BETHESDA, Md., July 31, 2012 /PRNewswire/ -- American
Capital, Ltd. ("American Capital" or the "Company") (Nasdaq: ACAS)
announced net operating income ("NOI") before income taxes for the
quarter ended June 30, 2012 of $97
million, or $0.29 per diluted
share. NOI after income taxes for the quarter was
$194 million, or $0.58 per diluted share, and net earnings for the
quarter were $237 million, or
$0.71 per diluted share. As of
June 30, 2012, net asset value ("NAV") per share was
$16.62, a 6%, or $0.91 per share, increase from the March 31,
2012 NAV per share of $15.71.
Q2 2012 FINANCIAL SUMMARY
- $0.29 NOI before income taxes per
diluted share, or $97 million
- $26 million increase over Q2
2011
- $0.58 NOI after income taxes per
diluted share, or $194 million
- $0.40 tax benefit per diluted
share related to change in tax treatment of preferred stock
dividends, or $132 million
- $0.04 net realized earnings per
diluted share, or $12 million
- $189 million improvement over Q2
2011
- $0.67 net unrealized appreciation
per diluted share, or $225 million
- $362 million decrease over Q2
2011
- $0.71 net earnings per diluted
share, or $237 million
- $173 million decrease over Q2
2011
- $332 million of cash proceeds
from realizations
- $191 million of securitized debt
repaid
- 9.1 million shares repurchased, totaling $85 million, of American Capital common stock
- $9.34 average price per
share
- $0.20 accretive to NAV per
share
- $16.62 NAV per share
- $0.91 per share, or 6% increase
over Q1 2012
"NAV per share grew by $0.91 for
the quarter to $16.62, delivering a
23% annualized return for the quarter," said Malon Wilkus, Chairman and Chief Executive
Officer. "In the past three months, both our aggregate U.S.
portfolio companies and our aggregate European Capital portfolio
companies experienced moderate revenue and EBITDA growth, year over
year. Despite concerns over the troubles in Europe, European Capital's Euro-denominated
NAV held steady. The fair value of our investment in European
Capital was primarily impacted by a decrease in the stock price to
NAV of comparable public funds and negative foreign currency
movements. Our asset management business, conducted through
American Capital, LLC, which is now our largest portfolio company
investment at $806 million at fair
value, continues to thrive, producing increased dividend income
while diversifying the income streams at American Capital.
Having raised a combined $644 million
of equity for American Capital Agency and American Capital Mortgage
during the quarter, we are pleased that we were able to grow its
existing funds under management and look forward to developing new
funds for it to manage."
PORTFOLIO VALUATION
For the quarter ended June 30, 2012, net unrealized
appreciation, before income taxes, totaled $230 million. The primary components of the
net unrealized appreciation were:
- $41 million unrealized
appreciation in American Capital's investment in American Capital,
LLC, its alternative asset management company, due to an increase
in actual and forecasted growth, increasing its investment to
$806 million at fair value;
- $80 million net unrealized
appreciation from American Capital's private finance portfolio,
generally as a result of improved portfolio company performance and
improved multiples;
- $182 million of reversals of net
unrealized depreciation upon realization of portfolio company
investments; and
- $138 million net unrealized
depreciation in American Capital's investment in European Capital,
primarily due to a weakening of the Euro and an increase in the
implied discount to European Capital's NAV.
- The Company's equity investment in European Capital was valued
at $574 million as of June 30,
2012, or 70% of NAV, compared to $711
million as of March 31, 2012,
or 82% of NAV.
PORTFOLIO REALIZATIONS AND PERFORMANCE
In the second quarter of 2012, $332
million of cash proceeds were received from realizations of
portfolio investments. American Capital made $103 million in new committed investments during
the quarter. The weighted average effective interest rate on
American Capital's private finance debt investments as of
June 30, 2012 was 11.0%, 10 basis points lower than the
March 31, 2012 rate of 11.1%. As of June 30, 2012,
loans with a fair value of $243
million were on non-accrual, representing 12.3% of total
loans at fair value, compared to $178
million fair value of non-accrual loans, representing 8.1%
of total loans at fair value as of March 31, 2012. The
$65 million increase in the fair
value of loans on non-accrual was driven by additional loans being
placed on non-accrual during the quarter and appreciation in the
fair value of loans already on non-accrual status.
"During the quarter, we deployed our capital into areas that add
significant shareholder value," said Gordon O'Brien, President,
Specialty Finance and Operations. "We invested an additional
$30 million in American Capital, LLC,
to support the development of new funds, which we believe will
further enhance the value of our asset management portfolio
company. In addition, we invested $51
million into seven existing portfolio companies and
$22 million into two new portfolio
companies with attractive risk/reward profiles. We are
committed to supporting our existing portfolio by funding both
organic growth and accretive add-on acquisitions as well as
originating new, attractive investments."
STOCK REPURCHASE AND DIVIDEND PROGRAM
During the third quarter of 2011, American Capital's Board of
Directors adopted a program that may provide for repurchases of
shares or dividend payments through December
31, 2013. Under the program, American Capital will
consider quarterly setting an amount to be utilized for stock
repurchases or dividends. Generally, the amount may be
utilized for repurchases if the price of American Capital's common
stock represents a discount to the NAV of its shares, and the
amount may be utilized for the payment of cash dividends if the
price of American Capital's common stock represents a premium to
the NAV of its shares.
