FOR IMMEDIATE RELEASE
May 07, 2008


Contact
Garland S. Tucker, III, Chairman and CEO (919) 719-4779
E. Ashton Poole, Chairman and CEO (919) 747-8618
Steven C. Lilly, Chief Financial Officer (919) 719-4789


3600 Glenwood Avenue, Suite 104
Raleigh, NC 27612
Tel (919) 719-4770
Fax (919) 719-4777

www.TCAP.com

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Triangle Capital Corporation Reports First Quarter 2008 Results, Increases Dividend to $0.31 Per Share, and Announces Over $31.0 Million of New Investments

RALEIGH, N.C., May 7, 2008 (PrimeNewswire via COMTEX News Network) -- Triangle Capital Corporation (Nasdaq:TCAP) ("Triangle" or the "Company"), a leading specialty finance company that provides customized financing solutions to lower middle market companies located throughout the United States, today announced its results for the first quarter of 2008 and announced a quarterly dividend of $0.31 per share, representing a 106.7% increase over the Company's dividend during the same period in 2007.

In describing the Company's performance, Garland S. Tucker, III, President and CEO, stated, "Triangle is off to a great start in 2008. With $14.1 million of new investments during March and over $31.0 million of new investments already in the second quarter, our investment pace is significantly ahead of schedule and evidences the attractive opportunities we continue to see in our target market. In addition to our investing activity, we are pleased to report our fifth consecutive quarterly dividend increase since our IPO."

First Quarter 2008 Results

Total investment income during the first quarter of 2008 was $3.9 million, compared to total investment income of $2.1 million for the first quarter of 2007, representing an increase of 82.9%. The Company's increase in investment income is primarily attributed to an increase in portfolio interest from March 31, 2007 to March 31, 2008.

Net investment income during the first quarter of 2008 was $1.9 million, compared to net investment income of $0.8 million for the first quarter of 2007, representing an increase of 137.8%. Net investment income per share during the first quarter of 2008 was $0.28 compared to $0.12 during the first quarter of 2007. The Company's increase in net investment income during the first quarter of 2008 was the result of a $1.8 million increase in total investment income offset by a $0.6 million increase in expenses, primarily associated with the addition of personnel and costs associated with operating a public company.

The Company's net increase in net assets resulting from operations was $0.8 million during the first quarter of 2008, as compared to $1.1 million during the first quarter of 2007. The Company's net increase in net assets resulting from operations was $0.11 per share during the first quarter of 2008 as compared to $0.16 per share during the first quarter of 2007.

The Company recorded no realized gains or losses on investments in the three months ended March 31, 2008. For the three months ended March 31, 2007, net realized loss on investments was $1.5 million which related to a realized loss on one investment. In the three months ended March 31, 2008, the Company recorded net unrealized depreciation of investments in the amount of $1.0 million, comprised of unrealized gains on seven investments totaling $0.7 million and unrealized losses on nine investments totaling $1.7 million. During the three months ended March 31, 2007, the Company recorded net unrealized appreciation of investments in the amount of $1.7 million, comprised primarily of an unrealized gain reclassification adjustment of approximately $1.5 million related to the realized loss noted above. In addition, in the three months ended March 31, 2007, Triangle recorded unrealized gains on eleven other investments totaling $0.9 million and unrealized losses on five investments totaling $0.6 million.

The Company's net asset value per share at March 31, 2008, was $13.85 as compared to the Company's net asset value per share at March 31, 2007, of $13.57. As of March 31, 2008, the Company's weighted average yield on all of its outstanding debt investments was approximately 13.7%.

Dividend Information

Triangle's board of directors has declared a cash dividend of $0.31 per share. The dividend will be payable as follows:



 Record Date:  June 5, 2008
 Payment Date:  June 26, 2008

Commenting on the Company's dividend, Steven C. Lilly, Chief Financial Officer stated, "Our dividend of $0.31 per share equates to an annualized dividend yield of 11.2% based on today's closing price. Our existing dividend yield, coupled with the more than $40.0 million of net new investments we have made during 2008, provide substantial visibility toward future dividend growth."

