-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EVAX5NcAQ6VBgaT0fXbFDQGQNCdjOxkuRNnZrFilMsVQjipSse4tBRmMjv911MKQ 3LqYesmujvzVpMbPGvyTbw== 0000950133-97-001928.txt : 19970520 0000950133-97-001928.hdr.sgml : 19970520 ACCESSION NUMBER: 0000950133-97-001928 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED CAPITAL CORP CENTRAL INDEX KEY: 0000003845 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 530245085 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 811-00907 FILM NUMBER: 97606508 BUSINESS ADDRESS: STREET 1: 1666 K ST N W STE 901 CITY: WASHINGTON STATE: DC ZIP: 20006 BUSINESS PHONE: 2023311112 MAIL ADDRESS: STREET 2: 1666 K STREET NW 9TH FL CITY: WASHINGTON STATE: DC ZIP: 20006 10-Q 1 ALLIED CAPITAL CORPORATION FORM 10-Q 1 Form 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period Commission file number: ended MARCH 31, 1997 814-97 -------------- ---------------------- ALLIED CAPITAL CORPORATION --------------------------------------------------- (exact name of Registrant as specified in its charter) MARYLAND 53-0245085 - ----------------------- ---------------------- (State or jurisdiction of (IRS Employer incorporation or organization) Identification No.) C/O ALLIED CAPITAL ADVISERS, INC. 1666 K STREET, N.W. 9TH FLOOR WASHINGTON, DC 20006 ------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (202) 331-1112 -------------- Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 12 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods as the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ----- ----- On May 12, 1997 there were 7,343,041 shares outstanding of the Registrant's common stock, $1 par value. 2 ALLIED CAPITAL CORPORATION AND SUBSIDIARIES FORM 10-Q INDEX
PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheet as of March 31, 1997 and December 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Consolidated Statement of Operations - For the Three Months Ended March 31, 1997 and 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Consolidated Statement of Changes in Net Assets - For the Three Months Ended March 31, 1997 and 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Consolidated Statement of Cash Flows - For the Three Months Ended March 31, 1997 and 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 PART II. OTHER INFORMATION Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Item 4. Submission of Matters to a Vote of Security Holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Item 5. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
3 ALLIED CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (in thousands, except number of shares)
March 31, 1997 December 31, 1996 -------------- ----------------- (unaudited) Assets Investments at Value: Loans and debt securities (cost: 1997 - $95,882; 1996 - $97,805) . . $ 89,014 $ 90,581 Equity securities (cost: 1997 - $14,613; 1996 - $14,610) . . . . . . 26,272 25,896 Other investment assets (cost: 1997 - $108; 1996 - $123) . . . . . . 115 131 --------- --------- Total investments . . . . . . . . . . . . . . . . . . . . . . 115,401 116,608 Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . 43,711 44,915 Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,165 4,228 --------- --------- Total assets . . . . . . . . . . . . . . . . . . . . . . . . . $ 165,277 $ 165,751 ========= ========= Liabilities Debentures and notes payable . . . . . . . . . . . . . . . . . . . . . $ 91,950 $ 90,600 Dividends and distributions payable . . . . . . . . . . . . . . . . . . 55 2,988 Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,125 2,843 --------- --------- 95,130 96,431 --------- --------- Redeemable preferred stock . . . . . . . . . . . . . . . . . . . . . . 1,000 1,000 --------- --------- Commitments and Contingencies Shareholders' Equity Preferred Stock of wholly owned subsidiary, $100 par value, 200,000 shares authorized; 60,000 shares issued and outstanding at 3/31/97 and 12/31/96 . . . . . . . . . . . . . . . 6,000 6,000 Common stock, $1 par value, 10,000,000 shares authorized; 7,343,041 and 7,299,091 shares issued and outstanding at 3/31/97 and 12/31/96 . . . . . . . . . . 7,343 7,299 Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . 55,069 54,440 Notes receivable from sale of common stock . . . . . . . . . . . . . (3,088) (3,759) Net unrealized appreciation on investments . . . . . . . . . . . . . 4,798 4,070 Undistributed (distributions in excess of) accumulated earnings . . . (975) 270 --------- --------- Total shareholders' equity . . . . . . . . . . . . . . . . . 69,147 68,320 --------- --------- Total liabilities and shareholders' equity . . . . . . . . . $ 165,277 $ 165,751 ========= =========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 1 4 ALLIED CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per share amounts) (unaudited)
