FOR IMMEDIATE RELEASE
February 25, 2009


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


3700 Glenwood Avenue, Suite 530
Raleigh, NC 27612
Tel (919) 719-4770
Fax (919) 719-4777

www.TCAP.com

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Triangle Capital Corporation Reports Fourth Quarter and Full Year 2008 Results

RALEIGH, N.C., Feb 25, 2009 (GlobeNewswire 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 fourth quarter of 2008 and the full year of 2008.

In commenting on the Company's results, Garland S. Tucker, III, President and Chief Executive Officer stated, "2008 was a very solid year for Triangle. We feel fortunate to have a high quality portfolio that has yielded such strong results."

Fourth Quarter 2008 Results

Total investment income during the fourth quarter of 2008 was $6.6 million, compared to total investment income of $3.7 million for the fourth quarter of 2007, representing an increase of approximately 76.5%. The Company's increase in investment income is primarily attributable to twelve new portfolio investments made during 2008.

Net investment income during the fourth quarter of 2008 was $3.0 million, compared to net investment income of $2.0 million for the fourth quarter of 2007, representing an increase of approximately 49.0%. Net investment income per share during the fourth quarter of 2008 was $0.43 based on weighted average shares outstanding during the quarter of 6.9 million, compared to $0.29 per share during the fourth quarter of 2007.

The Company's net increase in net assets resulting from operations was $1.5 million during the fourth quarter of 2008, as compared to $2.2 million during the fourth quarter of 2007. The Company's net increase in net assets resulting from operations was $0.22 per share during the fourth quarter of 2008, based on the Company's average shares outstanding during the quarter of 6.9 million, as compared to $0.32 per share during the fourth quarter of 2007.

Full Year 2008 Results

For the year ended December 31, 2008, total investment income was $21.4 million, compared to total investment income of $12.7 million for the year ended December 31, 2007, representing an increase of 67.7%. Total investment income in 2008 consisted of $21.1 million of loan interest, fee, dividend income and PIK interest income and $0.3 million of interest income from cash on hand. Total investment income in 2007 consisted of $10.9 million of loan interest, fee, dividend income and PIK interest income and $1.8 million of interest income from cash on hand. During 2008, the Company's total investment income was primarily impacted by new investments funded during the year which totaled approximately $93.1 million.

Net investment income for 2008 was $10.6 million, compared to net investment income of $6.4 million during 2007, representing an increase of 65.4%. Net investment income per share during 2008 was $1.54, based on the Company's weighted average shares outstanding during the year of 6.9 million, compared to $0.95 per share during 2007.

For the year ended December 31, 2008, Triangle recorded a net realized gain on investments of $1.4 million and net unrealized depreciation of investments, net of income taxes, in the amount of $4.3 million. As a result of these events, the Company's net increase in net assets from operations during the year ended December 31, 2008 was $7.6 million as compared to $8.8 million for the year ended December 31, 2007.

The Company's net asset value per share at December 31, 2008, was $13.22, as compared to the Company's net asset value per share at December 31, 2007 of $13.74. As of December 31, 2008, the Company's weighted average yield on all of its outstanding debt investments was approximately 14.4%, compared to 13.9% at December 31, 2007.

Liquidity and Capital Resources

At December 31, 2008, the Company had cash and cash equivalents totaling $27.2 million. As of December 31, 2008, the Company had 10-year fixed rate SBA-guaranteed debentures totaling $115.1 million. Under the provisions of the recently enacted American Recovery and Reinvestment Act of 2009, the Company's maximum borrowing under the SBA-guaranteed debenture program has been increased to $150.0 million.

Dividend Information

As previously announced on December 8, 2008, Triangle's Board of Directors declared a cash dividend of $0.40 per share with a record date of December 23, 2008, and a payable date of January 6, 2009.

In addition, on February 17, 2009, the Company announced a special cash dividend of $0.05 per share as a distribution of capital gains, with a record date of February 27, 2009, and a payable date of March 13, 2009.

