NEW YORK, NY -- (Marketwire) -- 02/06/13 -- Apollo Investment Corporation (NASDAQ: AINV)
Recent Highlights:
•Net investment income per share for the quarter ended December 31, 2012 was $0.21, compared to $0.22 for the quarter ended September 30, 2012
•Net asset value per share at December 31, 2012 was $8.14 compared to $8.46 at September 30, 2012
•Declared a dividend of $0.20 per share for the fourth fiscal quarter of 2013
•Invested $515 million during the quarter ended December 31, 2012, representing the third highest quarterly level of new investment activity since inception driven by strong primary originations
•Net investment activity before repayments was $208 million for the quarter ended December 31, 2012
•Invested $41.1 million into second Madison Capital Funding senior loan vehicle in October
•Aircraft operating subsidiary made first investment subsequent to quarter-end
Apollo Investment Corporation (NASDAQ: AINV) or the "Company," or "Apollo Investment," today announced financial results for its third fiscal quarter ended December 31, 2012. The Company's net investment income was $0.21 per share for the quarter ended December 31, 2012 compared to $0.22 for the quarter ended September 30, 2012. The Company's net asset value ("NAV") was $8.14 per share as of December 31, 2012 down from $8.46 at September 30, 2012. The decline in NAV was driven primarily by losses on two investments partially offset by appreciation on the remainder of the portfolio.
Additionally, the Company also announced that its Board of Directors has declared a dividend of $0.20 per share for the fourth fiscal quarter of 2013, payable on April 4, 2013 to stockholders of record as of March 21, 2013. The specific tax characteristics of this dividend will be reported to stockholders on Form 1099 after the end of the calendar year.
Mr. James Zelter, Apollo Investment Corporation's Chief Executive Officer, said, "We had our third highest origination quarter and we continued to sell select investments given the strength in the credit markets in the December quarter. Since we announced a variety of strategic initiatives one year ago, we believe we have made great strides in accomplishing many of our objectives including the migration of our portfolio to a greater amount of secured debt, renewing our credit facility on favorable terms, diversifying our funding sources with the issuance of unsecured debt, and expanding our specialist sourcing capabilities. Looking ahead, we will continue to focus on diversifying into additional investment strategies with attractive risk adjusted returns."
FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED DECEMBER 31, 2012
Select Balance Sheet Data and Other Data---------------------------------------------------------------------------- December 31, 2012 March 31, 2012 ------------------- -------------------Total assets $2.78 billion $2.78 billionInvestment portfolio $2.63 billion $2.68 billionNet assets $1.65 billion $1.69 billionNet asset value per share $8.14 $8.55Number of portfolio companies 71 62Portfolio Activity---------------------------------------------------------------------------- Three months ended Nine months ended December 31, 2012 December 31, 2012 ----------------------- -----------------------Investments made during the period $ 515 million $ 1,109 millionNumber of new portfolio companies invested 16 38Investments sold $ (307) million $ (619) million ---------------- ----------------Net activity before repaid investments $ 208 million $ 490 millionInvestments repaid $ (204) million $ (490) million ---------------- ----------------Net investment activity $ 4 million $ 0Number of portfolio company exits 14 29Operating Results--------------------------------------------------------------------------- Three months ended Nine months ended December 31, 2012 December 31, 2012* -------------------- ---------------------Net investment income (in thousands) $ 42,080 $ 126,364Net investment income per share $ 0.21 $ 0.63Net realized and unrealized loss per share $ (0.32) $ (0.43)Earnings (loss) per share - basic $ (0.11) $ 0.20Earnings (loss) per share - diluted $ (0.11) $ 0.20