For the Three Months Ended March 31, --------------------------- 1997 1996 ---------- ---------- Investment income: Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,342 $ 3,334 Dividends and other income . . . . . . . . . . . . . . . . . . . 392 418 ------- ------- Total investment income . . . . . . . . . . . . . . . . . . . . 3,734 3,752 ------- ------- Expenses: Interest expense . . . . . . . . . . . . . . . . . . . . . . . . 1,933 1,831 Investment advisory fee . . . . . . . . . . . . . . . . . . . . . 745 734 Other operating expenses . . . . . . . . . . . . . . . . . . . . 147 205 ------- ------- Total expenses . . . . . . . . . . . . . . . . . . . . . . . . 2,825 2,770 ------- ------- Net investment income . . . . . . . . . . . . . . . . . . . . . . . 909 982 Net realized gains on investments . . . . . . . . . . . . . . . . . 319 3,176 ------- ------- Net investment income before net unrealized appreciation on investments . . . . . . . . . . . . . . . . . . 1,228 4,158 Net unrealized appreciation on investments . . . . . . . . . . . . 728 284 ------- ------- Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,956 $ 4,442 ======= ======= Earnings per common share . . . . . . . . . . . . . . . . . . . . . $ 0.26 $ 0.69 ======= ======= Weighted average number of common shares and common share equivalents outstanding . . . . . . . . . . . . . 7,394 6,343 ======= =======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2 5 ALLIED CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (in thousands, except per share amounts) (unaudited)
For the Three Months Ended March 31, ------------------------------------ 1997 1996 --------- -------- Increase in net assets resulting from operations: Net investment income . . . . . . . . . . . . . . . . . . $ 909 $ 982 Net realized gains on investments . . . . . . . . . . . . 319 3,176 Net unrealized appreciation on investments . . . . . . . 728 284 ------- ------- Net increase in net assets resulting from operations 1,956 4,442 ------- ------- Distributions to shareholders: Common stock dividend . . . . . . . . . . . . . . . . . . (2,418) (1,793) Preferred stock dividend . . . . . . . . . . . . . . . . (55) (55) ------- ------- Net decrease in net assets resulting from distributions to shareholders . . . . . . . . . . (2,473) (1,848) ------- ------- Capital share transactions: Net decrease in notes receivable from sale of common stock . . . . . . . . . . . . . . . . . . . . . . . . 671 28 Issuance of common stock upon the exercise of stock 100 - options . . . . . . . . . . . . . . . . . . . . . Issuance of common stock in lieu of cash distributions . 573 635 Issuance of common stock in rights offering . . . . . . . - 8,351 ------- ------- Net increase in assets resulting from capital share transactions . . . . . . . . . . . . . . 1,344 9,014 ------- ------- Net increase in net assets . . . . . . . . . . . . . . . . 827 11,608 Net assets at beginning of the period . . . . . . . . . . . 68,320 57,181 ------- ------- Net assets at end of period . . . . . . . . . . . . . . . . 69,147 68,789 Preferred stock of wholly owned subsidiary . . . . . . . . (6,000) (6,000) ------- ------- Net asset value available to common shareholders . . . . . $63,147 $62,789 ======= ======= Net asset value per common share . . . . . . . . . . . . . $ 8.60 $ 9.09 ======= ======= Common shares outstanding at end of period . . . . . . . . 7,343 6,908 ======= =======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 3 6 ALLIED CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands) (unaudited)
