UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event Reported): October 28, 2015
Gladstone Investment Corporation
(Exact Name of Registrant as Specified in Charter)
| Delaware | 001-34007 | 83-0423116 | ||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 1521 Westbranch Drive, Suite 100, McLean, Virginia | 22102 |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant's telephone number, including area code: (703) 287-5800
Not Applicable
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 2.02. Results of Operations and Financial Condition.
On October 28, 2015, Gladstone Investment Corporation issued a press release announcing its financial results for its second fiscal quarter ended September 30, 2015. The text of the press release is included as an exhibit to this Current Report on Form 8-K. The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release issued by Gladstone Investment Corporation, dated October 28, 2015.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 28, 2015 | Gladstone Investment Corporation |
|
| By: | /s/ MELISSA MORRISON Melissa Morrison Acting Principal Financial Officer |
|
EXHIBIT INDEX
|
Exhibit No. |
|
Description |
|
99.1 |
|
Press Release issued by Gladstone Investment Corporation, dated October 28, 2015. |
Exhibit 99.1
MCLEAN, Va., Oct. 28, 2015 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (NASDAQ:GAIN) (the "Company") today announced earnings for its second quarter ended September 30, 2015. Please read the Company's Quarterly Report on Form 10-Q, filed today with the U.S. Securities and Exchange Commission (the "SEC"), which can be retrieved from the SEC's website at www.sec.gov or from the Company's website at www.gladstoneinvestment.com.
Summary Information: (dollars in thousands, except per share data (unaudited)):
|
September 30, 2015 |
June 30, 2015 |
Change |
% Change |
|
| For the Quarter Ended: | ||||
| Total investment income | $ 13,740 | $ 12,706 | $ 1,034 | 8.1% |
| Total expenses, net | (7,717) | (7,543) | (174) | 2.3 |
| Net investment income | 6,022 | 5,163 | 859 | 16.6 |
| Net investment income per common share | 0.20 | 0.17 | 0.03 | 16.6 |
| Cash distribution per common share | 0.19 | 0.19 | — | — |
| Net realized (loss) gain | (2,740) | 199 | NM | NM |
| Net unrealized (depreciation) appreciation | (3,393) | 3,197 | NM | NM |
| Net increase in net assets resulting from operations | (110) | 8,559 | NM | NM |
| Weighted average yield on interest-bearing investments | 12.7% | 12.6% | 0.1% | 0.8 |
| Total dollars invested | $ 22,719 | $ 17,326 | $ 5,393 | 31.1 |
| Total dollars repaid | 7,194 | 5,548 | 1,646 | 29.7 |
|
As of: |
||||
| Total investments, at fair value | $ 490,635 | $ 481,243 | $ 9,392 | 2.0% |
| Fair value, as a percentage of cost | 92.6% | 93.0% | (0.4)% | (0.4) |
| Net assets | $ 273,968 | $ 279,754 | $ (5,786) | (2.1) |
| Net asset value per common share | 9.05 | 9.24 | (0.19) | (2.1) |
| Number of portfolio companies | 35 | 34 | 1 | 2.9 |
| NM=Not Meaningful |
Highlights for the Quarter: During the quarter ended September 30, 2015, the following significant events occurred:
Second Quarter Results: Net Investment Income for the quarters ended September 30, 2015 and June 30, 2015, was $6.0 million, or $0.20 per share, and $5.2 million, or $0.17 per share, respectively, an increase of 16.6%. The increase in net investment income for the quarter ended September 30, 2015, as compared to the prior quarter, was primarily due to a $1.0 million increase in investment income driven by a higher weighted-average outstanding balance of our interest bearing portfolio during the quarter ended September 30, 2015. This increase was partially offset by a $0.2 million increase in net expenses, primarily as a result of preferred stock dividend expense on the Series C Term Preferred Stock issued in May 2015.
Net Asset Value per share for the quarter ended September 30, 2015 decreased to $9.05, as compared to $9.24 as of June 30, 2015. The quarter over quarter decrease was primarily due to a $2.7 million realized loss, largely due to the restructuring and subsequent sale of one of our portfolio companies, as well as $3.4 million in net unrealized depreciation on investments recorded during the period.
Subsequent Events: After September 30, 2015, the following significant events occurred:
|
Record Date |
Payment Date |
Distribution per Share of Common Stock |
Dividend per Share of Series A Term Preferred Stock |
Dividend per Share of Series B Term Preferred Stock |
Dividend per Share of Series C Term Preferred Stock |
| October 26, 2015 | November 4, 2015 | $ 0.0625 | $ 0.1484375 | $ 0.140625 | $ 0.135417 |
| November 17, 2015 | November 30, 2015 | 0.0625 | 0.1484375 | 0.140625 | 0.135417 |
| December 18, 2015 | December 31, 2015 | 0.0625 | 0.1484375 | 0.140625 | 0.135417 |
| Total for the Quarter: | $ 0.1875 | $ 0.4453125 | $ 0.421875 | $ 0.406250 | |
Conference Call: The Company will hold its earnings release conference call on Thursday, October 29, 2015, at 8:30 a.m. EDT. Please call (855) 376-7516 to enter the conference. An operator will monitor the call and set a queue for any questions. A replay of the conference call will be available through November 29, 2015. To hear the replay, please dial (855) 859-2056 and use the playback conference number 61206065. The replay will be available beginning approximately one hour after the call concludes. The live audio broadcast of the Company's quarterly conference call will also be available online at www.gladstoneinvestment.com. The event will be archived and available for replay on the Company's website through December 29, 2015.
About Gladstone Investment Corporation: Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in small and medium-sized businesses in the United States in connection with acquisitions, changes in control and recapitalizations. The Company has paid 123 consecutive monthly cash distributions on its common stock. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com.
To obtain a paper copy of our Annual Report on Form 10-Q filed today with the SEC, please contact the Company at 1521 Westbranch Drive, Suite 100, McLean, VA 22102, ATTN: Investor Relations. The financial information above is not comprehensive and is without notes, so readers should obtain and carefully review the Company's Form 10-Q for the period ended September 30, 2015, including the notes to the consolidated financial statements contained therein.
Investor Relations Inquiries: Please visit www.gladstone.com or +1-703-287-5893.