In determining the quarterly amount for repurchases or
dividends, the Company's Board will be guided by the Company's
cumulative net cash provided by operating activities in the prior
quarter and since the beginning of 2012, cumulative repurchases or
dividends, cash on hand, debt service considerations, investment
plans, forecasts of financial liquidity and economic conditions,
operational issues and the then current trading price of American
Capital stock.
The repurchase and dividends program may be suspended,
terminated or modified at any time for any reason. The
program does not obligate American Capital to acquire any specific
number of shares, and all repurchases will be made in accordance
with SEC Rule 10b-18, which sets certain restrictions on the
method, timing, price and volume of stock repurchases. During
the second quarter of 2012, American Capital made open market
purchases of 9.1 million shares, or $85
million, of American Capital common stock at an average
price of $9.34 per share. Since
the inception of the program, American Capital made open market
purchases of 32.2 million shares, or $267
million, of American Capital common stock at an average
price of $8.30 per share.
CAPITAL MANAGEMENT
"During the quarter, we reaffirmed and extended our stock
repurchase program through December 2013," said John Erickson, Chief Financial Officer.
"With our second quarter repurchase of 9.1 million shares, we have
now repurchased 9% of the Company's shares over the past four
quarters, which has accreted $0.65 to
NAV per share. Furthermore, the increase in our net deferred
tax asset this quarter added $0.46 to
NAV per share, primarily driven by a $132
million deferred tax benefit resulting from the IRS approval
of a change in the tax accounting method on PIK preferred equity
investments. Also, we have significantly de-levered and
de-risked our balance sheet over the past two years, which has
significantly improved our potential to refinance and lower our
cost of debt and extend its maturity."
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|
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|
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|
|
|
|
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AMERICAN CAPITAL, LTD.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
As of
June 30, 2012, December 31, 2011 and June 30, 2011
|
|
(in
millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2
|
|
Q4
|
|
Q2 2012
Versus Q4 2011
|
|
Q2
|
|
Q2 2012
Versus Q2 2011
|
|
2012
|
|
2011
|
|
$
|
|
%
|
|
2011
|
|
$
|
|
%
|
|
(unaudited)
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at fair value (cost of $5,993, $6,739 and
$7,204, respectively)
|
$
5,220
|
|
$
5,130
|
|
$
90
|
|
2
%
|
|
$
5,909
|
|
$
(689)
|
|
(12%)
|
|
Cash and
cash equivalents
|
306
|
|
204
|
|
102
|
|
50
%
|
|
186
|
|
120
|
|
65
%
|
|
Restricted
cash and cash equivalents
|
150
|
|
80
|
|
70
|
|
88
%
|
|
116
|
|
34
|
|
29
%
|
|
Interest
receivable
|
22
|
|
24
|
|
(2)
|
|
(8%)
|
|
25
|
|
(3)
|
|
(12%)
|
|
Deferred
tax asset, net
|
541
|
|
428
|
|
113
|
|
26
%
|
|
-
|
|
541
|
|
100%
|
|
Derivative
agreements at fair value
|
11
|
|
10
|
|
1
|
|
10
%
|
|
8
|
|
3
|
|
38
%
|
|
Other
|
75
|
|
85
|
|
(10)
|
|
(12%)
|
|
89
|
|
(14)
|
|
(16%)
|
|
Total
assets
|
$
6,325
|
|
$
5,961
|
|
$
364
|
|
6
%
|
|
$
6,333
|
|
$
(8)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
$
941
|
|
$
1,251
|
|
$
(310)
|
|
(25%)
|
|
$
1,642
|
|
$
(701)
|
|
(43%)
|
|
Derivative
agreements at fair value
|
47
|
|
99
|
|
(52)
|
|
(53%)
|
|
98
|
|
(51)
|
|
(52%)
|
|
Other
|
57
|
|
48
|
|
9
|
|
19
%
|
|
52
|
|
5
|
|
10
%
|
|
Total
liabilities
|
1,045
|
|
1,398
|
|
(353)
|
|
(25%)
|
|
1,792
|
|
(747)
|
|
(42%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undesignated preferred stock, $0.01 par value, 5.0
shares authorized, 0 issued and outstanding
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Common
stock, $0.01 par value, 1,000.0 shares authorized, 324.4, 336.4 and
354.7 issued and 317.7, 329.1 and 345.1 outstanding,
respectively
|
3
|
|
3
|
|
-
|
|
-
|
|
3
|
|
-
|
|
-
|
|
Capital in
excess of par value
|
6,953
|
|
7,053
|
|
(100)
|
|
(1%)
|
|
7,160
|
|
(207)
|
|
(3%)
|
|
Distributions in excess of net realized
earnings
|
(1,045)
|
|
(999)
|
|
(46)
|
|
(5%)
|
|
(1,234)
|
|
189
|
|
15
%
|
|
Net
unrealized depreciation of investments
|
(631)
|
|
(1,494)
|
|
863
|
|
58
%
|
|
(1,388)
|
|
757
|
|
55
%
|
|
Total
shareholders' equity
|
5,280
|
|
4,563
|
|
717
|
|
16
%
|
|
4,541
|
|
739
|
|
16%
|
|
Total
liabilities and shareholders' equity
|
$
6,325
|
|
$
5,961
|
|
$
364
|
|
6
%
|
|
$
6,333
|
|
$
(8)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV per
common share outstanding
|
$
16.62
|
|
$
13.87
|
|
$
2.75
|
|
20
%
|
|
13.16
|
|
$
3.46
|
|
26
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN CAPITAL, LTD.