For the Three Months Ended March 31, ------------------------------------ 1997 1996 ---------- --------- Cash Flows From Operating Activities: Net increase in net assets resulting from operations . . . . . . . . . $ 1,956 $ 4,442 Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: Net unrealized appreciation on investments . . . . . . . . . . . . . (728) (284) Net realized gains on investments . . . . . . . . . . . . . . . . . (319) (3,176) Amortization of loan discounts . . .. . . . . . . . . . . . . . . (123) (174) Changes in assets and liabilities: Other assets . . . . . . . .. . . . . . . . . . . . . . . . . . (1,937) (1,143) Other liabilities . . . . . . . . . . . . . . . . . . . . . . . 282 630 ------- ------- Net cash provided by (used in) operating activities . . . . . (869) 295 ------- ------- Cash Flows From Investing Activities: Investments in small business concerns . . . . . . . . . . . . . . . (3,750) (5,000) Payments on loans and debt securities and other investment assets . 5,386 4,919 Net proceeds from sale of equity securities . . . . . . . . . . . . 741 4,293 Payments on notes receivable from sale of common stock . . . . . . . 671 28 ------- ------- Net cash provided by investing activities . . . . . . . . . 3,048 4,240 ------- ------- Cash Flows From Financing Activities: Sale of common stock . . . . . . . . . . . . . . . . . . . . . . . 100 8,200 Common dividends and distributions paid . . . . . . . . . . . . . . (4,613) (4,749) Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . (220) (220) Proceeds from debentures and notes payable . . . . . . . . . . . . . 1,350 3,500 ------- ------- Net cash provided by (used in) financing activities . . . . (3,383) 6,731 ------- ------- Net increase (decrease) in cash and cash equivalents . . . . . . . . . . (1,204) 11,266 Cash and cash equivalents, beginning of period . . . . . . . . . . . . . 44,915 22,743 ------- ------- Cash and cash equivalents, end of period . . . . . . . . . . . . . . . . $43,711 $34,009 ======= =======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 4 7 ALLIED CAPITAL CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 1997 (UNAUDITED) NOTE 1. GENERAL In the opinion of management, the accompanying unaudited consolidated financial statements of Allied Capital Corporation and its subsidiaries (the Company) contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the company as of March 31, 1997 and the results of operations, changes in net assets, and cash flows for the periods indicated. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 1996 Annual Report. The results of operations for the three months ended March 31, 1997 are not necessarily indicative of the operating results to be expected for the full year. Certain reclassifications have been made to the 1996 financial statements in order to conform to the 1997 presentation. NOTE 2. DIVIDENDS The Company's board of directors declared a $0.33 per share first quarter dividend that was paid on March 31, 1997 to shareholders of record as of March 14, 1997. In connection with this dividend, the Company paid cash of $2,156,000 and distributed new shares of common stock to participants in the dividend reinvestment plan with a value of $262,000 for a total dividend of $2,418,000. The Company's board of directors also declared an extra distribution in December 1996 of $0.38 per share, which was paid to shareholders on January 31, 1997, for a total distribution for 1996 equal to $1.51 per share. NOTE 3. DEBT The Company repaid one U.S. Small Business Administration debenture during the first quarter of 1997 totaling $1,000,000, which matured February 1, 1997. NOTE 4. EARNINGS PER SHARE In March 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No.128, "Earnings per Share" (SFAS 128). SFAS 128 is effective for financial statements for both interim and annual periods ending after December 15, 1997. SFAS 128 modifies the method of calculation of net income per share and also requires a reconciliation between basic and diluted per share amounts. Early adoption of the statement prior to the end of 1997 is not allowed. 5 8 The following table (in thousands, except per share data) presents the effect of SFAS 128 on the Company's net income per share as if adopted for current period disclosure.
