Oxford Lane Capital Corp. Announces Net Asset Value and Selected Financial Results as of December 31, 2013
February 05 2014 - 4:12PM
Marketwired
Oxford Lane Capital Corp. Announces Net Asset Value and Selected
Financial Results as of December 31, 2013
GREENWICH, CT--(Marketwired - Feb 5, 2014) - Oxford Lane Capital
Corp. (NASDAQ: OXLC) ("Oxford Lane" or the "Company") announced
today the following financial results and related information:
- Unaudited net asset value per share as of:
- December 31, 2013 was $16.69
- September 30, 2013 was $16.13
- Net investment income, calculated in accordance with generally
accepted accounting principles, was approximately $2.5 million for
the quarter ended December 31, 2013
- Net increase in net assets from operations was approximately
$8.5 million for the quarter ended December 31, 2013:
- Including net realized capital gains of approximately $1.0
million, and
- Net unrealized appreciation of approximately $5.0 million
- Estimated distributable net investment income for the quarter
ended December 31, 2013 was $6.2 million or approximately $0.80 per
share (dividend distributions were approximately $4.2 million or
$0.55 per share)
- Fourth fiscal quarter dividend:
- Dividend of $0.60 per common share
- Special dividend of $0.10 per common share
- Both are payable on March 31, 2014 to stockholders of record as
of March 17, 2014
- Total assets stood at approximately:
- $208.0 million as of December 31, 2013
- $163.1 million at September 30, 2013
Oxford Lane's dividend distribution policy is based upon its
estimates of the ultimate taxable earnings for each respective
period, which are primarily (but not entirely) based upon the cash
flows for each investment. The final taxable amounts cannot be
known until the Company's tax return is filed, but the Company's
experience has been that cash flows have historically represented a
reasonable estimate of taxable earnings.
There have historically been significant differences between
Oxford Lane's GAAP earnings and its taxable earnings and this is
likely to continue, particularly related to CLO equity investments
where the Company's taxable earnings are based upon distributable
earnings while GAAP earnings are based upon an effective yield
calculation. In general, the Company currently expects its
near-term taxable earnings to be higher than its reportable GAAP
earnings.
The Company expects to file its quarterly report on Form N-Q on
or about February 14, 2014. The Company is also posting to its
website a more detailed summary of our quarterly financials, as
well as comparisons to prior quarters. This can be found at
oxfordlanepresentation.
About Oxford Lane Capital Corp.
Oxford Lane Capital Corp. is a publicly-traded registered
closed-end management investment company. It currently seeks to
achieve its investment objective of maximizing total return by
investing in securitization vehicles which, in turn, primarily
invest in senior secured loans made to companies whose debt is
rated below investment grade or is unrated.
Forward-Looking Statements
This press release contains forward-looking statements subject
to the inherent uncertainties in predicting future results and
conditions. Any statements that are not statements of historical
fact (including statements containing the words "believes,"
"plans," "anticipates," "expects," "estimates" and similar
expressions) should also be considered to be forward-looking
statements. Certain factors could cause actual results and
conditions to differ materially from those projected in these
forward-looking statements. These factors are identified from time
to time in our filings with the Securities and Exchange Commission.
We undertake no obligation to update such statements to reflect
subsequent events.
Contact: Dan Kashdin 203-661-2916
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