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Medley Capital Corporation Declares $0.36 Per Share Dividend; Announces December 31, 2012 Financial Results


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-02-06 22:05:21 -

New York, NY - February 06, 2013



First Quarter Fiscal Year 2013 Dividend Declared



Medley Capital Corporation (the "Company") (NYSE: MCC) today announced that its
Board of Directors declared a dividend for the quarter ended December 31, 2012
of $0.36 per share, payable on March 15, 2013 to stockholders of record as of
February 27, 2013. The dividend will be paid from earnings whose specific tax
characteristics will be reported to stockholders on Form 1099 after the end of
the calendar year.



Financial Results for the Quarter ended December 31, 2012



First Quarter Highlights



  * Declared a dividend of $0.36 per share
  * Net investment income of $0.39 per share
  * Net income of $0.39 per share
  * Net asset value (NAV) of $12.69 per 
share * Gross investment originations of $133.2 million * Issued 5.5 million shares of our common stock for net proceeds of $72.3 million "We are pleased to announce a dividend of $0.36 per share for the quarter end December 31, 2012" said Mr. Brook Taube, CEO. "As we look forward in this quarter and further into 2013, we expect net investment income will meet or exceed the current dividend assuming we are able to deploy capital as planned" continued Mr. Taube. Portfolio Investments The total value of our investments, including cash and cash equivalents, was $522.4 million at December 31, 2012. During the quarter ended December 31, 2012, the Company originated $133.2 million of new investments and had $16.8 million of repayments resulting in net investment originations of $116.4 million. As of December 31, 2012, the Company had investments in securities of 46 portfolio companies with approximately 64.9% consisting of senior secured first lien investments, 34.1% consisting of senior secured second lien investments, 0.7% in equities / warrants and 0.3% consisting of cash and cash equivalents. As of December 31, 2012, the weighted average yield based upon the cost basis of our portfolio investments, excluding cash and cash equivalents, was 14.0% and there were no assets on non-accrual status. Results of Operations The Company reported net investment income of $0.39 per share and net income of $0.39 per share, respectively, calculated based upon the weighted average shares outstanding, for the three months ended December 31, 2012. As of December 31, 2012, the Company's NAV was $12.69 per share. Investment Income For the three months ended December 31, 2012, gross investment income was $17.7 million and consisted of $14.8 million of portfolio interest income and $2.9 million of other fee income. Expenses For the three months ended December 31, 2012, total expenses were $8.1 million and consisted of the following: base management fees net of waiver of $2.1 million, incentive fees of $2.4 million, interest and financing expenses of $2.3 million, professional fees of $0.3 million, administrator expenses of $0.5 million, directors fees of $0.1 million, and other general and administrative related expenses of $0.4 million. Net Investment Income The Company reported net investment income of $9.6 million, or $0.39 on a weighted average per share basis, for the quarter ended December 31, 2012. Net Realized and Unrealized Gains/Losses For the three months ended December 31, 2012, the Company reported net realized gains of $0.2 million and net unrealized depreciation of $0.2 million. Liquidity and Capital Resources As of December 31, 2012, the Company had cash and cash equivalents of $1.7 million, $44.0 million of debt outstanding under its $182.0 million senior secured revolving credit facility, $80.5 million of debt outstanding under its senior secured term loan and $40.0 million in aggregate principal amount of 7.125% senior notes due 2019 were outstanding. On January 30, 2013 the Company's board of directors declared a quarterly dividend of $0.36 per share payable on March 15, 2013 to holders of record as of February 27, 2013. Webcast/Conference Call The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Thursday, February 7, 2013. All interested parties may participate in the conference call by dialing (866) 831-6243 approximately 5-10 minutes prior to the call: international callers should dial (617) 213-8855. Participants should reference Medley Capital Corporation and the participant passcode of 58260481 when prompted. Following the call you may access a replay of the event via audio webcast. This conference call will be broadcast live over the Internet and can be accessed by all interested parties through the Company's website, www.medleycapitalcorp.com. To listen to the live call, please go to the Company's website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the Company's website. Financial Statements Medley Capital Corporation Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data)        As of -------------------------------------------       December 31, 2012   September 30, 2012 ---------------------- --------------------       (unaudited) ASSETS Investments at fair value Non-controlled/non-affiliated investments (amortized cost of $513,307 and $394,482,   respectively) $        512,261   $        393,741 Affiliated investments (amortized cost of $8,825 and $8,679,   respectively)   8,433   8,208 ---------------------- -------------------- Total investments at   fair value   520,694   401,949 Cash and cash equivalents   1,667   4,894 Interest receivable   6,079   3,940 Deferred financing