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
Three
and Six Months Ended June 30, 2012 and 2011
|
|
(in
millions, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
Six
Months Ended
|
|
Three
Months Ended
|
|
June
30,
|
|
Six
Months Ended
|
|
June
30,
|
|
June
30,
|
|
2012
Versus 2011
|
|
June
30,
|
|
2012
Versus 2011
|
|
2012
|
|
2011
|
|
$
|
|
%
|
|
2012
|
|
2011
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and dividend income
|
$
151
|
|
$
131
|
|
$
20
|
|
15
%
|
|
$
287
|
|
$
277
|
|
$
10
|
|
4
%
|
|
Fee
income
|
12
|
|
11
|
|
1
|
|
9
%
|
|
25
|
|
24
|
|
1
|
|
4
%
|
|
Total
operating income
|
163
|
|
142
|
|
21
|
|
15
%
|
|
312
|
|
301
|
|
11
|
|
4
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
16
|
|
20
|
|
(4)
|
|
(20%)
|
|
32
|
|
49
|
|
(17)
|
|
(35%)
|
|
Salaries,
benefits and stock-based compensation
|
37
|
|
38
|
|
(1)
|
|
(3%)
|
|
74
|
|
74
|
|
-
|
|
-
|
|
General
and administrative
|
13
|
|
13
|
|
-
|
|
-
|
|
28
|
|
24
|
|
4
|
|
17
%
|
|
Total
operating expenses
|
66
|
|
71
|
|
(5)
|
|
(7%)
|
|
134
|
|
147
|
|
(13)
|
|
(9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
OPERATING INCOME BEFORE INCOME TAXES
|
97
|
|
71
|
|
26
|
|
37
%
|
|
178
|
|
154
|
|
24
|
|
16
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
benefit
|
97
|
|
-
|
|
97
|
|
100
%
|
|
65
|
|
-
|
|
65
|
|
100
%
|
|
NET
OPERATING INCOME
|
194
|
|
71
|
|
123
|
|
173
%
|
|
243
|
|
154
|
|
89
|
|
58
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized (loss) gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
company investments
|
(163)
|
|
(235)
|
|
72
|
|
31
%
|
|
(285)
|
|
(225)
|
|
(60)
|
|
(27%)
|
|
Foreign
currency transactions
|
-
|
|
1
|
|
(1)
|
|
(100%)
|
|
1
|
|
1
|
|
-
|
|
-
|
|
Derivative
agreements
|
(71)
|
|
(14)
|
|
(57)
|
|
(407%)
|
|
(79)
|
|
(27)
|
|
(52)
|
|
(193%)
|
|
Tax
benefit
|
52
|
|
-
|
|
52
|
|
100
%
|
|
74
|
|
-
|
|
74
|
|
100
%
|
|
Total net
realized loss
|
(182)
|
|
(248)
|
|
66
|
|
27
%
|
|
(289)
|
|
(251)
|
|
(38)
|
|
(15%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED EARNINGS (LOSS)
|
12
|
|
(177)
|
|
189
|
|
NM
|
|
(46)
|
|
(97)
|
|
51
|
|
53
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
unrealized appreciation (depreciation)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
company investments
|
247
|
|
558
|
|
(311)
|
|
(56%)
|
|
874
|
|
814
|
|
60
|
|
7
%
|
|
Foreign
currency translation
|
(76)
|
|
29
|
|
(105)
|
|
NM
|
|
(38)
|
|
114
|
|
(152)
|
|
NM
|
|
Derivative
agreements
|
59
|
|
-
|
|
59
|
|
100
%
|
|
53
|
|
13
|
|
40
|
|
308
%
|
|
Tax
provision
|
(5)
|
|
-
|
|
(5)
|
|
(100%)
|
|
(26)
|
|
-
|
|
(26)
|
|
(100%)
|
|
Total net
unrealized appreciation
|
225
|
|
587
|
|
(362)
|
|
(62%)
|
|
863
|
|
941
|
|
(78)
|
|
(8%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ("NET
EARNINGS")
|
$
237
|
|
$
410
|
|
$
(173)
|
|
(42%)
|
|
$
817
|
|
$
844
|
|
$
(27)
|
|
(3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
OPERATING INCOME PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.60
|
|
$
0.20
|
|
$
0.40
|
|
200
%
|
|
$
0.74
|
|
$
0.44
|
|
$
0.30
|
|
68
%
|
|
Diluted
|
$
0.58
|
|
$
0.20
|
|
$
0.38
|
|
190
%
|
|
$
0.72
|
|
$
0.43
|
|
$
0.29
|
|
67
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED EARNINGS (LOSS) PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.04
|
|
$
(0.51)
|
|
$
0.55
|
|
NM
|
|
$
(0.14)
|
|
$
(0.28)
|
|
$
0.14
|
|
50
%
|
|
Diluted
|
$
0.04
|
|
$
(0.49)
|
|
$
0.53
|
|
NM
|
|
$
(0.14)
|
|
$
(0.27)
|
|
$
0.13
|
|
48
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.73
|
|
$
1.18
|
|
$
(0.45)
|
|
(38%)
|
|
$
2.49
|
|
$
2.43
|
|
$
0.06
|
|
2
%
|
|
Diluted
|
$
0.71
|
|
$
1.13
|
|
$
(0.42)
|
|
(37%)
|
|
$
2.43
|
|
$
2.34
|
|
$
0.09
|
|
4
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OF COMMON STOCK
OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
324.5
|
|
347.3
|
|
(22.8)
|
|
(7%)
|
|
327.7
|
|
346.7
|
|
(19.0)
|
|
(5%)
|
|
Diluted
|
333.9
|
|
361.6
|
|
(27.7)
|
|
(8%)
|
|
336.8
|
|
360.0
|
|
(23.2)
|
|
(6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM = Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN CAPITAL, LTD.
