Solar Capital Ltd. (SLRC) reported a net increase in net assets resulting from operations of $35.8 million compared to $46.2 million last year. Profit per share were $0.81 compared to $1.26 last year. Net investment income was $25.5 million or $0.58 per share, compared to $21.1 million or $0.58 per share last year. Total investment income increased to $46.10 million from $36.31 million last year.
On average, nine analysts polled by Thomson Reuters expected the company to report profit of $0.58 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $46.03 million for the quarter.
"Our first-quarter results reflect the first quarter of income generated from our investment in Crystal Financial. The underlying performance and credit quality of our overall portfolio continues to be strong," said Michael Gross, Chairman and CEO of Solar Capital Ltd.
Solar Capital Ltd. also announced that its Board has declared a second quarter dividend of $0.60 per share payable on July 1, 2013 to stockholders of record on June 20, 2013. 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.
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