costs, net   5,526   4,652 Other assets   542   232 Deferred offering costs   61   104 ---------------------- --------------------   Total assets   $        534,569   $        415,771 ---------------------- -------------------- LIABILITIES Revolving credit facility payable   $          44,000   $          15,000 Term loan payable   80,500   55,000 Notes payable   40,000   40,000 Payable for investments purchased   -   10,212 Management and incentive fees payable, net   4,500   3,515 Accounts payable and accrued expenses   775   924 Administrator expenses payable   522   466 Deferred revenue   163   174 Interest and fees payable   293   1,048 Due to affiliate   -   13 Offering costs payable   68   80 ---------------------- --------------------   Total liabilities   $        170,821   $        126,432 ---------------------- -------------------- NET ASSETS Common stock, par value $.001 per share, 100,000,000 common shares authorized, 28,662,049 and 23,110,242 common shares issued and outstanding, $   respectively   $                 29   23 Capital in excess of par value   358,123   285,012 Accumulated undistributed net investment income   6,857   5,560 Accumulated net realized gain (loss) from investments   177   (45) Net unrealized appreciation (depreciation) on investments   (1,438)   (1,211) ---------------------- -------------------- Total net assets   363,748   289,339 ---------------------- -------------------- Total liabilities and net assets   $        534,569   $        415,771 ---------------------- -------------------- NET ASSET VALUE PER SHARE   $            12.69   $            12.52 ---------------------- -------------------- Medley Capital Corporation Consolidated Statements of Operations (in thousands, except share and per share data)       For the three   For the three       months ended   months ended       12/31/2012   12/31/2011 -------------------- -------------------       (unaudited)   (unaudited) INVESTMENT INCOME Interest from investments Non-controlled/Non-affiliated   investments   $         14,471   $           5,538   Affiliated investments   368   1,554 -------------------- -------------------        Total interest income   14,839   7,092 Interest from cash and cash equivalents   1   2 Other fee income   2,879   1,135 -------------------- -------------------   Total investment income   17,719   8,229 -------------------- ------------------- EXPENSES Base management fees   2,096   1,045 Incentive fees   2,404   1,207 Interest and financing expenses   2,317   282 Administrator expenses   522   296 Professional fees   292   292 Directors fees   113   115 Insurance   67   104 General and administrative   291   102 -------------------- ------------------- Expenses before management fee   waiver   8,102   3,443   Management fee waiver   -   (41) -------------------- ------------------- Total expenses net of management fee   waiver   8,102   3,402 -------------------- ------------------- Net investment income before excise   taxes   9,617   4,827   Excise tax expense   -   (36) -------------------- ------------------- NET INVESTMENT INCOME   9,617   4,791 -------------------- ------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain/(loss) from investments   222   112 Net unrealized appreciation/(depreciation) on investments   (226)   (514) -------------------- -------------------   Net gain/(loss) on investments   (4)   (402) -------------------- ------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $           9,613   $           4,389 -------------------- ------------------- WEIGHTED AVERAGE - BASIC AND DILUTED   EARNINGS PER COMMON SHARE   $             0.39   $             0.25 WEIGHTED AVERAGE - BASIC AND DILUTED NET   INVESTMENT INCOME PER COMMON SHARE   $             0.39   $             0.28 WEIGHTED AVERAGE COMMON STOCK OUTSTANDING   - BASIC AND DILUTED     24,767,375     17,320,468 DIVIDENDS DECLARED PER COMMON SHARE   $             0.36   $             0.25 ABOUT MEDLEY CAPITAL CORPORATION The Company is an externally-managed, non-diversified closed-end management investment company that has filed an election to be treated as a business development company under the Investment Company Act of 1940, as amended. The Company's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. The Company is a direct lender targeting private debt transactions ranging in size from $10 to $50 million to borrowers principally located in North America. The Company's investment activities are managed by its investment adviser, MCC Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. ABOUT MCC ADVISORS LLC MCC Advisors LLC, an affiliate of Medley LLC ("Medley"), is a registered investment adviser under the Investment Advisers Act of 1940, as amended. Medley specializes in credit investing, including direct private lending and corporate credit related strategies and provides first lien, second lien and unitranche term loans to lower middle-market and middle-market companies with an investment size between $7-50 million. Medley will support acquisition and growth financings, leveraged buyouts, management buyouts, bank debt restructurings, CAPEX, Chapter 11 exit financing and DIP financing. Medley is headquartered in New York with offices in San Francisco. FORWARD-LOOKING STATEMENTS Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company 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. SOURCE: Medley Capital Corporation Contact: Richard T. Allorto 212.759.0777 This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Medley Capital Corporation via Thomson Reuters ONE [HUG#1676200]


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