American Capital, Ltd (ACAS) 10-Q Quarterly Report August 2016

Bethesda, MD - August 3, 2016 – American Capital, Ltd. (“American Capital” or the “Company”) (NASDAQ: ACAS) announced consolidated net operating income (“NOI”) before income taxes for the quarter ended June 30, 2016 of $71 million, or $0.31 per diluted share, a 6% annualized return on equity. Consolidated NOI for the quarter ended June 30, 2016 was $46 million, or $0.20 per diluted share. Consolidated net earnings for the quarter ended June 30, 2016 was $106 million, or $0.47 per diluted share. As of June 30, 2016, net asset value (“NAV”) per share was $20.77, a $0.63 per share increase from the March 31, 2016 NAV per share of $20.14.

On May 23, 2016, American Capital entered into a Merger Agreement (the “Merger Agreement”) with Ares Capital Corporation (“Ares Capital”) and certain of its affiliates under which Ares Capital will acquire American Capital. In connection with the Merger Agreement, American Capital incurred non-recurring costs of approximately $13 million in the quarter ended June 30, 2016. American Capital also agreed under the Merger Agreement to certain restrictions on its operations going forward, including restrictions on new investment activity, asset dispositions, personnel actions and certain other matters. Also on May 23, 2016, American Capital agreed to the sale of its wholly-owned affiliate American Capital Mortgage Management, LLC (“ACMM”) to American Capital Agency Corp. (“AGNC”) for $562 million. That transaction closed on July 1, 2016.

Q2 2016 CONSOLIDATED FINANCIAL SUMMARY


•	$20.77 NAV per share outstanding


ü	$0.63 per share increase from Q1 2016


ü	13% annualized economic return from Q1 2016


•	$0.31 NOI before income taxes per diluted share, or $71 million


ü	(23%), or $(0.09) per diluted share, decline over Q1 2016, or $(23) million


ü	6% annualized return on equity


ü	8% annualized return on equity, excluding non-recurring costs


◦	$13 million of transaction costs associated with the strategic review process


•	$0.20 NOI after income taxes per diluted share, or $46 million


ü	(35%), or $(0.11) per diluted share, decline over Q1 2016, or $(28) million


•	$0.47 net earnings per diluted share, or $106 million


ü	$0.81 per diluted share improvement over Q1 2016, or $186 million


•	$877 million of cash proceeds from realizations


ü	$562 million from American Capital One Stop Buyouts^®


ü	$222 million from Sponsor Finance and Other Investments


•	$166 million of new committed investments


ü	$119 million in Sponsor Finance Investments


ü	$46 million in American Capital Asset Management, LLC (“ACAM”)

The following information was filed by American Capital, Ltd (ACAS) on Wednesday, August 3, 2016 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Material Contracts, Statements, Certifications & more

American Capital, Ltd provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: ACAS
CIK: 817473
Form Type: 10-Q Quarterly Report
Accession Number: 0000817473-16-000137
Submitted to the SEC: Wed Aug 03 2016 6:15:41 AM EST
Accepted by the SEC: Wed Aug 03 2016
Period: Thursday, June 30, 2016
Industry: 817473

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American Capital, Ltd (ACAS) SEC Filing 10-Q Quarterly report for the period ending Thursday, June 30, 2016

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