Exhibit 99.1

 

LOGO        

Two Bethesda Metro Center

14th Floor

Bethesda, MD 20814

(301) 951-6122

(301) 654-6714 Fax

 

www.AmericanCapital.com

FOR IMMEDIATE RELEASE

February 23, 2010

CONTACT:

Investors – (301) 951-5917

Media – (301) 968-9400

AMERICAN CAPITAL ANNOUNCES Q4 AND FULL YEAR 2009 RESULTS

Bethesda, MD – February 23, 2010 – American Capital, Ltd. (“ACAS” or the “Company”) (Nasdaq: ACAS) announced net operating income (“NOI”) for the quarter and year ended December 31, 2009 of $19 million, or $0.07 per diluted share, and $135 million, or $0.56 per diluted share, respectively. Net earnings (loss) less appreciation and depreciation (“Realized (Loss) Earnings”) for the quarter and year were $(283) million, or $(1.00) per diluted share, and $(678) million, or $(2.81) per diluted share, respectively. For the quarter and year ended December 31, 2009, the Company reported net earnings (loss) of $107 million, or $0.38 per diluted share, and $(910) million, or $(3.77) per diluted share, respectively.

2009 FINANCIAL SUMMARY

 

   

$135 million of NOI

   

$(340) million net unrealized depreciation of portfolio investments

   

$(716) million net realized loss on portfolio investments

   

$(910) million net loss

  ü 71% improvement over 2008
   

$1,143 million of realizations

   

$8.29 net asset value (“NAV”) per share

  ü 6% increase over Q3 2009 NAV per share of $7.80
   

$835 million of unrestricted cash and cash equivalents at year end

“Last year was a tremendously difficult year,” said Malon Wilkus, Chairman and Chief Executive Officer. “We worked diligently to restructure our debt facilities and position ourselves for the future. Since announcing the agreement in principle with all of the revolving credit facility lenders we have drafted and negotiated restructuring documentation with representatives of all of the creditor groups. While this has taken us longer than any of us anticipated, and though there is more to be done with respect to

these agreements, we are working towards launching an exchange offer during March to solicit formal approval of a complete debt restructuring.”

“While working hard on our debt restructuring, we have been providing operational, managerial and financial support to our portfolio companies for growth, acquisitions and support in distressed situations. We continue to stand by our portfolio companies. We have reduced our own operating costs and implemented several staff reductions, which have reduced our staff by more than half from its peak, and we remain focused on efficiency. We are making good progress towards restructuring the credit facilities at European Capital to maximize the


The following information was filed by American Capital, Ltd (ACAS) on Tuesday, February 23, 2010 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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