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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| European Cap | LSE:ECAS | London | Ordinary Share | GG00B1VN4N54 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.45 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMECAS
RNS Number : 1399O
American Capital, Ltd.
02 March 2009
American Capital Announces Q4 and 2008 Earnings
Bethesda, MD -- March 2, 2009 -- American Capital ("ACAS" or the "Company")
(Nasdaq: ACAS) announced net operating income ("NOI") for the quarter and year
ended December 31, 2008 of $44 million, or $0.21 per diluted share, and $493
million, or $2.42 per diluted share, respectively. Earnings (loss) less
appreciation and depreciation ("Realized Earnings (Loss)") for the year was $525
million, or $2.58 per diluted share. For the quarter, Realized Earnings (Loss)
was $(3) million, or $(0.01) per diluted share. For the quarter and year ended
December 31, 2008, there was a net loss of $(1.7) billion, or $(8.13) per
diluted share and $(3.1) billion, or $(15.29) per diluted share, respectively.
2008 FINANCIAL HIGHLIGHTS
* $493 million of NOI earned in 2008
* $32 million of realized gains in 2008
* $383 million of cash flow from operations in 2008
* $2.2 billion of realizations in 2008
* $15.41 NAV per share
* $44 million of NOI earned in Q4 2008
* $(47) million of realized losses in Q4 2008
* $144 million of cash flow from operations in Q4 2008
* $246 million of realizations in Q4 2008
NET OPERATING INCOME
NOI decreased 72% to $0.21 per diluted share for the quarter ended December 31,
2008, compared to $0.74 per diluted share for the prior quarter. NOI before
one-time charges totaled $0.41 per diluted share for the fourth quarter of 2008.
These one-time charges included $35 million or $0.17 per diluted share for a
valuation allowance on our deferred tax assets, $16 million or $0.08 per diluted
share for restructuring charges and a deduction of $11 million or $0.05 per
diluted share for reversal of bonus accruals. NOI decreased 28% to $2.42 per
diluted share for the year ended December 31, 2008, compared to $3.36 per
diluted share for the prior year.
REALIZED EARNINGS (LOSS)
Realized Earnings (Loss) decreased to $(0.01) per diluted share for the quarter
ended December 31, 2008, compared to $0.72 per diluted share for the prior
quarter. Realized Earnings (Loss) decreased 44% to $2.58 per diluted share for
the year ended December 31, 2008, compared to $4.57 per diluted share for the
prior year. The decline in 2008 is a result of the economy falling into a
severe recession including the tremendous reduction in liquidity in most markets
leading to a reduction in acceptable offers for our assets.
EARNINGS (LOSS)
Earnings (loss) decreased to $(8.13) per diluted share for the quarter ended
December 31, 2008, compared to $(2.63) per diluted share for the prior quarter.
Earnings (loss) decreased to $(15.29) per diluted share for the year ended
December 31, 2008, compared to $3.96 per diluted share for the prior year.
For the quarter and year ended December 31, 2008, net unrealized depreciation of
portfolio investments totaled $(1.5) billion and $(3.5) billion, respectively.
The primary components of the net unrealized depreciation for the quarter ended
December 31, 2008 were as follows:
* $40 million of reversals of prior depreciation associated with net realized
losses;
* $(961) million of net depreciation of American Capital's private finance
portfolio of which approximately $280 was due to performance and credit related
depreciation and the balance due to widening investment spreads;
* $(305) million of net depreciation of American Capital's investment in European
Capital due primarily to a decrease in its traded stock price;
* $(206) million of net depreciation from structured products, of which
approximately $55 million was due to performance and credit related depreciation
and the balance due to widening investment spreads; and
* $(141) million of depreciation of American Capital, LLC, an alternative asset
fund manager, due largely to declines in the trading multiples of comparable
public companies and reduction of its projected management fees.
