February 06, 2014
Apollo Investment Corporation Reports Financial Results for the Quarter Ended December 31, 2013
NEW YORK, NY -- (Marketwired) -- 02/06/14 -- Apollo Investment Corporation (NASDAQ: AINV)
Fiscal Third Quarter Highlights:
- Net investment income per share for the quarter was $0.22, compared to $0.22 for the quarter ended September 30, 2013
- Net asset value per share at the end of the quarter was $8.57, compared to $8.30 at September 30, 2013, a 3.3% increase
- Declared a dividend of $0.20 per share for the quarter
- Invested $630 million during the quarter, substantially driven by primary originations
- Net investment activity was $86 million for the quarter
Apollo Investment Corporation (NASDAQ: AINV) or the "Company," or "Apollo Investment," today announced financial results for its third fiscal quarter ended December 31, 2013. The Company's net investment income was $0.22 per share for the quarter ended December 31, 2013, compared to $0.22 for the quarter ended September 30, 2013. The Company's net asset value ("NAV") was $8.57 per share as of December 31, 2013, up from $8.30 at September 30, 2013.
Additionally, the Company also announced that its Board of Directors has declared a dividend of $0.20 per share for the third fiscal quarter of 2014, payable on April 7, 2014 to stockholders of record as of March 21, 2014. 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, commented, "We are pleased to report solid net investment income and a meaningful increase in net asset value. Given the broader credit environment, we remained highly selective with a focus on primary secured debt, which we believe offers the most attractive risk adjusted return. We also utilized the strength in the markets to monetize select higher risk positions."
FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED DECEMBER 31, 2013
| Select Balance Sheet Data | |||||||||
| December 31, 2013 | September 30, 2013 | March 31, 2013 | |||||||
| Total assets | $ | 3.38 billion | $ | 3.14 billion | $ | 2.94 billion | |||
| Investment portfolio | $ | 3.18 billion | $ | 3.03 billion | $ | 2.85 billion | |||
| Debt | $ | 1.26 billion | $ | 1.08 billion | $ | 1.16 billion | |||
| Net assets | $ | 1.93 billion | $ | 1.86 billion | $ | 1.68 billion | |||
| Net asset value per share | $ | 8.57 | $ | 8.30 | $ | 8.27 | |||
| Debt-to-equity | 0.66 x | 0.58 x | 0.69 x | ||||||
| Leverage Ratio (1) | 0.65 x | 0.62 x | 0.70 x | ||||||
| (1) The Company's leverage ratio is defined as debt outstanding plus payable for investments purchased and cash equivalents, plus due to custodian, less receivable for investments sold, less cash equivalents, less cash, less foreign currency, divided by total net assets. |
| Portfolio Activity and Portfolio Companies | ||||||
| Three months ended December 31, 2013 | Nine months ended December 31, 2013 | |||||
| Investments made during the period | $ | 630 million | $ | 1,830 million | ||
| Investments sold | $ | (293) million | $ | (683) million | ||
| Net activity before repaid investments | $ | 337 million | $ | 1,147 million | ||
| Investments repaid | $ | (251) million | $ | (912) million | ||
| Net investment activity | $ | 86 million | $ | 235 million | ||
| Portfolio companies, at beginning of period | 93 | 81 | ||||
| New portfolio companies | 21 | 56 | ||||
| Exited portfolio companies | 13 | 36 | ||||
| Portfolio companies, at end of period | 101 | 101 | ||||
| Operating Results | ||||||
| Three months ended December 31, 2013 | Nine months ended December 31, 2013 | |||||
| (in thousands) | ||||||
| Net investment income | $ | 49,683 | $ | 151,636 | ||
| Net realized and unrealized gain | $ | 56,055 | $ | 49,331 | ||
| Net increase in net assets from operations | $ | 105,738 | $ | 200,967 | ||
| (per share) | ||||||
| Net investment income per share | $ | 0.22 | $ | 0.69 | ||
| Net realized and unrealized gain per share | $ | 0.25 | $ | 0.21 | ||
| Earnings per share - basic | $ | 0.47 | $ | 0.90 | ||
| Earnings per share - diluted | $ | 0.45 | $ | 0.88 | ||
CONFERENCE CALL / WEBCAST AT 12:00 PM EST ON FEBRUARY 6, 2014
The Company will host a conference call on Thursday, February 6, 2014 at 12:00 p.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (888) 802-8579 approximately 5-10 minutes prior to the call; international callers should dial (973) 633-6740. Participants should reference Apollo Investment Corporation or Conference ID # 31296461 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Event Calendar in the Investor Relations section of our website at www.apolloic.com. Following the call you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through February 18, 2014 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID # 31296461. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Event Calendar in the Investor Relations section of our website at www.apolloic.com.
SUPPLEMENTAL INFORMATION
The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the investor relations section of the Company's website at www.apolloic.com.
| PORTFOLIO AND INVESTMENT ACTIVITY | |||||||||
| Our portfolio and investment activity for the three months ended December 31, 2013 and 2012 is as follows: | |||||||||