Exhibit 99.1

 

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Gladstone Capital Corporation Reports Financial Results for the

Fourth Quarter and Fiscal Year Ended September 30, 2012

 

   

Net Investment Income for the quarter and fiscal year ended September 30, 2012, was $4.5 million and $19.0 million, or $0.22 and $0.91 per share, respectively.

 

   

Net Increase (Decrease) in Net Assets Resulting From Operations for the quarter and fiscal year ended September 30, 2012, was $5.5 million and ($8.0) million, or $0.26 and ($0.38) per share, respectively.

McLean, VA, November 12, 2012: Gladstone Capital Corporation (NASDAQ: GLAD) (the “Company”) today announced earnings for the fourth quarter and fiscal year ended September 30, 2012. The Company’s Form 10-K for the fiscal year ended September 30, 2012 will be filed tomorrow with the Securities and Exchange Commission (“SEC”). All per share references are per basic and diluted weighted average common share outstanding, unless noted otherwise.

Net Investment Income for the Quarter: Net Investment Income for the quarters ended September 30, 2012 and 2011 was $4.5 million, or $0.22 per share, and $4.8 million, or $0.23 per share, respectively, a decrease in Net Investment Income of 5.7%. The decrease in Net Investment Income was primarily due to the Company’s payment of $0.7 million in dividends on its 7.125% Series 2016 Term Preferred Stock (“Term Preferred Stock”) for the quarter ended September 30, 2012 as compared to no dividend expense in the prior year quarter, as no Term Preferred Stock was outstanding. The increase in dividend expense was partially offset by an increase in other income from investments due to increased exit fees during the quarter ended September 30, 2012, as compared to the prior year quarter.

Net Investment Income for the Fiscal Year: Net Investment Income for the fiscal years ended September 30, 2012 and 2011 was $19.0 million, or $0.91 per share, and $18.4 million, or $0.88 per share, respectively, an increase in Net Investment Income of 3.4%. Net Investment Income increased primarily due to a combined $5.1 million increase in interest and other income from investments for the year ended September 30, 2012, offset partially by increased interest and dividend expense of $4.2 million compared to the prior year. Interest income on investments increased $3.2 million, or 9.7%, primarily due to an increase in the weighted average principal balance of the Company’s interest-bearing investments of $35.2 million for the year ended September 30, 2012, compared to the prior year. Other income from investments increased by $2.1 million from 2011, due primarily to an increase in success fees earned on early payoffs.

Partially offsetting the increase in interest and other income from investments was the payment of $2.5 million in dividends on the Company’s Term Preferred Stock and the increase in interest expense of $1.7 million primarily due to an increase in weighted average borrowings outstanding of $23.0 million for the year ended September 30, 2012 over the prior year.

Net Increase (Decrease) in Net Assets Resulting from Operations for the Quarter: Net Increase (Decrease) in Net Assets Resulting from Operations for the quarters ended September 30, 2012 and 2011 was $5.5 million, or $0.26 per share, and ($0.5) million, or ($0.02) per share, respectively. In addition to the Net Investment Income described above, the Company had a net realized and unrealized gain of $0.9 million on its investments and borrowings during the quarter ended September 30, 2012, compared to a net realized and unrealized loss of $5.4 million in the prior year quarter.

Net Decrease in Net Assets Resulting from Operations for Fiscal Year: Net Decrease in Net Assets Resulting from Operations for the fiscal years ended September 30, 2012 and 2011 was $8.0

 

-1-


The following information was filed by Gladstone Capital Corp (GLAD) on Tuesday, November 13, 2012 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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