"We know this is an extraordinarily difficult time for our shareholders, many of
whom have been relying on our dividends," said Malon Wilkus, Chairman and Chief
Executive Officer. "However, these are tumultuous times when liquidity is
precious and we must conserve our capital resources to support our portfolio
companies while reducing our debt. In 2008, we reduced our headcount by 32%, our
offices by 29% and bonus payments by 93% from 2007 to maximize operating
efficiencies. And, we remain aligned with our shareholders, as our employees and
directors are also significant shareholders owning approximately 11 million
shares of our common stock and approximately 34 million options that are deeply
underwater. So, along with you, we have been personally devastated by the
decline in our stock price. It will be a challenge to navigate through this
terrible recession, but we have a diverse and high quality portfolio, an
entrepreneurial spirit and an exceptional team who are working passionately to
rebuild shareholder value."
"When in a severe recession of unknown dimensions, it's all about the
portfolio," continued Mr. Wilkus. "Considering the economic and liquidity
crisis, our portfolio is performing reasonably well. We experienced
approximately $440 million of performance and credit related depreciation out of
$1.7 billion of net depreciation during the quarter. The balance of the
depreciation is due to widening spreads, a portion of which is reflecting trades
of illiquid assets in distressed markets. Today there are very few willing
sellers of assets and most buyers are offering fire sale prices. Despite that,
we generated $2.2 billion of realizations in 2008 and $246 million in the fourth
quarter; perhaps the worst quarter in middle market M&A history. The proceeds of
these realizations were only 1.9% lower than the prior quarter's valuation,
evidencing that we are not a forced seller, but a patient long-term investor. We
have reduced our debt by $943 million since the peak in the second quarter of
2007 and are making good progress reducing our credit exposure."
FINANCIAL HIGHLIGHTS
As of December 31, 2008, net asset value ("NAV") per share was $15.41, down from
$24.43 as of September 30, 2008 and $32.88 as of December 31, 2007. Based on
anticipated realizable value ("Realizable Value") upon settlement or maturity,
"Realizable NAV" per share was $20.63 as of December 31, 2008.
In the fourth quarter of 2008, $246 million of proceeds were received from
realizations of portfolio companies which included $32 million of net realized
losses. There was $337 million in new committed investments in the quarter. The
weighted average effective interest rate on the Company's debt investments as of
December 31, 2008, was 10.7%, 50 basis points lower than as of September 30,
2008, and 130 basis points lower than December 31, 2007.
FINANCING UPDATE AND COVENANT BREACHES
The Company also announced that as a result of continuing asset value declines,
it is currently in breach of certain financial covenants under its $2.3 billion
of unsecured credit arrangements outstanding as of December 31, 2008. The
Company also has $2.1 billion of securitized non-recourse debt outstanding,
which has no covenant violations and no cross?default provisions to the
unsecured debt. The breached covenants include minimum consolidated tangible net
worth covenants, asset coverage covenants and an available debt asset coverage
covenant. The Company also announced that its auditors, Ernst & Young LLP, while
issuing an unqualified opinion on the Company's financial statements, included a
going concern explanatory paragraph in their opinion as a result of the covenant
breaches under the Company's unsecured credit agreements.
"We began working with our lenders in December to revise our covenants," said
John Erickson, Chief Financial Officer. "While we have traded a number of
proposals and ideas including restructuring our credit facilities from unsecured
to secured, we have not yet reached agreement. If we collateralize our credit
facilities, we need to establish covenants that we are confident we can meet
when we have little control over the fair value of our assets due to widening
spreads. We do not want to place our shareholders in a position where a future
covenant violation can allow our secured lenders to force us to sell illiquid
assets at fire sale prices and destroy our $20.63 of Realizable NAV per share.
We hope to continue to make progress with our lenders and reach a mutually
acceptable amendment that will preserve shareholder value."
Asset value declines have also caused the Company to be below the 200% asset
coverage ratio set forth in the Investment Company Act of 1940, which generally
restricts the Company from issuing any new debt except to refinance existing
debt. This does not restrict the use of cash from operations, allowing the
reinvestment of proceeds from realizations of portfolio exits. The Company
believes that it has sufficient liquidity to meet its currently scheduled debt
amortization and the investment needs within its portfolio.
"We have been working with other leading business development companies on
legislative, regulatory, tax and accounting solutions to address some of the
challenges our industry currently faces," said Samuel Flax, Executive Vice
President and General Counsel. "We have made some progress and raised the
awareness of the BDC industry and are hopeful that these efforts will have
further positive results."