Triangle has adopted a dividend reinvestment plan ("DRIP") that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend, stockholders who have not opted out of the DRIP will have their cash dividends automatically reinvested in additional shares of the Company's common stock, rather than receiving cash dividends.

When the Company declares and pays dividends, it determines the allocation of the distribution between current income, accumulated income and return of capital on the basis of accounting principles generally accepted in the United States ("GAAP"). At each year end, the Company is required for tax purposes to determine the dividend allocation based on tax accounting principles. Due to differences between GAAP and tax accounting principles, the portion of each dividend distribution that is ordinary income, capital gain or return of capital may differ for GAAP and tax purposes.

Recent Portfolio Investments

During the first quarter of 2008, as previously announced, the Company made investments totaling $14.1 million consisting of $1.2 million in senior debt, $11.6 million in subordinated debt, and $1.3 million in equity. Since March 31, 2008, the Company has made investments totaling $31.1 million, of which $29.7 million was subordinated debt and $1.4 million was convertible debt. Also subsequent to quarter end, Triangle received a $3.8 million loan repayment of a subordinated debt investment.

New investments and repayments since December 31, 2007 are summarized as follows:

On March 6, 2008, Triangle closed a $5.5 million investment in AssetPoint, LLC ("AssetPoint") consisting of $4.3 million in subordinated debt, $0.5 million in equity, and a commitment to fund additional subordinated debt of $0.7 million, which was funded on April 23, 2008. AssetPoint, headquartered in Greenville, South Carolina, has been a pioneer in delivering integrated enterprise asset management and computerized maintenance management software and services that improve profitability and productivity for the process and manufacturing industries.

On March 7, 2008, the Company closed a $4.3 million investment in Electronic Systems Protection, Inc. ("ESP") comprised of $1.0 million in senior debt, $3.0 million in subordinated debt, and $0.3 million in equity. ESP, headquartered in Zebulon, NC, is one of the leading manufacturers of power protection technology for the office technology industry.

On March 31, 2008, Triangle made a $4.7 million investment in TrustHouse Services Group, Inc. ("TrustHouse"). The investment consisted of $4.2 million in subordinated debt and $0.5 million in equity. TrustHouse provides outsourced food management services to educational institutions, healthcare facilities and businesses primarily in the Northeast, Mid-Atlantic and Midwestern regions of the U.S.

On April 17, 2008, the Company received a principal repayment of a subordinated debt investment in Flint Acquisition Corporation ("Flint") of $3.8 million. Triangle received a prepayment fee, and continues to own $1.1 million of equity in Flint at fair value as of March 31, 2008.

On April 25, 2008, the Company invested $9.4 million in Jenkins Restoration, Inc. ("Jenkins") consisting of $8.0 million in subordinated debt and $1.4 million in convertible debt. Jenkins, headquartered in Sterling, Virginia, is a provider of insurance restoration services, focusing on reconstruction and repair of damage to residential and commercial buildings caused by fire, wind, storm, vandalism, or burglary.

On April 29, 2008, the Company made an $8.0 million subordinated debt investment in American De-Rosa Lamparts, LLC ("ADL"). ADL, headquartered in Commerce, California, markets a wide variety of lighting products, including fixtures, bulbs, electrical components, glass, and hardware, to maintenance and repair organizations, lighting wholesalers, retailers, and original equipment manufacturers.

On April 30, 2008, Triangle invested $13.0 million in subordinated debt in Yellowstone Landscape Group, Inc. ("Yellowstone"). Yellowstone, headquartered in Dallas, Texas, is a full-service lawn care provider focused primarily on the commercial market with services including lawn and landscape maintenance, construction/installation, irrigation, turf management, and tree care throughout Texas and the Southeast.

Important Disclosures Relating to Financial Statement Presentation

Certain financial data for prior periods, including data for the three months ended March 31, 2007, are included in this press release. In accordance with Statement of Financial Accounting Standards No. 141, Business Combinations ("SFAS 141"), the Company's results of operations for the three months ended March 31, 2007, are presented as if the Company's initial public offering and related formation transactions had occurred as of January 1, 2007.

