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CPTA Reports NII Of $0.3332/Share Compared To A Regular Dividend Of $0.621

News from AP on earnings:

Capitala Finance Corp. (NASDAQ:CPTA) on Monday reported second-quarter net income of $4.9 million. On a per-share basis, CPTA said it had net income of 31 cents. Earnings, adjusted for non-recurring costs, were 33 cents per share. The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.

The business development company posted revenue of $15.1 million in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $15.5 million. Capitala Finance shares have dropped 15 percent since the beginning of the year. The stock has declined 18 percent in the last 12 months.

Projections from Yahoo Finance:

Earnings Est Current Qtr.
Jun 15
Next Qtr.
Sep 15
Current Year
Dec 15
Next Year
Dec 16
Avg. Estimate 0.41 0.44 1.70 1.90
No. of Analysts 11.00 11.00 10.00 9.00
Low Estimate 0.36 0.39 1.55 1.65
High Estimate 0.46 0.54 1.98 2.28
Year Ago EPS 0.43 0.27 1.54 1.70
Next Earnings Date: Aug 10, 2015
 
Revenue Est Current Qtr.
Jun 15
Next Qtr.
Sep 15
Current Year
Dec 15
Next Year
Dec 16
Avg. Estimate 15.58M 16.86M 64.41M 76.91M
No. of Analysts 9 9 9 7
Low Estimate 14.72M 15.83M 61.67M 73.10M
High Estimate 17.00M 18.30M 68.20M 81.10M

The actual and historical numbers:

CPTA Reports NII of $0.3332/share compared to a regular Dividend of $0.621/quarter
What They Earned Capitala Finance Corp. reported for calendar Q2-15 Total Investment Income of $15.084 million ($0.9452/share) and Net Investment Income of $5.317 million ($0.3332/share). The Net Increase in Net Assets Resulting from Operations was $4.942 million ($0.3097/share) due to $0.375 million of realized and unrealized depreciation during the quarter. CPTA's net asset value per share was $17.95 compared to $18.35 last quarter - with there being $0.621/share in payouts. CPTA has announced or paid special dividend in March, April, May and June of 2015. As of June 30, 2015, the CPTA portfolio consisted of 60 companies with a fair market value of $565.3 million and a cost basis of $546.6 million. Senior secured debt investments represent 36.1% of the portfolio, subordinated debt investments represent 46.5% of the portfolio, and equity/warrant investments represent 14.7% of the portfolio, based on fair values at June 30, 2015.

  Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13

Total investment income 15.084 14.041 12.274 11.167 12.526 12.374 7.967
Net investment income 5.317 4.817 5.067 3.544 5.634 5.721 6.100
Investments @ fair value 0.565 0.519 0.480 0.445 0.406 391.181 0.365
Wt Av Share Count 15.958 12.974 12.974 12.974 12.974 12.974 12.974
TII/share $0.9452 $1.0822 $0.9460 $0.8607 $0.9655 $0.9538 $0.6141
NII/share $0.3332 $0.3713 $0.3905 $0.2732 $0.4343 $0.4410 $0.4702
NAV/share $17.95 $18.35 $18.56 $19.89 $20.34 $20.33 $20.71
Wt Av Yield x 12.6% 12.5% 12.8% 13.4% x.x% 13.7%

CPTA had one debt investment on cash non-accrual status as of June 30, 2015, with a fair value and cost basis of $10.5 million and $17.8 million. CPTA had one debt investment on PIK non-accrual as of June 30, 2015, with a fair value of $5.7 million and a cost basis of $8.1 million.

My prior article on CPTA (from 5-15-15) can be found here.