PORTFOLIO LIQUIDITY AND PERFORMANCE
"We generated $144 million of operating cash flow and $246 million of liquidity
from our portfolio in the fourth quarter," said Steven Burge, President North
American Private Finance. "Given the size, diversity and quality of our
portfolio, we continue to see opportunities to generate liquidity despite the
significant decline in the economy and M&A markets. However, during the fourth
quarter, we ended the sale process on approximately six companies as we believed
bidders began assuming that anyone selling in the fourth quarter was a forced
seller. Since we are a long-term, patient investor, we elected to wait rather
than sell at distressed prices, which is fundamental to our investment success.
In 2009, we have had four realizations from portfolio companies and are
currently marketing approximately eight companies and continue to be optimistic
that we will enjoy substantial liquidity during the year."
As of December 31, 2008, loans with a fair value of $150 million were on
non-accrual. The $150 million fair value of non-accruing loans represented 2.9%
of total loans at fair value as of December 31, 2008, compared to the $122
million fair value of non-accrual loans representing 2.1% of total loans at fair
value as of December 31, 2007.
"We are not pleased with the level of non-accruing loans and credit
impairments," said Gordon O'Brien, President, Specialty Finance and Operations.
"Our Investment Teams, Operations Team, Human Resource Department and Legal
Department are working hard to provide operational and managerial assistance to
help maintain the high quality results of the well-performing companies and to
turn around the faltering businesses. To optimize capital utilization in 2008,
we had realizations from approximately 12 underperforming portfolio investments
generating approximately $200 million of liquidity, resulting in a relatively
clean portfolio."
VALUATION OF PORTFOLIO INVESTMENTS
The Company's Board of Directors is responsible for determining the fair value
of its portfolio investments on a quarterly basis. In connection with the
Company's quarterly valuation process to determine the fair value of its
portfolio investments, the Board of Directors engages independent third-party
valuation firm(s) to obtain assistance and advice as additional support in the
preparation of its internal valuation analysis for the Company's investment
portfolio each quarter.
Prior to the fourth quarter of 2008, the Company's Board of Directors engaged
independent third-party valuation firm(s) to perform certain procedures that the
Board of Directors identified and requested the respective third-party firm(s)
to perform on a predetermined selection of the Board of Director's fair value
determinations. During the fourth quarter of 2008, the Board of Directors
revised the valuation process to obtain quarterly assistance, advice and current
market data from third-party valuation firm(s) by participating in the Company's
quarterly valuation meetings and to perform independent procedures on specific
portfolio companies, as requested.
+---------------------------------------------------+---------------------------------------------------+
| AMERICAN CAPITAL LTD | |
+---------------------------------------------------+---------------------------------------------------+
| CONSOLIDATED BALANCE SHEETS |
+-------------------------------------------------------------------------------------------------------+
| As of December 31, 2008 and 2007 |
+-------------------------------------------------------------------------------------------------------+
| (in millions) |
+-------------------------------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------------------------------+
| 2008 Versus 2007 |
+-------------------------------------------------------------------------------------------------------+
| 2008 2007 $ % |
+-------------------------------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------------------------------+
| Assets |
+-------------------------------------------------------------------------------------------------------+
| Investments at fair value (cost of |
+-------------------------------------------------------------------------------------------------------+
| $10,691 and $10,667, respectively) $7,427 $10,928 $(3,501) -32% |
+-------------------------------------------------------------------------------------------------------+
| Cash and cash equivalents 209 143 66 46% |
+-------------------------------------------------------------------------------------------------------+
| Restricted cash and cash equivalents 71 401 (330) -82% |
+-------------------------------------------------------------------------------------------------------+
| Interest receivable 44 56 (12) -21% |
+-------------------------------------------------------------------------------------------------------+
| Other 159 204 (45) -22% |
+-------------------------------------------------------------------------------------------------------+
| Total assets $7,910 $11,732 $(3,822) -33% |
+-------------------------------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------------------------------+
| Liabilities and Shareholders' Equity |
+-------------------------------------------------------------------------------------------------------+
| Debt $4,428 $4,824 $(396) -8% |
+-------------------------------------------------------------------------------------------------------+
| Derivative and option agreements |
+-------------------------------------------------------------------------------------------------------+
| (cost of $(20) and $1, respectively) 222 77 145 188% |
+-------------------------------------------------------------------------------------------------------+
| Accrued dividends payable - 195 (195) -100% |
+-------------------------------------------------------------------------------------------------------+
| Other 105 195 (90) -46% |
