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American Capital, Ltd (ACAS) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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American Capital, Ltd

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CIK: 817473 Ticker: ACAS

Exhibit 99.1
Two Bethesda Metro Center
14th Floor
Bethesda, MD 20814
(301) 951-6122
(301) 654-6714 Fax
 
FOR IMMEDIATE RELEASE
February 10, 2014

CONTACT:
Investors - (301) 951-5917
Media - (301) 968-9400
    
AMERICAN CAPITAL REPORTS 2013 NET OPERATING INCOME BEFORE INCOME TAXES OF $232 MILLION, OR $0.76 PER DILUTED SHARE, NET EARNINGS OF $184 MILLION, OR $0.61 PER DILUTED SHARE AND NET ASSET VALUE PER SHARE OF $18.97

Bethesda, MD - February 10, 2014 - American Capital, Ltd. (“American Capital” or the “Company”) (Nasdaq: ACAS) announced net operating income (“NOI”) before income taxes for the year and quarter ended December 31, 2013 of $232 million, or $0.76 per diluted share, and $52 million, or $0.19 per diluted share, respectively. NOI for the year and quarter ended December 31, 2013 was $156 million, or $0.51 per diluted share, and $38 million, or $0.14 per diluted share, respectively. Net earnings for the year ended December 31, 2013 was $184 million, or $0.61 per diluted share. Net loss for the quarter ended December 31, 2013 was $(182) million, or $(0.66) per diluted share. As of December 31, 2013, net asset value (“NAV”) per share was $18.97, a 12% annualized, or $0.57 per share, decrease from the September 30, 2013 NAV per share of $19.54 and a 6%, or $1.13 per share, increase from the December 31, 2012 NAV per share of $17.84.

2013 FINANCIAL SUMMARY

•
$18.97 NAV per share
ü
$1.13 per share, or 6%, increase over Q4 2012
•
$0.76 NOI before income taxes per diluted share, or $232 million
ü
$0.40 per diluted share, or $151 million, decrease over 2012
ü
$0.51 NOI per diluted share, or $156 million
•
$0.33 net realized earnings per diluted share, or $101 million
ü
$0.05 per diluted share, or $23 million, decline from 2012
•
$0.27 net unrealized appreciation per diluted share, or $83 million
ü
$2.79 per diluted share, or $929 million, decrease over 2012
•
$0.61 net earnings per diluted share, or $184 million
ü
3% annual return on average shareholders’ equity
ü
$2.83 per diluted share, or $952 million, decrease over 2012
•
$1.2 billion of cash proceeds from realizations
ü
Including $178 million dividend distribution and $17 million payment-in-kind interest from European Capital Limited (“European Capital”)
ü Excludes $98 million net repayment of European Capital’s revolving credit facility
•
40.4 million shares of American Capital common stock repurchased, totaling $561 million
ü
$13.90 average price per share
ü
$0.66 accretive to NAV per share
•
Issued $350 million of 6.5% Private Unsecured Senior Notes due September 2018
•
Refinanced $450 million Secured Term Loan
ü
Reduced interest rate from LIBOR + 4.25% to LIBOR + 3.00%
ü
Reduced LIBOR floor from 1.25% to 1.00%
ü
Reduced scheduled amortization for 2014 and 2015 from $150 million to $4.5 million annually
•
Credit rating increased to BB- from B+ by S&P


The following information was filed by American Capital, Ltd (ACAS) on Monday, February 10, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: ACAS
CIK: 817473
Form Type: 10-K Annual Report
Accession Number: 0000817473-14-000010
Submitted to the SEC: Mon Mar 03 2014 10:32:12 AM EST
Accepted by the SEC: Mon Mar 03 2014
Period: Tuesday, December 31, 2013
Industry: 817473

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