|
|
OTHER
FINANCIAL INFORMATION
|
|
Three
Months Ended June 30, 2012, March 31, 2012 and June 30,
2011
|
|
(in
millions, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2012
Versus
Q1 2012
|
|
|
|
Q2 2012
Versus
Q2
2011
|
|
Q2
2012
|
|
Q1
2012
|
|
$
|
|
%
|
|
Q2
2011
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
Under Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Capital Assets at Fair Value
|
$
6,325
|
|
$
6,421
|
|
$
(96)
|
|
(1%)
|
|
$
6,333
|
|
$
(8)
|
|
-
|
|
Externally
Managed Assets at Fair Value(1)
|
94,755
|
|
94,654
|
|
101
|
|
-
|
|
45,579
|
|
49,176
|
|
108
%
|
|
Total
|
$
101,080
|
|
$
101,075
|
|
$
5
|
|
-
|
|
$
51,912
|
|
$
49,168
|
|
95
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third-Party Earning Assets Under
Management(2)
|
$
10,991
|
|
$
10,286
|
|
$
705
|
|
7
%
|
|
$
6,060
|
|
$
4,931
|
|
81
%
|
|
Total
Earning Assets Under Management(3)
|
$
17,245
|
|
$
16,640
|
|
$
605
|
|
4
%
|
|
$
12,367
|
|
$
4,878
|
|
39
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior
Debt
|
$
43
|
|
$
25
|
|
$
18
|
|
72
%
|
|
$
5
|
|
$
38
|
|
760
%
|
|
Mezzanine
Debt
|
29
|
|
-
|
|
29
|
|
100
%
|
|
-
|
|
29
|
|
100
%
|
|
Preferred
Equity
|
-
|
|
2
|
|
(2)
|
|
(100%)
|
|
1
|
|
(1)
|
|
(100%)
|
|
Common
Equity
|
30
|
|
56
|
|
(26)
|
|
(46%)
|
|
-
|
|
30
|
|
100
%
|
|
Equity
Warrants
|
1
|
|
-
|
|
1
|
|
100
%
|
|
-
|
|
1
|
|
100
%
|
|
Total
|
$
103
|
|
$
83
|
|
$
20
|
|
24
%
|
|
$
6
|
|
$
97
|
|
1,617
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
for Private Equity Buyouts
|
$
22
|
|
$
-
|
|
$
22
|
|
100
%
|
|
$
-
|
|
$
22
|
|
100
%
|
|
Add-on
Investment in American Capital, LLC
|
30
|
|
56
|
|
(26)
|
|
(46%)
|
|
-
|
|
30
|
|
100
%
|
|
Add-on
Financing for Acquisitions
|
3
|
|
-
|
|
3
|
|
100
%
|
|
1
|
|
2
|
|
200
%
|
|
Add-on
Financing for Working Capital in Distressed Situations
|
2
|
|
15
|
|
(13)
|
|
(87%)
|
|
3
|
|
(1)
|
|
(33%)
|
|
Add-on
Financing for Growth and Working Capital
|
4
|
|
12
|
|
(8)
|
|
(67%)
|
|
2
|
|
2
|
|
100
%
|
|
Add-on
Financing for Recapitalizations, not Including Distressed
Investments
|
42
|
|
-
|
|
42
|
|
100
%
|
|
-
|
|
42
|
|
100
%
|
|
Total
|
$
103
|
|
$
83
|
|
$
20
|
|
24
%
|
|
$
6
|
|
$
97
|
|
1,617
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realizations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of
Equity Investments
|
$
42
|
|
$
47
|
|
$
(5)
|
|
(11%)
|
|
$
28
|
|
$
14
|
|
50
%
|
|
Principal
Prepayments
|
223
|
|
288
|
|
(65)
|
|
(23%)
|
|
114
|
|
109
|
|
96
%
|
|
Payment of
Accrued Payment-in-Kind Notes and Dividends and Accreted Original
Issue Discounts
|
56
|
|
51
|
|
5
|
|
10
%
|
|
28
|
|
28
|
|
100
%
|
|
Scheduled
Principal Amortization
|
11
|
|
10
|
|
1
|
|
10
%
|
|
9
|
|
2
|
|
22
%
|
|
Total
|
$
332
|
|
$
396
|
|
$
(64)
|
|
(16)%
|
|
$
179
|
|
$
153
|
|
85
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appreciation, Depreciation, Gain and
Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Realized Gain
|
$
8
|
|
$
15
|
|
$
(7)
|
|
(47%)
|
|
$
2
|
|
$
6
|
|
300
%
|
|
Gross
Realized Loss
|
(171)
|
|
(137)
|
|
(34)
|
|
(25%)
|
|
(237)
|
|
66
|
|
28
%
|
|
Portfolio
Net Realized Loss
|
(163)
|
|
(122)
|
|
(41)
|
|
(34%)
|
|
(235)
|
|
72
|
|
31
%
|
|
Foreign
Currency Transactions
|
-
|
|
1
|
|
(1)
|
|
(100%)
|
|
1
|
|
(1)
|
|
(100%)
|
|
Derivative
Agreements
|
(71)
|
|
(8)
|
|
(63)
|
|
(788%)
|
|
(14)
|
|
(57)
|
|
(407%)
|
|
Tax
Benefit
|
52
|
|
22
|
|
30
|
|
136
%
|
|
-
|
|
52
|
|
100
%
|
|
Net
Realized Loss
|
(182)
|
|
(107)
|
|
(75)
|
|
(70%)
|
|
(248)
|
|
66
|
|
27
