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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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Ticker: ACAS
CIK: 817473
Form Type: 10-K Annual Report
Accession Number: 0001193125-09-042520
Submitted to the SEC: Mon Mar 02 2009 4:06:06 PM EST
Accepted by the SEC: Mon Mar 02 2009
Period: Wednesday, December 31, 2008
Industry: 817473