GREENWICH, CT--(Marketwired - Feb 5, 2014) - 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:
- December 31, 2013 was $16.69
- September 30, 2013 was $16.13
- Net investment income, calculated in accordance with generally accepted accounting principles, was approximately $2.5 million for the quarter ended December 31, 2013
- Net increase in net assets from operations was approximately $8.5 million for the quarter ended December 31, 2013:
- Including net realized capital gains of approximately $1.0 million, and
- Net unrealized appreciation of approximately $5.0 million
- Estimated distributable net investment income for the quarter ended December 31, 2013 was $6.2 million or approximately $0.80 per share (dividend distributions were approximately $4.2 million or $0.55 per share)
- Fourth fiscal quarter dividend:
- Dividend of $0.60 per common share
- Special dividend of $0.10 per common share
- Both are payable on March 31, 2014 to stockholders of record as of March 17, 2014
- Total assets stood at approximately:
- $208.0 million as of December 31, 2013
- $163.1 million at September 30, 2013
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 expects to file its quarterly report on Form N-Q on or about February 14, 2014. The Company is also posting 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.