SOURCE: Oxford Lane Capital Corp.

January 30, 2012 08:00 ET

Oxford Lane Capital Corp. Announces Fourth Fiscal Quarter Dividend of $0.55 per Share

GREENWICH, CT--(Marketwire - Jan 30, 2012) - Oxford Lane Capital Corp. ("Oxford Lane" or "Company") (NASDAQ: OXLC) announced today that the Company's Board of Directors has set a fourth fiscal quarter dividend of $0.55 per share. The Company estimates that its taxable income for the fiscal quarter (and the 9 month period) ended December 31, 2011 exceeded the dividend payments with respect to those periods.

For the quarter ended December 31, 2011 the Company estimates that its taxable income was approximately equal to $1.46 million, or $0.59 per share. The Company notes that its taxable income has historically differed, and will likely continue to differ, materially from its net investment income reported under U.S. generally accepted accounting principles (GAAP) due to differences between accounting principles and tax regulations. Since inception, the Company's taxable income has exceeded its net investment income reported under GAAP. As a regulated investment company, Oxford Lane is required to distribute at least 90% of its taxable income annually (those distributions are not based on the Company's net investment income under GAAP).

The fourth quarter dividend will be payable on March 30, 2012 to shareholders of record as of March 16, 2012.

The Company also announced that its net asset value per share as of December 31, 2011 was equal to $15.08.

The Company filed its quarterly report in Form N-Q with the Securities and Exchange Commission on January 27, 2012 and also issued supplemental information in the form of a press release on January 25, 2012.

About Oxford Lane Capital Corp.

Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company. It seeks to achieve its investment objective of maximizing total return by investing primarily in senior secured loans made to companies whose debt is unrated or is rated below investment grade, with an emphasis on current income. Those investments may take a variety of forms, including the direct purchases of such loans (either in the primary or secondary markets) or through investments in entities that in turn own a pool of such loans.

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions, including statements with regard to the anticipated use of the net proceeds of the Company's securities offering. 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.

Contact Information

  • Contact:
    Bruce Rubin
    203-983-5280