Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Fidus Investment Corporation Reports Q1/16

|Includes: Fidus Investment (FDUS)

FDUS Reports NII of $0.4345/share compared to a forward dividend of $0.39/quarter
What They Earned Fidus Investment Corporation reported for calendar Q1-16 Total Investment Income of $14.691 million ($0.9012/share) and Net Investment Income of $7.082 million ($0.4345/share). The Net Increase in Net Assets Resulting from Operations was $7.540 million ($0.4625/share). FDUS' net asset value per share was $15.25 compared to $15.17 last quarter.

Consensus analyst projections from Yahoo Finance:

Earnings Est Current Qtr.
Mar 16
Next Qtr.
Jun 16
Current Year
Dec 16
Next Year
Dec 17
Avg. Estimate 0.41 0.42 1.70 1.75
No. of Analysts 5.00 5.00 5.00 4.00
Low Estimate 0.40 0.41 1.68 1.66
High Estimate 0.43 0.43 1.72 1.85
Year Ago EPS 0.39 0.37 1.64 1.70
Revenue Est Current Qtr.
Mar 16
Next Qtr.
Jun 16
Current Year
Dec 16
Next Year
Dec 17
Avg. Estimate 14.15M 14.31M 58.14M 61.91M
No. of Analysts 4 4 4 3
Low Estimate 13.83M 14.12M 56.83M 56.84M
High Estimate 14.37M 14.60M 59.00M 67.00M
Year Ago Sales 12.84M 12.80M 54.27M 58.14M

My historical context spreadsheets:

  Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13

Realized & Unrealized Gains .458 .660 -1.563 .207 .180 .677 -.326 -2.081 -2.066 -1.326 -.737 +10.256 -.286
Realized & Unrealized Gains/share $0.0281 $0.0405 - $0.0961 $0.0128 $0.0112 $0.0423 - $0.0236 - $0.1512 - $0.1512 - $0.0965 - $0.0537 $0.7486 - $0.0221

  Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13

Interest income 13.477 13.806 12.748 12.116 11.923 11.312 10.128 9.306 9.551 9.804 9.246 9.590 9.010
Dividend income .243 .167 .498 .158 .137 .518 .607 .513 .377 .490 .479 0.350 0.359
Fee income .975 1.102 .288 .506 .764 1.812 .572 .783 .610 .927 .516 0.465 0.406
Other income .026 - .003 .023 .019 .014 .010 .017 -.021 .021 .019 .022 0.071 0.038
Total investment income 14.691 15.075 13.557 12.799 12.838 13.652 11.324 10.581 10.559 11.240 10.263 10.476 9.813

  Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13

Total investment income 14.691 15.075 13.557 12.799 12.838 13.652 11.324 10.581 10.559 11.240 10.263 10.476 9.813
Net investment income 7.082 7.175 7.050 6.039 6.229 6.701 5.627 5.509 5.444 5.935 5.274 3.164 4.923
Investments @ fair value 0.456 0.443 0.431 0.420 0.413 0.396 0.336 0.310 0.310 0.307 0.307 0.307 0.307
Wt Av Share Count 16.301 16.287 16.268 16.187 16.060 16.012 13.833 13.766 13.755 13.737 13.718 13.700 12.932
TII/share $0.9012 $0.9256 $0.8334 $0.7907 $0.7994 $0.8526 $0.8186 $0.7686 $0.7676 $0.8182 $0.7481 $0.7647 $0.7588
NII/share $0.4345 $0.4405 $0.4334 $0.3731 $0.3878 $0.4185 $0.4068 $0.4002 $0.3958 $0.4320 $0.3844 $0.2309 $0.3807
Dividend/share $0.43 $0.43 $0.39 $0.40 $0.38 $0.48 $0.48 $0.38 $0.38 $0.76 $0.42 $0.38 $0.38
NAV/share $15.25 $15.17 $15.12 $15.18 $15.19 $15.16 $15.18 $15.09 $15.22 $15.35 $15.98 $16.06 $15.46
Wt Av Yield 13.3% 13.3% 13.4% 13.3% 13.3% 13.4% 13.8% 14.0% 14.4% 14.5% 15.0% 15.1% 15.2%

FDUS has a history of having NII/share well below the run rate dividend per share. The analyst projections indicate that will continue. The other piece of good news - FDUS has NAV growth.

Disclosure: I am/we are long FDUS.