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Aug. 5, 2015, 5:14 PM
- Q2 net operating income of $67M or $0.24 per share vs. $50M and $0.18 in Q1.
- NAV per share of $20.35 up from $20.12 at end of Q1. Today's close was $12.95.
- 6.5M shares repurchased during quarter at average price of $14.32 each, total of $93M. Buybacks added $0.14 to NAV. Company intends to repurchase $300M-$600M of stock prior to the American Capital Income spin-off, at prices below 85% of NAV. Float is 270M shares.
- A key strategy of the spin, says CFO John Erickson, is positioning the balance sheet to pay a market rate dividend. Pre-tax NOI was up 24%, and ROE of 7.1% increased from 5.6%. "While we have work to improve the yield, we are making progress."
- Conference call tomorrow at 11 ET
- Previously: American Capital beats by $0.01, beats on revenue (Aug. 5)
- ACAS -0.2% after hours
Aug. 5, 2015, 4:59 PM
- American Capital (NASDAQ:ACAS): Q2 EPS of $0.24 beats by $0.01.
- Revenue of $168M (+68.0% Y/Y) beats by $9.3M.
Aug. 4, 2015, 5:35 PM
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Jun. 29, 2015, 4:13 PM
- Having gotten back into the stock buyback game at the end of Q1, American Capital (NASDAQ:ACAS) announces 6.5M shares repurchased during Q2 at an average price of $14.32 each.
- The stock closed lower by 0.95% during today's selloff. The closing price of $13.54 stands against March 31 book value per share of $20.12.
Jun. 26, 2015, 3:43 PM
- Continued strong economic data (June consumer confidence beat expectations) and apparently optimism over a Greek deal getting inked this weekend make for good excuses for today's selling in fixed income.
- The U.S. 10-year yield is up seven basis points to 2.48%. Short-term rate futures continue to read more dovish than the Fed, predicting just one 25 basis point rate hike by year-end.
- TLT -1.2%, TBT +2.4%.
- Among the income favorites, utilities (XLU +0.6%) and equity REITs (IYR +0.2%) are being spared punishment today, leaving jittery investors to focus their selling in mortgage REITs.
- Also in the red are BDCs, led by Prospect Capital (PSEC -2.5%) and Fifth Street Finance (FSC -1.5%). American Capital (ACAS -1.3%), Medley Capital (MDLY +0.1%), THL Credit (TCRD -1.2%), PennantPark (PNNT -1%).
- ETFs: BDCL, BDCS, BIZD, FGB
Jun. 3, 2015, 3:43 PM
- American Capital (ACAS) acted as sole lender and second lien agent on $51M in second lien financing to support the acquisition of Compusearch Software Systems by ABRY Partners.
- ACAS and ABRY have partnered together on previous investments, and ACAS invested in Compusearch under its previous ownership.
May 11, 2015, 11:52 AM
- EWA is a provider of electronic warfare, cyber security, and advanced commercial test tool systems and solutions to the U.S. and other allies.
- ACAS's investment of senior secured term loans will be used to refinance existing debt and allow capital for general corporate uses.
May 6, 2015, 4:33 PM
- Q1 pretax NOI of $78M or $0.28 per share vs. $60M and $0.21 in Q4.
- Net asset value per share of $20.12 slips from $20.50 at start of year, with $0.36 of that the result from forex translation of the European Capital balance sheet. Today's close of $14.90 is a 26% discount to book.
- Spin-off plans revised: Company now plans to spin off just one new BDC (not two) which will be known as American Capital Income, and which will own almost all of American Capital's (NASDAQ:ACAS) existing investment assets. American Capital will remain in the asset management business.
- The move was made as Sponsor Finance originations increased to $689M in 2014, up 167% from the previous year. American Capital Income is expected to exit lower-yielding loans to instead concentrate on Sponsor Finance.
- Previously: American Capital misses by $0.14, beats on revenue (May 6)
- Shares -0.55% after hours
May 6, 2015, 4:13 PM
- American Capital (NASDAQ:ACAS): Q1 EPS of $0.05 misses by $0.14.
- Revenue of $154M (+83.3% Y/Y) beats by $10.65M.
May 5, 2015, 5:35 PM
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Mar. 25, 2015, 12:43 PM
- American Capital (NASDAQ:ACAS) had been a big buyer of its stock for nearly three years, but suspended purchases about a year ago amid a strategic review that ultimately led to a plan to spinoff the BDC business.
- While waiting for said spin-off to take place, and under some activist pressure, American Capital today announces the resumption of its repurchase program as of Feb. 23.
- The stock price is currently $15.06 vs. Dec. 31 NAV of $20.50.
- Shares have added about a dime since the news broke, now flat on the session.
Mar. 6, 2015, 11:35 AM
- American Capital's (ACAS -1.5%) senior secured revolver provided by BofA has been increased to $1.25B from $750M, and the maturity date extended by two years to March 2017. The interest rate remains the same at Libor +1.60%.
Mar. 5, 2015, 3:20 PM
- The activist investor - an owner of about 2.4% of American Capital (ACAS +1.3%) - is pleased with the plan to spin off the asset management business from the BDC, but not thrilled with management's decision since to shun repurchases in favor of funding new investments.
- American Capital believes the market will assign a high multiple to the management business (American Capital Asset Management), and therefore the best use of capital is to build up assets.
- Orange wants to see both a high multiple on ACAM and a share price on the BDC that's more inline with net asset value, and believes investors would reward a management consistently buying back stock when it's meaningfully undervalued.
- American Capital currently trades at about 73% of the last-reported NAV.
- "A balanced combination of growth investments and capital returns would build immediate credibility and demonstrate that management is a good steward of capital," says Orange, urging the company to set aside at least one-third of the $600M-$800M allocated for ACAM growth.
- Shares have gained about 1.5% since the letter hit.
Feb. 25, 2015, 7:37 AM
- Q4 pretax net operating income of $60M or $0.21 per share vs. $52M and $0.19 one year ago.
- Net asset value per share of $20.50 vs. $20.46 at end of Q3. Last night's close was $14.90.
- Progress continues to be made on plans to spin off two BDCs to shareholders. "We continue to adjust our assets so that the two new BDCs will be able to pay market rate dividends and so that the asset composition of the new BDCs will meet statutory requirements."
- Earnings call at 11 ET
- Previously: American Capital misses by $0.05, beats on revenue (Feb. 24)
- ACAS flat premarket
Feb. 24, 2015, 10:33 PM
- American Capital (NASDAQ:ACAS): Q4 EPS of $0.12 misses by $0.05.
- Revenue of $158M (+33.9% Y/Y) beats by $39M.
Feb. 23, 2015, 5:35 PM
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American Capital Ltd is an asset management and private equity firm. The Company originates, underwrites and manages investments in the middle market private equity, leveraged finance, real estate, energy and structured products.
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