Allied Capital Lending Corp. announces third quarter results
WASHINGTON–(BUSINESS WIRE)–Nov. 14, 1994–Allied Capital Lending Corp. (NASDAQ:ALCL) announced third quarter results Monday.
For the nine months ended Sept. 30, 1994, the company reported a net increase in net assets resulting from operations of $3,391,000, or 78 cents per share, as compared to $2,211,000 for the first nine months of 1993.
The per share data for 1993 is not comparable because the company has significantly more shares outstanding now than it did at Sept. 30, 1993.
Investment income before unrealized appreciation totalled $3,312,000 for the nine months ended Sept. 30, 1994 as compared to $2,298,000 for the comparative period in 1993, a 44% increase. This increase reflects an increased volume of loans originated.
The company reported a net increase in net assets resulting from operations of $1,308,000, or 30 cents per share, for the three months ended Sept. 30, 1994 as compared to $1,295,000 for the three months ended Sept. 30, 1993.
Investment income before unrealized appreciation totalled $1,234,000 for the three months ended Sept. 30, 1994, as compared to $1,357,000 for the comparative period in 1993. The decline is due to the overall decrease in the premiums achieved on the SBA-guaranteed portions of the loans sold in the secondary market. Premiums on these sales have decreased as market interest rates have risen.
Allied Capital Lending Corp. invested approximately $10.5 million during the three months ended Sept. 30, 1994. Year to date, the company has invested more than $29 million. The company reported outstanding commitments of $43.4 million as of Sept. 30, 1994.
Given these commitments, as well as loans closed subsequent to the end of the quarter, the company has fully invested or committed its equity capital. It is expected that Allied Lending will begin drawing on its $15 million line of credit during the fourth quarter of 1994.
The net asset value for Allied Capital Lending Corp. was $7.57 per share as of Sept. 30, 1994. No comparative number is available since the capitalization of the company changed significantly after Sept. 30, 1993, as a result of its initial public offering of common shares. -0-
(dollars in thousands) 3 mos. ended 9 mos ended
Sept. 30 Sept. 30
1994 1993 1994 1993
Investment income before
net realized loss and
net unrealized apprec.
investments $1,242 $1,394 $3,328 $2,467
Net realized loss on
investments (8) (37) (16) (169)
Investment income before
(depreciation) 1,234 1,357 3,312 2,298
Net unrealized appreciation
investments 74 (62) 79 (87)
Net increase in net assets
resulting from operations 1,308 1,295 3,391 2,211
Per Share $0.30(b) $0.54(a) $0.78(b) $0.93(a)
(a) Based on 2,380,000 shares outstanding prior to initial public
offering in Nov., 1993.
(b) Based on 4,368,420 shares outstanding subsequent to initial public
Allied Capital Lending Corp. is a publicly traded small business lending company, headquartered in Washington, D.C. traded on Nasdaq NMS, symbol ALCL. A recent quote of the stock was $13.25. There are 4,368,420 total shares outstanding.
Allied Capital Lending Corp. pays a regular quarterly cash dividend of 27 cents per share and will pay an annual extra cash distribution at year end. For additional information or for a copy of the company’s 1993 annual report, please contact Allied’s Investor Relations Department at 202/331-1112 or fax to 202/659-2053.
CONTACT: Allied Capital, Washington
Suzanne Sparrow, 202/331-1112
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