Portfolio Investments

As previously announced, during the year ended December 31, 2008, the Company made twelve new investments totaling $91.0 million, additional debt investments in an existing portfolio company of $1.9 million and four additional equity investments in existing portfolio companies of approximately $0.2 million. The Company also sold three investments in portfolio companies for approximately $3.6 million, resulting in realized gains totaling $2.9 million and recognized a realized loss on the write-off of one investment totaling $1.5 million. The Company had four portfolio company loans repaid at par in the amount of $12.5 million. In addition, normal principal repayments, partial loan prepayments and payment in kind interest repayments totaled approximately $6.9 million for the year ended December 31, 2008.

Previously announced investment transactions during the fourth quarter of 2008 and the first quarter of 2009 are summarized as follows:

On October 1, 2008, the Company's investment in CV Holdings, LLC ("CV") of approximately $5.2 million was repaid in full in conjunction with a recapitalization. Concurrent with the repayment, the Company made a $10.7 million subordinated debt investment in CV. CV, headquartered in Amsterdam, NY, designs, develops, manufactures and markets customized, application specific, high performance, injection molded, plastic products. From its origins as an injection molder, the Company has developed into a leading supplier of proprietary packaging solutions holding over 250 domestic and international patents.

On October 31, 2008, Triangle invested $7.8 million in Novolyte Technologies LP ("Novolyte") consisting of $7.0 million in subordinated debt and $0.8 million in equity. Novolyte is a leading manufacturer of electrolytes used in the manufacture of lithium ion batteries, as well as high performance intermediates for other key end products.

On December 22, 2008, Triangle recognized a gain of approximately $2.8 million in connection with the sale of its equity position in Porters Group Holdings, Inc. ("Porters"). Triangle's original investment in Porters was comprised of $2.5 million in subordinated debt with warrants and a $250,000 equity co-investment. Porters repaid Triangle's subordinated debt investment in August, 2007. The total investment yielded an internal rate of return of approximately 42.0%. Porters, based near Charlotte, North Carolina, fabricates a wide variety of metal parts to meet customers' specifications.

Subsequent to quarter end, on February 6, 2009, the Company closed a $3.8 million subordinated debt and warrant investment in Inland Pipe Rehabilitation Holding Company ("Inland Pipe"). Triangle's investment was made in support of an acquisition and represents the Company's second investment in Inland Pipe. In June, 2008, Triangle invested $8.0 million in subordinated debt and received a warrant to purchase up to 2.5% of Inland Pipe's membership interests. Inland Pipe provides maintenance, inspection, and repair for piping, sewers, drains, and storm lines by utilizing several of the industry's leading technologies including pipe bursting, cured-in-place-pipe, and spiral wound piping.

Annual Meeting of Stockholders

The 2009 Annual Meeting of Stockholders of Triangle Capital Corporation will be held at The Renaissance Hotel, 4100 Main at North Hills Street, Raleigh, NC 27609 on Wednesday, May 6, 2009, at 8:30 a.m. (Eastern Time) for stockholders of record as of the close of business on March 2, 2009.

Important Disclosures Relating to Financial Statement Presentation

In accordance with Statement of Financial Accounting Standards No. 141, Business Combinations ("SFAS 141"), the Company's results of operations for the twelve months ended December 31, 2007, are presented as if the Company's initial public offering and related formation transactions had occurred as of January 1, 2007. In addition, in accordance with SFAS 141, the results of the Company's operations for the year ended December 31, 2006, have been presented on a combined basis in order to provide comparative information with respect to prior periods.

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 $20.0 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 has elected 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 shareholders.

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

                                                 December 31,
                                             2008            2007
                                        -----------------------------

 Assets
 Investments at fair value:
 Non-Control / Non-Affiliate
  investments (cost of $138,413,589
  and $66,129,119 at December 31,
  2008 and 2007, respectively)          $  135,712,877 $   68,388,014
 Affiliate investments (cost of
  $30,484,491 and $24,023,264 at
  December 31, 2008 and 2007,
  respectively)                             33,894,556     24,576,462
 Control investments (cost of
  $11,253,458 and $15,727,418 at
  December 31, 2008 and 2007,
  respectively)                             12,497,858     20,071,764
                                        -----------------------------
 Total investments at fair value           182,105,291    113,036,240
 Cash and cash equivalents                  27,193,287     21,787,750
 Interest and fees receivable                  679,828        305,159
 Prepaid expenses and other
  current assets                                95,325         47,477
 Deferred financing fees                     3,545,410        999,159
 Property and equipment, net                    48,020         34,166
                                        -----------------------------
 Total assets                           $  213,667,161 $  136,209,951
                                        =============================