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Unrealized Appreciation of Private Finance Portfolio
Investments
|
133
|
|
127
|
|
6
|
|
5
%
|
|
165
|
|
(32)
|
|
(19%)
|
|
Gross
Unrealized Depreciation of Private Finance Portfolio
Investments
|
(53)
|
|
(56)
|
|
3
|
|
5
%
|
|
(135)
|
|
82
|
|
61
%
|
|
Net
Unrealized Appreciation of Private Finance Portfolio
Investments
|
80
|
|
71
|
|
9
|
|
13
%
|
|
30
|
|
50
|
|
167
%
|
|
Unrealized
(Depreciation) Appreciation of European Capital
Investment
|
(98)
|
|
148
|
|
(246)
|
|
NM
|
|
137
|
|
(235)
|
|
NM
|
|
Unrealized
Appreciation (Depreciation) of European Capital Foreign Currency
Translation
|
33
|
|
(21)
|
|
54
|
|
NM
|
|
(12)
|
|
45
|
|
NM
|
|
Unrealized
Appreciation of American Capital, LLC
|
41
|
|
287
|
|
(246)
|
|
(86%)
|
|
156
|
|
(115)
|
|
(74%)
|
|
Unrealized
Appreciation of American Capital Mortgage Investment
Corp.
|
5
|
|
7
|
|
(2)
|
|
(29%)
|
|
-
|
|
5
|
|
100
%
|
|
Net
Unrealized Appreciation of Structured Products
|
4
|
|
18
|
|
(14)
|
|
(78%)
|
|
8
|
|
(4)
|
|
(50%)
|
|
Reversal
of Prior Period Net Unrealized Depreciation Upon
Realization
|
182
|
|
117
|
|
65
|
|
56
%
|
|
239
|
|
(57)
|
|
(24%)
|
|
Net
Unrealized Appreciation of Portfolio Company Investments
|
247
|
|
627
|
|
(380)
|
|
(61%)
|
|
558
|
|
(311)
|
|
(56%)
|
|
Foreign
Currency Translation - European Capital
|
(73)
|
|
37
|
|
(110)
|
|
NM
|
|
28
|
|
(101)
|
|
NM
|
|
Foreign
Currency Translation - Other
|
(3)
|
|
1
|
|
(4)
|
|
NM
|
|
1
|
|
(4)
|
|
NM
|
|
Derivative
Agreements
|
4
|
|
(6)
|
|
10
|
|
167
%
|
|
(1)
|
|
5
|
|
NM
|
|
Reversal
of Prior Period Net Unrealized Depreciation Upon Realization of
Terminated Swaps
|
55
|
|
-
|
|
55
|
|
100
%
|
|
1
|
|
54
|
|
NM
|
|
Tax
Provision
|
(5)
|
|
(21)
|
|
16
|
|
76
%
|
|
-
|
|
(5)
|
|
(100%)
|
|
Net
Unrealized Appreciation of Investments
|
225
|
|
638
|
|
(413)
|
|
(65%)
|
|
587
|
|
(362)
|
|
(62%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gains,
Losses, Appreciation and Depreciation
|
$
43
|
|
$
531
|
|
$
(488)
|
|
(92%)
|
|
$
339
|
|
$
(296)
|
|
(87%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV per
Share
|
$
16.62
|
|
$
15.71
|
|
$
0.91
|
|
6
%
|
|
$
13.16
|
|
$
3.46
|
|
26
%
|
|
Debt at
Cost
|
$
941
|
|
$
1,132
|
|
$
(191)
|
|
(17%)
|
|
$
1,642
|
|
$
(701)
|
|
(43%)
|
|
Debt at
Fair Value
|
$
928
|
|
$
1,116
|
|
$
(188)
|
|
(17%)
|
|
$
1,591
|
|
$
(663)
|
|
(42%)
|
|
Market
Capitalization
|
$
3,196
|
|
$
2,826
|
|
$
370
|
|
13
%
|
|
$
3,427
|
|
$
(231)
|
|
(7%)
|
|
Total
Enterprise Value(4)
|
$
3,831
|
|
$
3,645
|
|
$
186
|
|
5
%
|
|
$
4,883
|
|
$
(1,052)
|
|
(22%)
|
|
Asset
Coverage Ratio
|
661
%
|
|
552
%
|
|
|
|
|
|
376
%
|
|
|
|
|
|
Debt to
Equity Ratio
|
0.2x
|
|
0.2x
|
|
|
|
|
|
0.4x
|
|
|
|
|
|
Credit
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Effective Interest Rate on Private Finance Debt Investments
at Period End
|
11.0
%
|
|
11.1
%
|
|
|
|
|
|
10.5
%
|
|
|
|
|
|
Loans on
Non-Accrual at Cost
|
$
402
|
|
$
356
|
|
$
46
|
|
13
%
|
|
$
519
|
|
$
(117)
|
|
(23%)
|
|
Loans on
Non-Accrual at Fair Value
|
$
243
|
|
$
178
|
|
$
65
|
|
37
%
|
|
$
255
|
|
$
(12)
|
|
(5%)
|
|
Non-Accrual Loans at Cost as a Percentage of Total
Loans at Cost
|
18.8%
|
|
15.0%
|
|
|
|
|
|
16.7
%
|
|
|
|
|
|
Non-Accrual Loans at Fair Value as a Percentage of
Total Loans at Fair Value
|
12.3%
|
|
8.1
%
|
|
|
|
|
|
9.0
%
|
|
|
|
|
|
Non-Accrual Loans at Fair Value as a Percentage of
Non-Accruing Loans at Cost
|
60.4%
|
|
50.0%
|
|
|
|
|
|
49.1%
|
|
|
|
|
|
Past Due
Loans at Cost
|
$
9
|
|
$
22
|
|
$
(13)
|
|
(59%)
|
|
$
23
|
|
$
(14)
|
|
