BETHESDA, Md., July 29 /PRNewswire-FirstCall/ -- American Capital
Agency Corp. ("AGNC" or the "Company") (NASDAQ:AGNC) today reported
net income for the period from its initial public offering ("IPO")
on May 20, 2008 through June 30, 2008 (the "stub period") of $5.5
million, or $0.37 per diluted share. HIGHLIGHTS -- Successfully
completed IPO and concurrent private placement in May 2008, raising
$300 million of equity ($286 million of net proceeds) -- Declared a
stub period dividend of $0.31 per share -- Net income of $5.5
million, or $0.37 per diluted share, for the stub period -- 17.45%
annualized return on equity during the stub period and 27.36% when
fully invested as of June 30, 2008 -- Net interest rate spread of
3.15% between the yield on assets and cost of debt as of June 30,
2008 -- Borrowed $2.2 billion under repurchase agreements as of
June 30, 2008 -- 8.27x leverage as of June 30, 2008 -- Invested
$2.4 billion exclusively in agency securities as of June 30, 2008
"On May 20, 2008, we raised $286 million in net proceeds from our
IPO and concurrent private placement, which should continue to
generate strong returns on equity," commented Malon Wilkus,
Chairman, President and CEO. "We believe that continuing widening
spreads make this an excellent time to be investing in agency
securities." "Despite the continued volatility in global capital
markets, premium fixed-rate agency securities performed relatively
well in the second quarter," said Russ Jeffrey, Chief Investment
Officer. "Mortgage assets, in general, are at historically
inexpensive valuations, with agency securities in particular,
offering a compelling relative valuation. We believe that the
spread between conforming mortgage rates and funding levels remains
very attractive for AGNC's business model." INITIAL CAPITAL RAISE
-- IPO AND CONCURRENT PRIVATE PLACEMENT The Company completed its
IPO of 10 million shares of common stock on May 20, 2008 for
proceeds, less the underwriters' discount, of $186 million. In
addition, concurrent with the IPO, the Company sold 5 million
shares in a private placement to American Capital, Ltd. ("American
Capital"). AGNC received $100 million in proceeds from the private
offering, bringing the total net proceeds of the IPO and the
concurrent private placement to $286 million. STUB DIVIDEND On June
23, 2008, the Board of Directors of the Company declared a second
quarter 2008 stub dividend of $0.31 per share to record holders as
of July 2, 2008, which was paid on July 29, 2008. INVESTMENT
PORTFOLIO As of June 30, 2008, the Company's investment portfolio
totaled $2.4 billion and consisted exclusively of fixed rate agency
securities. At such time, Government National Mortgage Association
("Ginnie Mae") securities comprised 35% of the investment
portfolio, while Federal National Mortgage Association ("Fannie
Mae") securities comprised 54% and Federal Home Loan Mortgage
Corporation ("Freddie Mac") securities comprised 11%. ASSET YIELDS,
COST OF FUNDS AND NET INTEREST RATE SPREAD For the stub period, the
annualized yield on average earning assets was 5.50% and the
annualized cost of funds was 2.35%, which resulted in a net
interest rate spread of 3.15%. As of June 30, 2008, the weighted
average yield on assets was 5.54% and the cost of funds was 2.39%,
which resulted in a net interest rate spread of 3.15%. CONSTANT
PREPAYMENT RATE ("CPR") The Company's projected CPR for the
remaining life of its investments as of June 30, 2008 was 16%. The
weighted average cost basis of the investment portfolio was 102.2%
as of June 30, 2008. The net amortization of premiums and accretion
of discounts on the investment portfolio for the stub period was
$0.8 million. The unamortized net premium as of June 30, 2008 was
$52.4 million. LEVERAGE AND HEDGING ACTIVITIES As of June 30, 2008,
the Company's $2.4 billion investment portfolio was financed with
$2.2 billion of repurchase agreements and $0.3 billion of equity
capital, resulting in a leverage ratio of 8.27x. Of the $2.2
billion borrowed under repurchase agreements, $1.7 billion had
original maturities of 30 days or less and the remaining $0.5
billion had original maturities of 31 to 89 days. The Company's
swap positions as of June 30, 2008, all of which are six month
forward starting, totaled $0.7 billion in notional amount at an
average fixed pay rate of 3.60% and an average maturity of 30
months. The Company has repurchase agreements with 14
counterparties, with no single counterparty representing more than
16% of the amount outstanding as of June 30, 2008. As of June 30,
2008, the Company's book value per common share was $17.45.