About Triangle Capital Corporation

Triangle Capital Corporation (www.TCAP.com) is a specialty finance company organized to provide customized financing solutions to lower middle market companies located throughout the United States. Triangle's investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle's investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events. Triangle typically invests $5.0 - $15.0 million per transaction in companies with annual revenues between $20.0 and $75.0 million and EBITDA between $2.0 and $10.0 million.

Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Triangle is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state laws and regulations. Triangle intends to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its stockholders.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.



                    TRIANGLE CAPITAL CORPORATION
                     Consolidated Balance Sheets

                                              March 31,   December 31,
                                                2008          2007
                                            --------------------------
                                            (Unaudited)
 Assets
 Investments at fair value:
 Non-Control / Non-Affiliate investments
  (cost of $78,569,772 and $66,819,386 at
  March 31, 2008 and December 31, 2007,
  respectively)                             $ 79,704,224  $ 69,078,281
 Affiliate investments (cost of $29,431,381
  and $24,487,895 at March 31, 2008 and
  December 31, 2007, respectively)            29,866,379    25,041,093
 Control investments (cost of $13,430,867
  and $15,910,498 at March 31, 2008 and
  December 31, 2007, respectively)            17,821,613    20,254,844
                                            --------------------------
 Total investments at fair value             127,392,216   114,374,218
 Deferred loan origination revenue            (1,571,822)   (1,368,603)
 Cash and cash equivalents                    15,611,011    21,787,750
 Interest and fees receivable                    404,084       305,159
 Prepaid expenses and other current assets       177,962        47,477
 Deferred financing fees                       1,752,488       999,159
 Property and equipment, net                      32,916        34,166
                                            --------------------------
 Total assets                               $143,798,855  $136,179,326
                                            ==========================

 Liabilities
 Accounts payable and accrued liabilities   $    643,633  $  1,144,222
 Interest payable                                185,999       698,735
 Dividends payable                                    --     2,041,159
 Income taxes payable                             95,580        52,598
 Deferred income taxes                         1,585,899     1,760,259
 SBA guaranteed debentures payable            47,050,000    37,010,000
                                            --------------------------
 Total liabilities                            49,561,111    42,706,973

 Net Assets
  Common stock, $0.001 par value per share
   (150,000,000 shares authorized, 6,803,863
   shares issued and outstanding as of
   March 31, 2008 and December 31, 2007)           6,804         6,804
  Additional paid-in capital                  86,949,189    86,949,189
  Investment income in excess of
   distributions                               3,526,071     1,738,797
  Accumulated realized losses on investments    (618,620)     (618,620)
  Net unrealized appreciation of investments   4,374,300     5,396,183
                                            --------------------------
 Total net assets                             94,237,744    93,472,353
                                            --------------------------

 Total liabilities and net assets           $143,798,855  $136,179,326
                                            ==========================

 Net asset value per share                  $      13.85  $      13.74
                                            ==========================


                    TRIANGLE CAPITAL CORPORATION
                 Unaudited Statements of Operations

                                            Three Months   Three Months
                                               Ended           Ended
                                              March 31,      March 31,
                                                2008            2007
                                            (Consolidated)  (Combined)
                                            ---------------------------

 Investment income:
 Loan interest, fee and dividend income:
  Non-Control / Non-Affiliate investments    $ 1,921,769   $ 1,155,622
  Affiliate investments                          748,766       274,614
  Control investments                            487,434        75,718
                                            ---------------------------
 Total loan interest, fee and dividend income  3,157,969     1,505,954

 Paid-in-kind interest income:
  Non-Control / Non-Affiliate investments        296,636       174,796
  Affiliate investments                          142,552        29,250
  Control investments                            129,395        42,948
                                            ---------------------------
 Total paid-in-kind interest income              568,583       246,994

 Interest income from cash and cash
  equivalent investments                         137,432       359,168
                                            ---------------------------
 Total investment income                       3,863,984     2,112,116
                                            ---------------------------

 Expenses:
  Interest expense                               561,815       499,691
  Amortization of deferred financing fees         40,141        27,108
  Management fees                                     --       232,423
  General and administrative expenses          1,348,333       548,164
                                            ---------------------------
 Total expenses                                1,950,289     1,307,386
                                            ---------------------------
 Net investment income                         1,913,695       804,730

