NEW YORK, NY -- (Marketwired) -- 05/06/13 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Company" or "Prospect") today announced financial results for our third fiscal quarter ended March 31, 2013.
For the nine months ended March 2013, our NII was $232.8 million or $1.20 per weighted average number of shares for the period. For the nine months ended March 31, 2012, our NII was $122.5 million or $1.10 per weighted average number of shares for the period. NII increased by 90% from the nine months ended March 2012 to the nine months ended March 2013.
For the March 2013 quarter, our net investment income ("NII") was $59.6 million or $0.26 per weighted average number of shares for the quarter. For the March 2012 quarter, a quarter positively impacted by significant event-driven income activity related to exits in the portfolio, our NII was $58.1 million or $0.51 per weighted average number of shares for the quarter.
Our debt to equity ratio stood at a modest 43.7% after subtraction of cash and equivalents as of March 31, 2013, compared to 29.2% after subtraction of cash and equivalents as of December 31, 2012. Our net asset value per share on March 31, 2013 stood at $10.71 per share, a decrease of $0.10 per share from December 31, 2012. We estimate that our net investment income for the current June 2013 quarter will be $0.26 to $0.32 per share.
Our objective is to grow net investment income per share in the coming quarters by focusing on prudently increased levels of matched-book funding to finance disciplined and accretive originations across our diversified lines of business.
We have previously announced our upcoming monthly cash distributions, our 58th, 59th, 60th, and 61st consecutive cash distributions to shareholders, as follows:
$0.110125 per share for May 2013 (record date of May 31, 2013 and payment date of June 20, 2013);
$0.110150 per share for June 2013 (record date of June 28, 2013 and payment date of July 18, 2013);
$0.110175 per share for July 2013 (record date of July 31, 2013 and payment date of August 22, 2013); and
$0.110200 per share for August 2013 (record date of August 30, 2013 and payment date of September 19, 2013).
We have generated cumulative NII in excess of cumulative distributions to shareholders in the current fiscal year to date, in the prior fiscal year, and since Prospect's initial public offering nine years ago. For the current fiscal year as of March 31, 2013, our NII in excess of distributions to shareholders stands at $42.5 million and $0.22 per share.
Since our IPO nine years ago through our August 2013 distribution, assuming our current share count for upcoming distributions, we will have distributed more than $11.49 per share to initial shareholders and $785 million in cumulative distributions to all shareholders.
Net assets as of March 31, 2013: $2.556 billion
Net asset value per share as of March 31, 2013: $10.71
Third Fiscal Quarter Operating Results:
Net investment income: $59.59 million
Net investment income per share: $0.26
Dividends to shareholders per share: $0.330150
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