Financial highlights for the quarter are as follows: AMERICAN
CAPITAL AGENCY CORP. CONSOLIDATED BALANCE SHEET As of June 30, 2008
(in thousands, except share data) (unaudited) Assets: Investment
portfolio, at fair value ($2,312,012 pledged under repurchase and
swap agreements) $2,401,917 Cash and cash equivalents 7,842
Restricted cash 15,859 Derivative instruments, at fair value 1,259
Interest receivable 12,059 Other assets 831 Total assets $2,439,767
Liabilities: Repurchase arrangements $2,166,616 Accrued interest
payable 2,612 Dividend payable 4,651 Due to Manager 925 Accounts
payable and other liabilities 1,497 Derivative instruments, at fair
value 1,584 Total liabilities 2,177,885 Stockholders' equity:
Common stock, $0.01 par value; 150,000,000 shares authorized,
15,004,600 shares issued and outstanding, respectively 150
Additional paid-in capital 285,903 Accumulated other comprehensive
loss (25,019) Retained earnings 848 Total stockholders' equity
261,882 Total liabilities and stockholders' equity $2,439,767
AMERICAN CAPITAL AGENCY CORP. CONSOLIDATED STATEMENT OF OPERATIONS
For the period May 20, 2008 (date operations commenced) through
June 30, 2008 (in thousands, except per share data) (unaudited)
Interest income: Interest income $9,924 Interest expense 3,597 Net
interest income 6,327 Other income 448 Expenses: Management fee 402
General and administrative expenses 874 Total expenses 1,276 Net
income $5,499 Net income per common share - basic and diluted $0.37
Weighted average number of common shares outstanding - basic and
diluted 15,000 Dividends declared per common share $0.31 AMERICAN
CAPITAL AGENCY CORP. OTHER FINANCIAL INFORMATION As of and for the
period May 20, 2008 (date operations commenced) through June 30,
2008 ($ in thousands, except per share data) (unaudited) Asset
metrics: Investment portfolio, at fair value $2,401,917 Weighted
average cost basis 102.2% Fixed rate securities as a % of
investment portfolio 100.0% Business economics metrics: Period As
of Asset yield 5.50% 5.54% Cost of funds -2.35% -2.39% Net interest
rate spread 3.15% 3.15% Leverage ratio 4.86 8.27 Leveraged net
interest rate spread 15.31% 26.05% Asset yield 5.50% 5.54%
Leveraged return on equity before expenses 20.81% 31.59% Other (1)
0.69% NA Management fees as a % of equity -1.28% -1.33% Other
operating expenses as a % of equity (2) -2.77% -2.90% Total
operating expenses as a % of equity -4.05% -4.23% Net return on
equity (3) 17.45% 27.36% Other metrics: Notional amount of interest
rate swaps as % of repurchase agreements 32.31% Book value per
share as of June 30, 2008 $17.45 NA = Not applicable. (1)
Represents the impact of other components of net income and
differences due to weighting and rounding. (2) Other operating
expenses include one-time start up costs of $0.3 million. (3) Net
return on equity as of June 30, 2008 does not include the effects
of actual other income or loss. It will increase or decrease
prospectively as our leverage ratio changes and our asset yields
and cost of funds increase or decrease. It will also increase or
decrease prospectively based on changes in fair value of our
investments and if we realize gains or losses on our investments.