  Net realized loss on investment -
   Non Control / Non-Affiliate                        --    (1,464,224)
  Net unrealized appreciation (depreciation)
   of investments                             (1,021,883)    1,725,329
                                            ---------------------------
 Total net gain (loss) on investments before
  income taxes                                (1,021,883)      261,105
 Income tax expense                              126,421            --
                                            ---------------------------
 Net increase in net assets resulting from
  operations                                 $   765,391   $ 1,065,835
                                            ===========================

 Net investment income per share - basic and
  diluted                                    $      0.28   $      0.12
                                            ===========================
 Net increase in net assets resulting from
  operations per share - basic and diluted   $      0.11   $      0.16
                                            ===========================
 Weighted average number of shares
  outstanding - basic and diluted
                                               6,803,863     6,686,760
                                            ===========================


                    TRIANGLE CAPITAL CORPORATION
                 Unaudited Statements of Cash Flows

                                            Three Months   Three Months
                                               Ended           Ended
                                              March 31,      March 31,
                                                2008            2007
                                            (Consolidated)  (Combined)
                                            ---------------------------


 Cash flows from operating activities:
  Net increase in net assets resulting from
   operations                                $   765,391   $ 1,065,835
  Adjustments to reconcile net increase in
   net assets resulting from operations to
   net cash provided by (used in) operating
   activities:
    Purchases of portfolio investments       (14,123,791)      (63,602)
    Repayments received/sales of portfolio
     investments                                 475,404     1,424,112
    Loan origination and other fees
     received                                    403,889        27,500
    Net realized loss on investments                  --     1,464,224
    Net unrealized depreciation
     (appreciation) of investments             1,196,243    (1,725,329)
    Deferred income taxes                       (174,360)           --
    Paid-in-kind interest accrued, net of
     payments received                          (541,434)     (142,908)
    Amortization of deferred financing fees       40,141        27,108
    Recognition of loan origination and
     other fees                                 (200,670)      (47,057)
    Accretion of loan discounts                  (24,420)      (51,953)
    Depreciation expense                           3,265           358
    Changes in operating assets and
     liabilities:
      Interest and fees receivable               (98,925)      (46,782)
      Prepaid expenses                          (130,485)      (70,892)
      Accounts payable and accrued
       liabilities                              (500,589)     (234,839)
      Interest payable                          (512,736)     (449,456)
      Income taxes payable                        42,982
      Receivable from / payable to Triangle
       Capital Partners, LLC                          --       (48,687)
                                            ---------------------------
 Net cash provided by (used in) operating
  activities                                 (13,380,095)    1,127,632
                                            ---------------------------

 Cash flows from investing activities:
  Purchases of property and equipment             (2,015)      (12,905)
                                            ---------------------------
 Net cash used in investing activities            (2,015)      (12,905)
                                            ---------------------------

 Cash flows from financing activities:
  Borrowings under SBA guaranteed debentures
   payable                                    10,040,000     4,000,000
  Financing fees paid                           (793,470)      (97,000)
  Proceeds from initial public offering,
   net of expenses                                    --    64,728,037
  Change in deferred offering costs                   --     1,020,646
  Cash dividends paid                         (2,041,159)           --
  Tax distribution to partners                        --      (531,566)
                                            ---------------------------
 Net cash provided by financing activities     7,205,371    69,120,117
                                            ---------------------------
 Net increase (decrease) in cash and cash
  equivalents                                 (6,176,739)   70,234,844
 Cash and cash equivalents, beginning of
  period                                      21,787,750     2,556,502
                                            ---------------------------
 Cash and cash equivalents, end of period    $15,611,011   $72,791,346
                                            ===========================
 Supplemental disclosure of cash flow
  information:
  Cash paid for interest                     $ 1,074,552   $   949,148
                                            ===========================

 Summary of non-cash financing transactions:
  Accrued tax distribution to partners       $        --   $   220,047
                                            ===========================

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: Triangle Capital Corporation

Triangle Capital Corporation 
          Sheri B. Colquitt
          Vice President, Investor Relations
            919-719-4784
            scolquitt@tcap.com
          Steven C. Lilly, Chief Financial Officer
            919-719-4789
            slilly@tcap.com

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