PennantPark Investment Corporation Announces Financial Results for the Quarter Ended March 31, 2013
| 8,104,498 | 6,123,970 | |||||||||||||||||
| Interest and expenses on debt | 3,984,909 | 2,736,619 | 7,079,774 | 5,111,742 | ||||||||||||||
| Administrative services expenses | 1,155,537 | 808,303 | 2,327,859 | 1,605,656 | ||||||||||||||
| Other general and administrative expenses | 719,423 | 897,849 | 1,479,955 | 1,740,194 | ||||||||||||||
| Expenses before taxes and debt issuance costs | 14,747,213 | 10,995,764 | 29,448,797 | 22,802,994 | ||||||||||||||
| Tax (credit) expenses | (190,197 | ) | 245,000 | (114,896 | ) | 280,000 | ||||||||||||
| Debt issuance costs | 2,437,500 | 5,361,319 | 2,437,500 | 5,361,319 | ||||||||||||||
| Total expenses | 16,994,516 | 16,602,083 | 31,771,401 | 28,444,313 | ||||||||||||||
| Net investment income | 14,062,745 | 9,759,576 | 32,243,761 | 24,756,104 | ||||||||||||||
| Realized and unrealized (loss) gain on investments and debt: | ||||||||||||||||||
| Net realized (loss) on investments | (1,830,764 | ) | (3,922,455 | ) | (959,632 | ) | (11,952,011 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||
| Non-controlled, non-affiliated investments | 26,227,226 | 22,470,558 | 32,289,547 | 30,535,339 | ||||||||||||||
| Controlled and non-controlled, affiliated investments | (11,059,378 | ) | (1,692,070 | ) | (7,085,161 | ) | 269,576 | |||||||||||
| Debt appreciation | (427,500 | ) | (217,500 | ) | (975,000 | ) | (1,365,375 | ) | ||||||||||
| Net change in unrealized appreciation | 14,740,348 | 20,560,988 | 24,229,386 | 29,439,540 | ||||||||||||||
| Net realized and unrealized gain from investments and debt | 12,909,584 | 16,638,533 | 23,269,754 | 17,487,529 | ||||||||||||||
| Net increase in net assets resulting from operations | $ | 26,972,329 | $ | 26,398,109 | $ | 55,513,515 | $ | 42,243,633 | ||||||||||
| Net increase in net assets resulting from operations per common share | $ | 0.41 | $ | 0.50 | $ | 0.84 | $ | 0.85 | ||||||||||
| Net investment income per common share | $ | 0.21 | $ | 0.18 | $ | 0.49 | $ | 0.50 | ||||||||||
ABOUT PENNANTPARK INVESTMENT CORPORATION
PennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of senior secured loans, mezzanine debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
We may use words such as "anticipates," "believes," "expects," "intends," "seeks," "plans," "estimates" and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.
CONTACT:
Aviv Efrat
PennantPark Investment Corporation
Reception: (212) 905-1000
www.pennantpark.com