 Liabilities and Net Assets
 Accounts payable and accrued
  liabilities                           $    1,608,909 $    1,144,222
 Interest payable                            1,881,761        698,735
 Dividends payable                           2,766,945      2,041,159
 Taxes payable                                  30,436         52,598
 Deferred revenue                                   --         30,625
 Deferred income taxes                         843,947      1,760,259
 SBA guaranteed debentures payable         115,110,000     37,010,000
                                        -----------------------------
 Total liabilities                         122,241,998     42,737,598

 Net assets:
   Common stock, $0.001 par value
    per share (150,000,000 shares
    authorized, 6,917,363 and
    6,803,863 shares issued and
    outstanding as of December 31,
    2008 and 2007, respectively)                 6,917          6,804
   Additional paid-in-capital               87,836,786     86,949,189
   Investment income in excess of
    distributions                            2,115,157      1,738,797
   Accumulated realized gains
    (losses)on investments                     356,495      (618,620)
   Net unrealized appreciation of
    investments                              1,109,808      5,396,183
                                        -----------------------------
 Total net assets                           91,425,163     93,472,353
                                        -----------------------------
 Total liabilities and net assets       $  213,667,161 $  136,209,951
                                        =============================

 Net asset value per share              $        13.22 $        13.74
                                        =============================


                     Triangle Capital Corporation
                       Statements of Operations

                                    Years Ended December 31,
                              2008           2007            2006
                         (Consolidated) (Consolidated)    (Combined)
                         --------------------------------------------

 Investment income:
 Loan interest, fee and
  dividend income:
   Non-Control /
    Non-Affiliate
    investments          $   12,381,411 $    6,258,670 $    4,488,831
   Affiliate investments      3,478,644      1,808,664        638,318
   Control investments        1,434,687      1,323,876        293,532
                         -------------- -------------- --------------
 Total loan interest,
  fee and dividend
  income                     17,294,742      9,391,210      5,420,681

 Paid-in-kind interest
  income:
   Non-Control / Non-
    Affiliate
     investments              2,657,281        871,184        815,408
   Affiliate
     investments                665,817        225,622         40,208
   Control investments          438,688        424,308        166,690
                         -------------- -------------- --------------
 Total paid-in-kind
  interest income             3,761,786      1,521,114      1,022,306

 Interest income from
  cash and cash
  equivalent
  investments                   302,970      1,823,519        279,817
                         -------------- -------------- --------------
 Total investment income     21,359,498     12,735,843      6,722,804
                         -------------- -------------- --------------

 Expenses:
   Interest expense           4,227,851      2,073,311      1,833,458
   Amortization of
    deferred financing
    fees                        255,273        112,660         99,920
   Management fees                   --        232,423      1,589,070
   General and
    administrative
    expenses                  6,254,096      3,894,240        115,040
                         -------------- -------------- --------------
 Total expenses              10,737,220      6,312,634      3,637,488
                         -------------- -------------- --------------
 Net investment income       10,622,278      6,423,209      3,085,316

 Net realized gain
 (loss) on investments -
  Non Control / Non-
  Affiliate                  (1,393,139)      (759,634)     6,026,948
 Net realized gain on
  investment - Affiliate             --        141,014             --
 Net realized gain on
  investment - Control        2,828,747             --             --
 Net unrealized
  appreciation
  (depreciation) of
  investments                (4,286,375)     3,061,107      (414,924)
                         -------------- -------------- --------------
 Total net gain (loss)
  on investments before
  income taxes               (2,850,767)     2,442,487      5,612,024
 Provision for taxes            133,010         52,598             --
 Net increase in net
  assets resulting from
  operations                 $7,638,501 $    8,813,098 $    8,697,340
                         ============== ============== ==============

 Net investment income
  per share - basic and
  diluted                         $1.54          $0.95            N/A
                         ============== ==============
 Net increase in net
  assets resulting from
  operations per share
  - basic and diluted             $1.11          $1.31            N/A
                         ============== ==============
 Dividends declared per
  common share                    $1.44          $0.98            N/A
                         ============== ==============
 Weighted average number
  of shares outstanding
  - basic and diluted         6,877,669      6,728,733            N/A
                         ============== ==============

