Apollo Investment Corporation Reports Financial Results for Quarter and Year Ended March 31, 2012
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 05/23/12 -- Apollo Investment Corporation (NASDAQ: AINV)
Apollo Investment Corporation (NASDAQ: AINV) or the "Company", "Apollo Investment", "we" or "our" today announced financial results for its fourth fiscal quarter and year ended March 31, 2012. The Company's net investment income was $0.21 per share for the quarter ended March 31, 2012 and net asset value ("NAV") was $8.55 per share as of March 31, 2012.
Additionally, the Company also announced that its Board of Directors has declared a dividend of $0.20 per share for the first fiscal quarter of 2013, payable on July 5, 2012 to stockholders of record as of June 14, 2012. The specific tax characteristics of this dividend will be reported to stockholders on Form 1099 after the end of the calendar year.
On April 2, 2012, a subsidiary of Apollo Global Management, LLC purchased $50 million or 5,847,953 of newly issued shares of Apollo Investment's common stock at NAV as of March 31, 2012. The Company's Investment Advisor, Apollo Investment Management, L.P. is waiving the base management and incentive fees associated with this equity capital for a one year period.
Mr. James Zelter, Apollo Investment Corporation's Chief Executive Officer, said, "During our fourth fiscal quarter, we continued to reposition our investment portfolio and diversify into additional investment strategies. We methodically sold select investments, reduced leverage and redeployed capital into other strategies which we believe have more attractive risk adjusted returns. As we look ahead, we will continue to rotate out of some of our subordinated debt investments and expand our investment footprint to provide a wider array of proprietary private financing solutions to be better aligned with the current lending landscape."
* In applying the if-converted method, conversion shall not be assumed for purposes of computing diluted EPS if the effect would be anti-dilutive. For the fiscal year ended March 31, 2012, anti-dilution would total $0.08.
The Company will host a conference call on Wednesday, May 23, 2012 at 10:00 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (888) 802-8579 approximately 5-10 minutes prior to the call; international callers should dial (973) 633-6740. Participants should reference Apollo Investment Corporation or Conference ID # 75904920 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Event Calendar in the Investor Relations section of our website at . Following the call you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through June 6, 2012 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID # 75904920. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Event Calendar in the Investor Relations section of our website at .
The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the investor relations section of the Company's website at .
During our fiscal year ended March 31, 2012, we invested $1.5 billion across 21 new and 18 existing portfolio companies through a combination of primary and secondary market purchases. This compares to investing $1.1 billion in 21 new and 18 existing portfolio companies for the previous fiscal year ended March 31, 2011. Investments sold or prepaid during the fiscal year ended March 31, 2012 totaled $1.6 billion versus $977 million for the fiscal year ended March 31, 2011.
During the three months ended March 31, 2012, we invested $147 million across 4 new and 7 existing portfolio companies through a combination of primary and secondary market purchases. This compares to investing $298 million in 8 new and 11 existing portfolio companies for the three months ended March 31, 2011. Investments sold or prepaid during the three months ended March 31, 2012 totaled $340 million versus $255 million for the three months ended March 31, 2011.
At March 31, 2012, our net portfolio consisted of 62 portfolio companies and was invested 30% in senior secured loans, 60% in subordinated debt, 1% in preferred equity and 9% in common equity and warrants measured at fair value versus 69 portfolio companies invested 33% in senior secured loans, 58% in subordinated debt, 1% in preferred equity and 8% in common equity and warrants at March 31, 2011.
The weighted average yields on our senior secured loan portfolio, subordinated debt portfolio and total debt portfolio as of March 31, 2012 at our current cost basis were 10.2%, 12.7% and 11.9%, respectively. At March 31, 2011, the yields were 9.0%, 13.1% and 11.6%, respectively.
Since the initial public offering of Apollo Investment in April 2004, and through March 31, 2012, invested capital totaled $8.8 billion in 166 portfolio companies. Over the same period, Apollo Investment completed transactions with more than 100 different financial sponsors.
At March 31, 2012, 67% or $1.6 billion of our income-bearing investment portfolio is fixed rate debt and 33% or $0.8 billion is floating rate debt, measured at fair value. On a cost basis, 65% or $1.7 billion of our income-bearing investment portfolio is fixed rate debt and 35% or $0.9 billion is floating rate debt. At March 31, 2011, 59% or $1.7 billion of our income-bearing investment portfolio was fixed rate debt and 41% or $1.2 billion was floating rate debt. On a cost basis, 60% or $1.7 billion of our income-bearing investment portfolio is fixed rate debt and 40% or $1.1 billion is floating rate debt.
Apollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company provides private debt market solutions to middle market companies in the form of senior secured, mezzanine and asset based loans and may also acquire equity interests. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, LLC, a leading global alternative investment manager. For more information, please visit .
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies.
We may use words such as "anticipates," "believes," "expects," "intends," "will," "should," "may" and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.
Elizabeth Besen
Investor Relations Manager
Apollo Investment Corporation
(212) 822-0625
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Datum: 23.05.2012 - 11:30 Uhr
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