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American Capital, Ltd (ACAS) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

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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 24, 2015

CONTACT:
Investors - (301) 951-5917
Media - (301) 968-9400
    
AMERICAN CAPITAL REPORTS 2014 NET OPERATING INCOME BEFORE INCOME TAXES OF $0.65 PER DILUTED SHARE, NET EARNINGS OF $1.55 PER DILUTED SHARE AND NET ASSET VALUE PER SHARE OF $20.50

Bethesda, MD - February 24, 2015 - American Capital, Ltd. (“American Capital” or the “Company”) (Nasdaq: ACAS) announced consolidated net operating income (“NOI”) before income taxes for the year and quarter ended December 31, 2014 of $183 million, or $0.65 per diluted share, and $60 million, or $0.21 per diluted share, respectively. Consolidated NOI for the year and quarter ended December 31, 2014 was $117 million, or $0.42 per diluted share, and $35 million, or $0.12 per diluted share, respectively. Consolidated net earnings for the year and quarter ended December 31, 2014 was $434 million, or $1.55 per diluted share, and $38 million, or $0.14 per diluted share, respectively. As of December 31, 2014, consolidated net asset value (“NAV”) per share was $20.50, a 1% annualized, or $0.04 per share, decrease from the September 30, 2014 NAV per share of $20.54 and an 8%, or $1.53 per share, increase from the December 31, 2013 NAV per share of $18.97.

2014 CONSOLIDATED FINANCIAL SUMMARY

•
$20.50 NAV per share outstanding
ü
$1.53 per share increase, or 8%, over Q4 2013 of $18.97 per share outstanding
•
$0.65 NOI before income taxes per diluted share, or $183 million
ü
$0.11 per diluted share decrease from 2013, or $49 million
ü
$0.07 per diluted share decrease from severance related costs, or $19 million
ü
$0.42 NOI after income taxes per diluted share, or $117 million    
•
$1.55 net earnings per diluted share, or $434 million
ü
$0.94 per diluted share increase, or 154%, from 2013, or $250 million
•
$2.8 billion of cash proceeds from realizations
ü
$265 million dividend distribution from American Capital’s investment in European Capital Limited (“European Capital”) through September 30, 2014
ü $540 million of proceeds from American Capital’s investment in portfolio companies sold to American Capital Equity III, LP (“ACE III”)
•
$3.6 billion in new committed investments
ü $1.9 billion in Senior Floating Rate Loans (“SFRLs”)
ü
$1.6 billion in Sponsor Finance, Structured Products and American Capital Asset Management, LLC (“ACAM”) and Fund Development
•
$137 million of stock buybacks in Q1 2014 producing $0.16 accretion per share




The following information was filed by American Capital, Ltd (ACAS) on Wednesday, February 25, 2015 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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