 Allocation of net
  increase (decrease) in
  net assets resulting
  from operations to:
   General partner                  N/A            N/A $    1,739,386
                         ============== ============== ==============
   Limited partners                 N/A            N/A $    6,957,954
                         ============== ============== ==============


                     Triangle Capital Corporation
                       Statements of Cash Flows

                                   Years Ended December 31,
                             2008           2007            2006
                         --------------------------------------------
                         (Consolidated) (Consolidated)   (Combined)
                         --------------------------------------------

 Cash flows from
  operating activities:
  Net increase in net
   assets resulting from
   operations            $    7,638,501 $    8,813,098 $    8,697,340
  Adjustments to
   reconcile net
   increase in net
   assets resulting
   from operations to
   net cash used in
   operating activities:
     Purchases of
      portfolio invest-
      ments                 (93,054,022)   (64,159,172)   (21,458,478)
     Repayments received/
      sales of portfolio
      investments            20,968,397     10,470,803      9,965,446
     Loan origination and
      other fees received     1,686,996      1,272,002        607,794
     Net realized (gain)
      loss on investments    (1,435,608)       618,620     (6,026,948)
     Net unrealized
     (appreciation)
      depreciation on
      investments             3,516,855     (4,821,366)       414,923
     Deferred income
      taxes                     769,519      1,760,259             --
     Paid-in-kind
      interest accrued,
      net of payments
      received               (1,783,288)    (1,280,950)      (578,724)
     Amortization of
      deferred financing
      fees                      255,273        112,660         99,920
     Recognition of loan
      origination and
      other fees               (515,289)      (677,615)      (435,492)
     Accretion of loan
      discounts                (169,548)      (205,725)      (169,036)
     Depreciation                16,681          7,814             --
     Stock-based
      compensation              275,311             --             --
     Changes in operating
      assets and
      liabilities:
       Interest and fees
        receivable             (374,669)      (170,340)       (85,236)
       Prepaid expenses
        and other current
        assets                  (47,848)       (47,477)            --
       Accounts payable
        and accrued
        liabilities             464,687        349,239        781,757
       Interest payable       1,183,026         92,439         40,228
       Taxes payable            (22,162)        52,598             --
       Payable to
        Triangle Capital
        Partners, LLC                --        (30,000)        30,000
                         --------------------------------------------
 Net cash used in
   operating activities     (60,627,188)   (47,843,113)    (8,116,506)
                         --------------------------------------------

 Cash flows from
  investing activities:
     Purchases of
      property and
      equipment                 (30,535)       (41,980)            --
                         --------------------------------------------
 Net cash used in
  investing activities          (30,535)       (41,980)            --
                         --------------------------------------------

 Cash flows from
  financing activities:
  Borrowings under SBA
   guaranteed
   debentures payable        78,100,000      5,210,000             --
  Financing fees paid        (2,801,524)      (126,342)            --
  Issuance of common
   stock                             --             --          1,500
  Proceeds from initial
   public offering, net
   of expenses                       --     64,728,037             --
  Change in deferred
   offering costs                    --      1,020,646     (1,020,646)
  Partners' capital
   contributions                     --             --     10,625,000
  Cash dividends paid        (9,235,216)    (2,964,387)            --
  Distribution to
   partners                          --      (751,613)    (5,000,010)
                         --------------------------------------------
 Net cash provided by
  financing activities       66,063,260     67,116,341      4,605,844
                         --------------------------------------------
 Net increase (decrease)
  in cash and cash
  equivalents                 5,405,537     19,231,248     (3,510,662)
 Cash and cash
  equivalents, beginning
  of year                    21,787,750      2,556,502      6,067,164
                         --------------------------------------------
 Cash and cash
  equivalents, end of
  year                   $   27,193,287 $   21,787,750 $    2,556,502
                         ============================================

 Supplemental
  Disclosure of cash
   flow information:
  Cash paid for interest $    3,044,825 $    1,980,872 $    1,793,230
                         ============================================

 Summary of non-cash
  financing
  transactions:
   Dividends declared
    but not paid         $    2,766,945 $    2,041,159 $           --
   Accrued distribution
    to partners          $           -- $           -- $      531,566

This news release was distributed by GlobeNewswire, www.globenewswire.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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