SHAREHOLDER CALL AGNC invites shareholders, prospective
shareholders and analysts to attend its Shareholder Call on
Wednesday, July 30, 2008 at 10:00 am ET. The dial in number will be
(888) 428-4476. International callers should dial +1 (612)
288-0337. Please advise the operator you are dialing in for the
AGNC Shareholder Call. Shareholder presentations, webcasts and
audio recordings can be found in the Investor Relations section of
our website at http://www.agnc.com/. BEFORE THE CALL: REVIEW THE
SLIDE PRESENTATION IN ADVANCE OF THE SHAREHOLDER CALL The quarterly
shareholder presentation includes a slide presentation to accompany
the call that participants may download and print prior to the
call. You may wish to take the time to review the slides in advance
of the Shareholder Call. DURING THE CALL: VIEW STREAMING SLIDE
PRESENTATION DURING THE SHAREHOLDER CALL During the Shareholder
Call you may watch and listen to the webcast or listen to the
Shareholder Call by phone and step through the slides at your own
pace. AFTER THE CALL: LISTEN AND VIEW AUDIO SLIDE PRESENTATION
AFTER THE CALL The audio of the Shareholder Call combined with the
slide presentation will be made available on our website
http://www.agnc.com/ after the call on July 30, 2008. AUDIO ONLY
PRESENTATION AVAILABLE AFTER THE SHAREHOLDER CALL: There will be a
phone recording available from 12:30 pm ET Wednesday, July 30, 2008
until 11:59 pm ET Thursday, August 14, 2008. If you are interested
in hearing the recording of the presentation, please dial (800)
475-6701. International callers may dial +1 (320) 365-3844. The
access code for both domestic and international callers is 952934.
For further information or questions, please do not hesitate to
call our Investor Relations Department at (301) 968-9300 or send an
e-mail to . ABOUT AGNC AGNC is a real estate investment trust
formed in 2008 to invest exclusively in agency securities
consisting of single-family residential mortgage pass-through
securities and collateralized mortgage obligations for which the
principal and interest payments are guaranteed by a U.S. Government
agency or a U.S. Government-sponsored entity. The Company is
managed and advised by an affiliate of American Capital. The
Company's principal goal is to generate net income for distribution
to investors through regular quarterly dividends from net interest
income, which is the spread between the yield on its investments
and the costs from borrowings and hedging activities. For further
information, please refer to http://www.agnc.com/. ABOUT AMERICAN
CAPITAL American Capital (NASDAQ:ACAS), with $21 billion in capital
resources under management, is the only private equity fund and the
largest alternative asset management company in the S&P 500.
American Capital, both directly and through its global asset
management business, originates, underwrites and manages
investments in private equity, leveraged finance, real estate and
structured products. American Capital was founded in 1986 and
currently has 12 offices in the U.S. and Europe. For further
information, please refer to http://www.acas.com/. FORWARD LOOKING
STATEMENTS This press release contains forward-looking statements.
Forward-looking statements are based on estimates, projections,
beliefs and assumptions of management of the Company at the time of
such statements and are not guarantees of future performance.
Forward-looking statements involve risks and uncertainties in
predicting future results and conditions. Actual results could
differ materially from those projected in these forward-looking
statements due to a variety of factors, including, without
limitation, changes in interest rates, changes in the yield curve,
changes in prepayment rates, the availability and terms of
financing, changes in the market value of our assets, general
economic conditions and market conditions. Certain factors that
could cause actual results to differ materially from those
contained in the forward-looking statements are included in the
"Risk Factors" section of our prospectus filed with the Securities
and Exchange Commission ("SEC") on May 15, 2008 and our subsequent
periodic filings. Copies are available on the SEC's website at
http://www.sec.gov/. All forward-looking statements are made as of
the date of this press release, and are subject to change without
notice. We disclaim any obligation to update or revise any
forward-looking statements based on the occurrence of future
events, the receipt of new information, or otherwise. Persons
considering an investment in AGNC should consider the investment
objectives, risks and charges and expenses of AGNC carefully before
investing. Such information and other information about AGNC is
available in its Registration Statement on Form S-11 filed with the
SEC. Prospective investors should read such material carefully
before investing. Historical results discussed in this press
release are not indicative of future results. DATASOURCE: American
Capital Agency Corp. CONTACT: John Erickson, Chief Financial
Officer, or Tom McHale, Senior Vice President, Finance, or Justin
Cressall, Vice President, Equity Capital Markets, all of American
Capital, +1-301-968-9300, or Fax +1-301-968-9301 Web site:
http://www.acas.com/ http://www.agnc.com/
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