(61%)
|
|
Debt to
Equity Conversions at Cost
|
$
38
|
|
$
20
|
|
$
18
|
|
90
%
|
|
$
58
|
|
$
(20)
|
|
(34%)
|
|
Return
on Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LTM Net
Operating Income Return on Average Equity at Cost
|
9.0
%
|
|
6.9
%
|
|
|
|
|
|
4.7
%
|
|
|
|
|
|
LTM Net
Realized Earnings (Loss) Return on Average Equity at
Cost
|
3.2
%
|
|
-
|
|
|
|
|
|
(1.7)%
|
|
|
|
|
|
LTM Net
Earnings Return on Average Equity at Fair Value
|
20.1
%
|
|
25.1
%
|
|
|
|
|
|
36.7
%
|
|
|
|
|
|
Current
Quarter Annualized Net Operating Income Return on Average Equity at
Cost
|
13.1
%
|
|
3.3
%
|
|
|
|
|
|
4.8
%
|
|
|
|
|
|
Current
Quarter Annualized Net Realized Earnings (Loss) Return on Average
Equity at Cost
|
0.9
%
|
|
(3.9%)
|
|
|
|
|
|
(11.8%)
|
|
|
|
|
|
Current
Quarter Annualized Net Earnings Return on Average Equity at Fair
Value
|
18.3
%
|
|
47.9
%
|
|
|
|
|
|
37.9
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM = Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes total assets of American Capital Agency Corp., American
Capital Mortgage Investment Corp., European Capital, American
Capital Equity I, American Capital Equity II and ACAS CLO 2007-1,
less American Capital's investment in the funds. Total assets of American Capital Agency
Corp. and American Capital Mortgage Investment Corp. are as of
March 31, 2012.
|
|
(2)
Represents third-party earning assets under management from which
the associated base management fees are calculated.
|
|
(3)
Represents total assets of American Capital less American Capital's
investment in the funds as well as third-party earning assets under
management from which the associated base management fees are
calculated.
|
|
(4) Enterprise
value is calculated as debt at cost plus market capitalization less
cash and cash equivalents on hand.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Static
Pool (1)
|
|
Portfolio Statistics
($ in millions, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Pre-2001 - 2012 Static Pools
Aggregate
|
|
Aggregate
|
Pre-2001
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
2011
|
2012
|
|
IRR at
Fair Value of All Investments(2)
|
8.3
%
|
18.1
%
|
8.2
%
|
20.3
%
|
13.5
%
|
12.3
%
|
11.0
%
|
(4.6%)
|
7.0
%
|
24.1
%
|
11.0
%
|
8.4
%
|
|
IRR of
Exited Investments(3)
|
9.2
%
|
18.6
%
|
9.7
%
|
20.0
%
|
17.1
%
|
21.9
%
|
7.3
%
|
(6.6%)
|
3.6
%
|
N/A
|
N/A
|
10.1
%
|
|
IRR at
Fair Value of Equity Investments Only(2)(4)(5)
|
6.4
%
|
46.4
%
|
11.1
%
|
27.6
%
|
26.4
%
|
11.2
%
|
16.2
%
|
(8.6%)
|
19.2
%
|
32.3
%
|
N/A
|
11.2
%
|
|
IRR of
Exited Equity Investments Only(3)(4)(5)
|
10.9
%
|
46.4
%
|
21.4
%
|
36.7
%
|
49.0
%
|
50.8
%
|
11.5
%
|
9.6
%
|
35.5
%
|
N/A
|
N/A
|
26.7
%
|
|
IRR at
Fair Value of All One Stop Buyout® Investments(2)
|
2.1
%
|
17.1
%
|
10.8
%
|
18.8
%
|
15.9
%
|
28.7
%
|
13.4
%
|
1.7
%
|
15.2
%
|
—%
|
N/A
|
13.7
%
|
|
IRR at
Fair Value of Current One Stop Buyout® Investments(2)
|
12.3
%
|
N/A
|
—%
|
17.4
%
|
6.8
%
|
24.1
%
|
12.4
%
|
(0.9%)
|
15.3
%
|
—%
|
N/A
|
11.2
%
|
|
IRR of
Exited One Stop Buyout® Investments(3)
|
1.4
%
|
17.1
%
|
14.7
%
|
16.3
%
|
27.5
%
|
30.5
%
|
10.6
%
|
14.9
%
|
13.9
%
|
N/A
|
N/A
|
15.4
%
|
|
Committed
Investments(7)
|
$1,065
|
$376
|
$966
|
$1,436
|
$2,267
|
$4,856
|
$5,267
|
$7,489
|
$1,039
|
$137
|
$22
|
$24,920
|
|
Total
Exits and Prepayments of Committed Investments(7)
|
$999
|
$367
|
$836
|
$1,267
|
$1,971
|
$2,597
|
$4,243
|
$5,132
|
$496
|
$—
|
$—
|
$17,908
|
|
Total
Interest, Dividends and Fees Collected
|
$408
|
$148
|
$349
|
$456
|
$697
|
$1,207
|
$1,277
|
$1,228
|