Quarter Ended March 31 1997 1996 ---- ---- Net income .......................................... $1,956 $4,442 ====== ====== Basic average shares outstanding .................... 7,316 6,302 ====== ====== Basic net income per share .......................... $ 0.27 $ 0.70 ====== ====== Effect of dilutive securities: Outstanding stock options ...................... 78 41 ------ ------ Diluted average shares outstanding................... 7,394 6,343 ====== ====== Diluted net income per share ........................ $ 0.26 $ 0.69 ====== ======
NOTE 5. COMMITMENTS AND CONTINGENCIES Commitments. The Company had commitments outstanding of $7,579,000 at March 31, 1997 to invest in various existing and prospective portfolio companies. Litigation. The Company is party to certain lawsuits in connection with investments it has made to small businesses. While the outcome of these legal proceedings cannot at this time be predicted with certainty, management does not expect that these actions will have a material effect upon the consolidated financial position of the Company. 6 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the financial statements and notes thereto included elsewhere in this report. RESULTS OF OPERATIONS Comparison of the Three Months Ended March 31, 1997 and 1996. For the three months ended March 31, 1997, net increase in net assets resulting from operations was $2.0 million, or $0.26 per common share as compared to $4.4 million, or $0.69 per common share for the first quarter of 1996. The comparison of first quarter 1997 earnings to first quarter 1996 earnings is significantly effected by the level of investment sales and other exit activities occurring in the respective quarters, and the timing of recognition of capital gains. Net realized gains for the first quarter of 1996 were $3.2 million, or $0.50 per common share. First quarter 1997 exit activity was not as significant, and as a result, net realized gains for the first quarter of 1997 were $319,000, or $0.04 per common share. The impact of the timing of gain recognition on quarterly earnings of the Company can be significant, and thus quarterly earnings are not necessarily reflective of expected annual results. Net income per common share for the quarter ended March 31, 1997 also reflects an increase of 17% in the weighted average common shares and common share equivalents outstanding, due to the effect of new shares issued in the Company's March 1996 rights offering. Net investment income, which totaled $909,000 for the quarter, remained relatively constant to that of the first quarter 1996. The Company sold several portfolio investments in the latter part of 1996, and as a result, total investments have remained relatively constant between the first quarters of 1997 and 1996. The Company continues to see increased competition for quality investments in the market place, and is cautiously approaching new investment activity to assure that the portfolio is receiving adequate compensation for new investments, and is accepting appropriate levels of risk. Total expenses increased 2% to $2.8 million for the quarter ended March 31, 1997. Interest expense increased 6% for the first quarter of 1997 as compared to the comparable quarter of the previous year as a result of the Company's outstanding borrowings increasing to $92 million from $86 million at March 31, 1996. The Company's investment advisory fee increased 1% to $745,000 for the quarter ended March 31, 1997 from $734,000 in the first quarter of 1996. Again, this small increase was expected given the fact that invested assets in the portfolio have remained relatively constant. Other operating expenses decreased approximately 28% for the first quarter of 1997 as compared to 1996 as a result of lower legal expenses. LIQUIDITY AND CAPITAL RESOURCES Total assets decreased $474,000 to $165.3 million as of March 31, 1997 from $165.8 million as of December 31, 1996. Total investments as of March 31, 1997 decreased $1.2 million from December 31, 1996 as total repayments and changes in investment valuations during the first quarter of 1997 offset first quarter new investments of $3.7 million. Cash and cash equivalents decreased $1.2 million to $43.7 million as of March 31, 1997. Given the balance of cash and cash equivalents at March 31, 1997 and its available credit facilities, the Company believes it has adequate capital to continue to satisfy its operating needs, commitments and other future investment opportunities that may arise throughout the remainder of 1997. 7 10 PORTFOLIO CHANGES For the three months ended March 31, 1997, the Company's portfolio had net unrealized appreciation of $728,000 due to the sale of certain investments which resulted in realized gains (losses), changes in market prices for public equity investments, and changes in value of certain private investments. The disposition of certain portfolio investments resulted in unrealized appreciation (depreciation) and the recognition of realized gains (losses) during the three months needed March 31, 1997 as follows:
Unrealized Realized Appreciation Gain (Depreciation) (Loss) -------------- ----------- ASW Holdings Corporation $(374,000) $715,000 Enviroplan, Inc. 341,000 (396,000)
The Company's public equity investments which appreciated (depreciated) in value during the three months ended March 31, 1997 were as follows:
