Investment company Solar Capital Ltd. (SLRC) Monday reported earnings of $115.8 million or $3.11 per share for fiscal year 2012, compared with $61.3 or $1.68 per share in the prior year.
Total investment income for the year increased to $153 million from $138.9 million last year.
Net investment income for the year was $81.9 million or $2.20 per share, almost unchanged from a year ago.
Excluding non-recurring expenses of $7.3 million relating to the company's new $525
million credit facility and $75 million senior secured notes issuance, net investment
income for the year would have been $87.8 million or $2.36 per share.
Analysts polled by Thomson Reuters estimated earnings of $2.18 per share for the year on revenues of $151.72 million for the year. Analysts' estimates typically exclude special items.
Net asset value (NAV) per share of $22.70 at December 31, 2012, increased from $22.02 a
year ago.
"During 2012, we took advantage of the heated conditions in the capital markets to reset
our capital structure, and we remained conservative on the investment side. We believe
this approach should fortify long-term shareholder value," said CEO Michael Gross.
For the fourth quarter, the company reported earnings of $23.3 million or $0.60 per share, and net investment income of $24.2 million or $0.63 per share.
Analysts on consensus estimated earnings of $0.59 per share for the quarter.
The company declared a quarterly dividend of $0.60 per share, payable on April 2 to
stockholders as of March 21. The company expects the dividend to be paid from taxable
earnings with specific tax characteristics reported to stockholders after the end of the
2013 calendar year.
Shares of the company are gaining about 3.6 percent in after-hours trading on the Nasdaq.
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