$357
|
$11
|
$—
|
$6,138
|
|
Total Net
Realized (Loss) Gain on Investments
|
$(135)
|
$(23)
|
$(118)
|
$143
|
$16
|
$375
|
$(301)
|
$(1,131)
|
$(116)
|
$—
|
$—
|
$(1,290)
|
|
Current
Cost of Investments
|
$74
|
$4
|
$118
|
$160
|
$278
|
$1,952
|
$912
|
$2,002
|
$364
|
$108
|
$21
|
$5,993
|
|
Current
Fair Value of Investments
|
$39
|
$—
|
$85
|
$309
|
$196
|
$1,917
|
$1,081
|
$1,143
|
$313
|
$116
|
$21
|
$5,220
|
|
Current
Fair Value of Investments as a % of Total Investments at Fair
Value
|
0.8
%
|
—%
|
1.6
%
|
5.9
%
|
3.8
%
|
36.7
%
|
20.7
%
|
21.9
%
|
6.0
%
|
2.2
%
|
0.4
%
|
100.0
%
|
|
Net
Unrealized (Depreciation) Appreciation
|
$(35)
|
$(4)
|
$(33)
|
$149
|
$(82)
|
$(35)
|
$169
|
$(859)
|
$(51)
|
$8
|
$—
|
$(773)
|
|
Non-Accruing Loans at Cost
|
$—
|
$—
|
$30
|
$—
|
$31
|
$58
|
$53
|
$199
|
$31
|
$—
|
$—
|
$402
|
|
Non-Accruing Loans at Fair Value
|
$—
|
$—
|
$20
|
$—
|
$12
|
$33
|
$20
|
$133
|
$25
|
$—
|
$—
|
$243
|
|
Equity
Interest at Fair Value(4)
|
$13
|
$—
|
$—
|
$272
|
$112
|
$1,590
|
$550
|
$341
|
$94
|
$50
|
$—
|
$3,022
|
|
Debt to
Adjusted EBITDA(8)(9)(10)(11)(14)
|
5.7
|
NM
|
10.7
|
2.9
|
5.2
|
1.7
|
4.3
|
6.2
|
5.9
|
5.5
|
6.6
|
4.2
|
|
Interest
Coverage(10)(11)(14)
|
2.9
|
NM
|
1.4
|
4.5
|
2.3
|
2.7
|
2.8
|
2.1
|
2.9
|
2.5
|
4.3
|
2.6
|
|
Debt
Service Coverage(10)(11)(14)
|
2.7
|
NM
|
1.4
|
3.9
|
2.0
|
0.5
|
2.4
|
1.9
|
2.4
|
2.2
|
4.0
|
1.7
|
|
Average
Age of Companies(11)(14)
|
43
yrs
|
—
|
29
yrs
|
39
yrs
|
52
yrs
|
15
yrs
|
38
yrs
|
30
yrs
|
19
yrs
|
25
yrs
|
31
yrs
|
28
yrs
|
|
Diluted
Ownership Percentage(4)(15)
|
63
%
|
—%
|
43
%
|
55
%
|
74
%
|
85
%
|
48
%
|
52
%
|
33
%
|
9
%
|
—%
|
62
%
|
|
Average
Revenue(11)(12)(14)
|
$49
|
$—
|
$44
|
$211
|
$65
|
$156
|
$178
|
$191
|
$88
|
$156
|
$241
|
$162
|
|
Average
Adjusted EBITDA(8)(11)(14)
|
$6
|
$—
|
$9
|
$45
|
$15
|
$68
|
$45
|
$35
|
$20
|
$44
|
$81
|
$46
|
|
Total
Revenue(11)(12)
|
$89
|
$238
|
$76
|
$1,480
|
$357
|
$1,270
|
$3,056
|
$4,455
|
$1,394
|
$452
|
$513
|
$13,380
|
|
Total
Adjusted EBITDA(8)(11)
|
$10
|
$5
|
$11
|
$208
|
$55
|
$295
|
$444
|
$716
|
$230
|
$147
|
$168
|
$2,289
|
|
% of
Senior Loans(10)(11)(13)
|
75
%
|
—%
|
53
%
|
—%
|
33
%
|
39
%
|
20
%
|
57
%
|
29
%
|
38
%
|
100
%
|
41
%
|
|
% of Loans
with Lien(10)(11)(13)
|
100
%
|
—%
|
100
%
|
100
%
|
100
%
|
96
%
|
94
%
|
90
%
|
68
%
|
38
%
|
100
%
|
72
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Majority Owned Portfolio Companies
("MOPC")(6)
|
Pre-2001 - 2012 Static Pools
Aggregate
|
|
|
|
|
|
|
|
|
|
|
|
Total
Number of MOPC
|
$43
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue(12)
|
$3,112
|
|
|
|
|
|
|
|
|
|
|
|
Total
Gross Profit(12)
|
$1,568
|
|
|
|
|
|
|
|
|
|
|
|
Total
Adjusted EBITDA(8)
|
$713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Capital Expenditures(12)
|
$94
|
|
|
|
|
|
|
|
|
|
|
|
Total
Current ACAS Investment in MOPC at Fair Value
|
$3,405
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Ownership Percentage of ACAS in MOPC(15)
|
73
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Cash
|
$211
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$4,317
|
|
|
|
|
|
|
|
|
|
|
|
Total
Debt
|
$3,391
|
|
|
|
|
|
|
|
|
|
|
|
Total
Third-party Debt at Cost
|
$1,644
|
|
|
|
|
|
|
|
|
|
|
|
Total
Shareholders' Equity(16)
|
$3,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Static pool classification is based on the year the initial
investment was made. Subsequent add-on investments are included in
the static pool year of the original investment. There were
no
investments made in 2009 and 2010 static pool
years.
