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American Capital, Ltd (ACAS) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

SEC Filings

American Capital, Ltd

CIK: 817473 Ticker: ACAS

Exhibit 99.1

 

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Two Bethesda Metro Center

14th Floor

Bethesda, MD 20814

(301) 951-6122

(301) 654-6714 Fax

Info@AmericanCapital.com

www.AmericanCapital.com

 

FOR IMMEDIATE RELEASE

March 2, 2009

 

CONTACT:

Investors – (301) 951-5917

Media – (301) 968-9400

AMERICAN CAPITAL ANNOUNCES Q4 AND 2008 EARNINGS

Bethesda, MD – March 2, 2009 – American Capital (“ACAS” or the “Company”) (Nasdaq: ACAS) announced net operating income (“NOI”) for the quarter and year ended December 31, 2008 of $44 million, or $0.21 per diluted share, and $493 million, or $2.42 per diluted share, respectively. Earnings (loss) less appreciation and depreciation (“Realized Earnings (Loss)”) for the year was $525 million, or $2.58 per diluted share. For the quarter, Realized Earnings (Loss) was $(3) million, or $(0.01) per diluted share. For the quarter and year ended December 31, 2008, there was a net loss of $(1.7) billion, or $(8.13) per diluted share and $(3.1) billion, or $(15.29) per diluted share, respectively.

2008 FINANCIAL HIGHLIGHTS

 

   

$493 million of NOI earned in 2008

   

$32 million of realized gains in 2008

   

$383 million of cash flow from operations in 2008

   

$2.2 billion of realizations in 2008

   

$15.41 NAV per share

 

   

$44 million of NOI earned in Q4 2008

   

$(47) million of realized losses in Q4 2008

   

$144 million of cash flow from operations in Q4 2008

   

$246 million of realizations in Q4 2008

NET OPERATING INCOME

NOI decreased 72% to $0.21 per diluted share for the quarter ended December 31, 2008, compared to $0.74 per diluted share for the prior quarter. NOI before one-time charges totaled $0.41per diluted share for the fourth quarter of 2008. These one-time charges included $35 million or $0.17 per diluted share for a valuation allowance on our deferred tax assets, $16 million or $0.08 per diluted share for restructuring charges and a deduction of $11 million or $0.05 per diluted share for reversal of bonus accruals. NOI decreased 28% to $2.42 per diluted share for the year ended December 31, 2008, compared to $3.36 per diluted share for the prior year.

 

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The following information was filed by American Capital, Ltd (ACAS) on Monday, March 2, 2009 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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