6% total return for the Russell Microcap Index. The
growth in our NAV of $0.12, or 4.5%, this quarter came solely from
our public portfolio companies net of our operating expenses.
Similar to recent quarters, our private portfolio had minimal to no
impact on our NAV quarter-over-quarter. Since the beginning
of 2017, our public portfolio companies account for 90% of the
growth of our NAV from $2.34 to $2.76.”
Mr. Rendino and Daniel Wolfe, President, Chief
Financial Officer and Portfolio Manager, will host a conference
call tomorrow, Thursday, May 2, 2019, at 9am Eastern Time, to
discuss the results from the first quarter of 2019. The call
can be accessed by phone at (712) 770-4598 passcode 415049 or via
the web at
https://www.freeconferencecall.com/wall/180degreecapital.
Additionally, slides that will be referred to during the
presentation can be found on 180’s investor relations website at
https://ir.180degreecapital.com/ir-calendar.
About 180 Degree Capital
Corp.
180 Degree Capital Corp. is a publicly traded
registered closed-end fund focused on investing in and providing
value-added assistance through constructive activism to what we
believe are substantially undervalued small, publicly traded
companies that have potential for significant turnarounds.
Our goal is that the result of our constructive activism leads to a
reversal in direction for the share price of these investee
companies, i.e., a 180-degree turn. Detailed information
about 180 and its holdings can be found on its website at
www.180degreecapital.com.
Press Contact:Daniel B. Wolfe180 Degree Capital
Corp.973-746-4500
Forward-Looking Statements
This press release may contain statements of a
forward-looking nature relating to future events. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. These
statements reflect the Company's current beliefs, and a number of
important factors could cause actual results to differ materially
from those expressed in this press release. Please see the
Company's securities filings filed with the Securities and Exchange
Commission for a more detailed discussion of the risks and
uncertainties associated with the Company's business and other
significant factors that could affect the Company's actual results.
Except as otherwise required by Federal securities laws, the
Company undertakes no obligation to update or revise these
forward-looking statements to reflect new events or uncertainties.
The reference and link to the website
www.180degreecapital.com has been provided as a convenience,
and the information contained on such website is not incorporated
by reference into this press release. 180 is not responsible for
the contents of third party websites.
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