|
|
(2)
Assumes investments are exited at current fair value.
|
|
|
(3)
Includes fully exited investments of existing portfolio
companies.
|
|
|
(4)
Excludes investments in Structured Products.
|
|
|
(5)
Excludes equity investments that are the result of conversions of
debt and warrants received with the issuance of debt.
|
|
|
(6) MOPC
investments represent portfolio company investments in which
American Capital, or its affiliates, have a fully diluted ownership
percentage of 50% or more or have over 50% board
representation at the portfolio company.
Excludes our investment in European Capital.
|
|
(7)
Represents committed investment amount at the time of
origination.
|
|
|
(8)
Adjusted EBITDA may reflect certain adjustments to the reported
EBITDA of a portfolio company for non-recurring, unusual or
infrequent items or other pro-forma items or events to
normalize
current
earnings which a buyer may consider in a change in control
transactions. These adjustments may be material and are highly
subjective in nature. Portfolio company reported EBITDA is
for
the most
recently available twelve months, or when appropriate, the
forecasted twelve months or current annualized
run-rate.
|
|
(9) For
portfolio companies with a nominal Adjusted EBITDA amount, the
portfolio company's maximum debt leverage is limited to 15 times
Adjusted EBITDA.
|
|
|
(10)
Excludes investments in which we own only equity.
|
|
|
(11)
Excludes investments in Structured Products and managed
funds.
|
|
|
(12) For
the most recent twelve months, or when appropriate, the forecasted
twelve months.
|
|
|
(13) As a
percentage of our total debt investments.
|
|
|
(14)
Weighted average based on fair value.
|
|
|
(15)
Weighted average based on fair value of equity
investments.
|
|
|
(16)
Calculated as the estimated enterprise value of the MOPC's less the
cost basis of any outstanding debt of the MOPC's.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDER CALL
American Capital invites shareholders, analysts and interested
parties to attend the shareholder call on August 1, 2012 at 11:00 am
ET. The shareholder call can be accessed through a
live webcast, free of charge, at www.AmericanCapital.com or by
dialing (877) 270-2148 (U.S. domestic) or (412) 902-6510
(international). All callers are asked to dial in 10-15
minutes prior to the call to register. Please advise the
operator you are dialing in for the American Capital shareholder
call. Callers who do not plan on asking a question and have
access to the internet are asked to utilize the webcast.
A slide presentation will accompany the shareholder call and
will be available at www.AmericanCapital.com. Select the Q2
2012 Earnings Presentation link to download and print the
presentation in advance of the shareholder call.
An archived audio replay of the shareholder call combined with
the slide presentation will be made available on our website after
the call on August 1, 2012. In
addition, there will be a phone recording available from
2:00 pm ET August 1, 2012 until 9:00
am ET August 16, 2012.
If you are interested in hearing the recording of the presentation,
please dial (877) 344-7529 (U.S. domestic) or (412) 317-0088
(international). The access code for both domestic and
international callers is 10015824.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and
global asset manager. American Capital, both directly and
through its asset management business, originates, underwrites and
manages investments in middle market private equity, leveraged
finance, real estate and structured products. American
Capital manages $17.2 billion of
assets, including assets on its balance sheet and fee earning
assets under management by affiliated managers, with $101 billion of total assets under management
(including levered assets). From its seven offices in the
U.S. and Europe, American Capital
and its affiliate, European Capital, will consider investment
opportunities from $10 million to $500
million. For further information, please refer to
www.AmericanCapital.com.
ADDITIONAL INFORMATION
Persons considering an investment in American Capital should
consider the investment objectives, risks and charges and expenses
of the Company carefully before investing. Such information
and other information about the Company is available in the
Company's annual report on Form 10-K, quarterly reports on Form
10-Q and in the prospectuses the Company issues from time to time
in connection with its offering of securities. Such materials
are filed with the Securities and Exchange Commission ("SEC") and
copies are available on the SEC's website, www.sec.gov.
Prospective investors should read such materials carefully before
investing. Performance data quoted above represents past
performance of American Capital. Past performance does not
guarantee future results and the investment return and principal
value of an investment in American Capital will likely
fluctuate. Consequently, an investor's shares, when sold, may
be worth more or less than their original cost. Additionally,
American Capital's current performance may be lower or higher than
the performance data quoted above.
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, the uncertainties associated with the timing of
transaction closings, changes in interest rates, availability of
transactions, changes in regional, national or international
economic conditions or changes in the conditions of the industries
in which American Capital has made investments. 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 the Company's Annual Report on Form
10-K for the fiscal year ended December 31,
2011 and the Company's subsequent periodic filings. Copies
are available on the SEC's website at www.sec.gov.
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.
CONTACT:
Investors - (301) 951-5917
Media - (301) 968-9400
SOURCE American Capital, Ltd.