Unrealized Appreciation (Depreciation) -------------- Allied Capital Lending Corporation $787,000 Au Bon Pain Co., Inc. 18,000 Brazos Sportswear, Inc. 933,000 DeVlieg Bullard, Inc. 20,000 DMI Furniture 7,000 Esquire Communications, Ltd. 317,000 Gulf South Medical Supply, Inc. 73,000 Labor Ready, Inc. (840,000) MLX 11,000 Nobel Education Dynamics, Inc. (235,000) The Peerless Group, Inc. (349,000) Quality Software Products Holdings, PLC 4,000
The remaining appreciation during the three months ended March 31, 1997 was $15,000. FACTORS AFFECTING THE COMPANY'S BUSINESS Illiquidity. Most of the Company's investments consist of securities acquired directly from the issuers in private transactions. They are usually subject to restrictions on resale or otherwise illiquid. There is usually no established trading market for such securities into which they could be sold. In addition, most of the securities are not eligible for sale to the public without registration which would involve delay and expense. Competition. A large number of entities and individuals compete for the opportunity to make the kinds of investments made by the Company. Many of these entities and individuals have greater financial resources than the combined resources of the Company. As a result of this competition, the Company may from time to time be precluded from making otherwise attractive investments on terms considered to be prudent in light of the risks to be assumed. Statements included in this filing concerning the Company's future prospects are "forward looking statements" under the Federal securities laws. There can be no assurance that future results will be achieved and actual results could differ materially from forecasts and estimates. 8 11 Part II. OTHER INFORMATION Item 1. LEGAL PROCEEDINGS The Company is party to certain lawsuits in connection with investments it has made to small businesses. While the outcome of these legal proceedings cannot at this time be predicted with certainty, management does not expect that these actions will have a material effect upon the consolidated financial position of the Company. Item 2. CHANGES IN SECURITIES No material changes have occurred in the securities of the Registrant. Item 3. DEFAULTS UPON SENIOR SECURITIES Not applicable Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None Item 5. OTHER INFORMATION None Item 6. EXHIBITS AND REPORTS ON FORM 8-K (a) List of Exhibits 11 Statement of Computation of Earnings Per Common Share (b) Reports on Form 8-K No reports on Form 8-K were filed by the Company during the quarter ended March 31, 1997. 9 12 SIGNATURES 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 thereunder duly authorized. ALLIED CAPITAL CORPORATION -------------------------- (Registrant) /s/ Jon A. DeLuca ------------------------------------------ Date: May 12, 1997 Jon A. DeLuca ------------ Executive Vice President, Treasurer and Chief Financial Officer 10 EX-11 2 STATEMENT OF COMPUTATION OF EARNINGS 1 Allied Capital Corporation and Subsidiaries Exhibit 11 Statement of Computation of Earnings Per Common Share Form 10-Q March 31, 1997
For the Three Months Ended March 31, ---------------------------- 1997 1996 ---------------------------- Primary Earnings Per Common Share: Net Increase in Net Assets Resulting from Operations $1,956,000 $4,442,000 Less: Dividends for Preferred Stock (55,000) (55,000) ---------------------------- Net Increase in Net Assets Resulting from Operations Available to Common Shareholders $1,901,000 $4,387,000 ============================ Weighted average number of common shares outstanding 7,316,014 6,301,619 Weighted average number of common shares issuable on exercise of outstanding stock options 78,122 41,135 ---------------------------- Weighted average number of common shares and common share equivalents outstanding 7,394,136 6,342,754 ============================ Earnings per Common Share $0.26 $0.69 ============================ Fully Diluted Earnings Per Common Share: Net Increase in Net Assets Resulting from Operations $1,956,000 $4,442,000 Less: Dividends for Preferred Stock (55,000) (55,000) ---------------------------- Net Increase in Net Assets Resulting from Operations Available to Common Shareholders $1,901,000 $4,387,000 ============================ Weighted average number of common shares and common share equivalents outstanding as computed for primary earnings per share 7,394,136 6,342,754 Weighted average of additional shares issuable on exercise of outstanding stock options - - ---------------------------- Weighted average number of common shares and common share equivalents outstanding, as adjusted 7,394,136 6,342,754 ============================ Earnings per Common Share $0.26 $0.69 ============================
EX-27 3 FINANCIAL DATA SCHEDULE
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ALLIED CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENTS OF OPERATIONS, CHANGES IN NET ASSETS, AND CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 110,603 115,401 0 6,165 43,711 165,277 0 91,950 3,180 95,130 7,343 55,069 7,343 7,299 0 (975) 0 0 4,798 69,147 270 3,342 122 2,825 909 319 728 1,956 0 2,473 0 0 8 0 36 827 270 0 0 0 745 1,933 2,825 68,735 8.54 0.12 0.14 0.33 0.00 0.00 8.60 0.04 91,275 12.34
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