Oxford Lane Capital Corp. Announces Net Asset Value and Selected Financial Results as of June 30, 2014
(Marketwire Via Acquire Media NewsEdge) GREENWICH, CT -- (Marketwired) -- 08/11/14 --
Oxford Lane Capital Corp. (NASDAQ: OXLC) ("Oxford Lane" or the "Company") announced today the following financial results and related information:
Unaudited net asset value per share as of June 30, 2014 was $16.07Net investment income, calculated in accordance with generally accepted accounting principles, was approximately $5.8 million for the quarter ended June 30, 2014Net increase in net assets from operations was approximately $6.3 million for the quarter ended June 30, 2014:
Including net realized capital gains of approximately $1.7 million, and Net unrealized depreciation of approximately $1.3 millionSecond fiscal quarter dividend:
Dividend of $0.60 per common share Payable on September 30, 2014 to stockholders of record as of September 16, 2014
Oxford Lane's dividend distribution policy is based upon its estimates of the ultimate taxable earnings for each respective period, which are primarily (but not entirely) based upon the cash flows for each investment. The final taxable amounts cannot be known until the Company's tax return is filed, but the Company's experience has been that cash flows have historically represented a reasonable estimate of taxable earnings.
There have historically been significant differences between Oxford Lane's GAAP earnings and its taxable earnings and this is likely to continue, particularly related to CLO equity investments where the Company's taxable earnings are based upon distributable earnings while GAAP earnings are based upon an effective yield calculation. In general, the Company currently expects its near-term taxable earnings to be higher than its reportable GAAP earnings.
The Company's Board of Directors has also declared the required monthly dividends on its Series 2017, Series 2023 and Series 2024 Term Preferred Shares (each, a "Share"), as follows:
Amount 2014 2014
Declared Record Dates Payable Dates
----------- ------------------------- -------------------------
Series 2017 September 19, October 20 September 30, October 31
$ 0.17710 and November 17 and November 28
Series 2023 September 19, October 20 September 30, October 31
$ 0.15625 and November 17 and November 28
Series 2024 September 19, October 20 September 30, October 31
$ 0.16930 and November 17 and November 28
In accordance with their terms, each of the Series 2017, Series 2023 and Series 2024 Shares will pay a monthly dividend at a fixed rate of 8.50%, 7.50% and 8.125%, respectively, of the $25.00 per share liquidation preference, or $2.125, $1.875 and $2.03125 per share per year, respectively. This fixed annual dividend rate is subject to adjustment under certain circumstances, but will not in any case be lower than 8.50%, 7.50% and 8.125% per year, respectively, for each of the Series 2017, Series 2023 and Series 2024 Shares.
The Company expects to file its quarterly report on Form N-Q on or about August 12, 2014. The Company will post to its website a more detailed summary of our quarterly financials, as well as comparisons to prior quarters. This can be found at oxfordlanepresentation.
About Oxford Lane Capital Corp.
Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company. It currently seeks to achieve its investment objective of maximizing total return by investing in securitization vehicles which, in turn, primarily invest in senior secured loans made to companies whose debt is rated below investment grade or is unrated.
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events.
Source: Oxford Lane Capital Corp.
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