+-------------------------------------------------------------------------------------------------------+
| Total liabilities 4,755 5,291 (536) -10% |
+-------------------------------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------------------------------+
| Commitments and contingencies |
+-------------------------------------------------------------------------------------------------------+
| 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 and 1,000.0 shares |
+-------------------------------------------------------------------------------------------------------+
| authorized, |
+-------------------------------------------------------------------------------------------------------+
| 214.3 and 201.4 issued and |
+-------------------------------------------------------------------------------------------------------+
| 204.7 and 195.9 |
+-------------------------------------------------------------------------------------------------------+
| outstanding, respectively 2 2 - 0% |
+-------------------------------------------------------------------------------------------------------+
| Capital in excess of par value 6,550 6,020 530 9% |
+-------------------------------------------------------------------------------------------------------+
| Notes receivable from sale of |
+-------------------------------------------------------------------------------------------------------+
| common stock (5) (7) 2 29% |
+-------------------------------------------------------------------------------------------------------+
| Undistributed net realized |
+-------------------------------------------------------------------------------------------------------+
| earnings 76 254 (178) -70% |
+-------------------------------------------------------------------------------------------------------+
| Net unrealized (depreciation) |
+-------------------------------------------------------------------------------------------------------+
| appreciation of investments (3,468) 172 (3,640) NM |
+-------------------------------------------------------------------------------------------------------+
| Total shareholders' equity 3,155 6,441 (3,286) -51% |
+-------------------------------------------------------------------------------------------------------+
| Total liabilities and |
+-------------------------------------------------------------------------------------------------------+
| shareholders' equity $7,910 $11,732 $(3,822) -33% |
+---------------------------------------------------+---------------------------------------------------+
NM = Not meaningful.
+------------------------------------------------------------------------------------------------------+
| AMERICAN CAPITAL, LTD. |
+------------------------------------------------------------------------------------------------------+
| CONSOLIDATED STATEMENTS OF OPERATIONS |
+------------------------------------------------------------------------------------------------------+
| Three and Twelve Months Ended December 31, 2008 and 2007 |
+------------------------------------------------------------------------------------------------------+
| (in millions, except per share data) |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Three Months |
+------------------------------------------------------------------------------------------------------+
| Three Months Ended |
+------------------------------------------------------------------------------------------------------+
| Ended December 31, 2008 |
+------------------------------------------------------------------------------------------------------+
| December 31, Versus 2007 |
+------------------------------------------------------------------------------------------------------+
| 2008 2007 $ % |
+------------------------------------------------------------------------------------------------------+
| (unaudited)(unaudited) |
+------------------------------------------------------------------------------------------------------+
| OPERATING INCOME: |
+------------------------------------------------------------------------------------------------------+
| Investing operating income(1) $204 $283 $(79) -28% |
+------------------------------------------------------------------------------------------------------+
| Asset management and advisory |
+------------------------------------------------------------------------------------------------------+
| operating income(2) 14 71 (57) -80% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Total operating income 218 354 (136) -38% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| OPERATING EXPENSES: |
+------------------------------------------------------------------------------------------------------+
| Interest 59 73 (14) -19% |
+------------------------------------------------------------------------------------------------------+
| Salaries, benefits and stock-based |
+------------------------------------------------------------------------------------------------------+
| compensation 41 77 (36) -47% |
+------------------------------------------------------------------------------------------------------+
| General and administrative 31 27 4 15% |
+------------------------------------------------------------------------------------------------------+
| Total operating expenses 131 177 (46) -26% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| OPERATING INCOME BEFORE INCOME TAXES 87 177 (90) -51% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Provision for income taxes (43) (3) (40) -1333% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| NET OPERATING INCOME 44 174 (130) -75% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Net realized (loss) gain on |
+------------------------------------------------------------------------------------------------------+
| investments |
+------------------------------------------------------------------------------------------------------+
| Portfolio company investments (32) 41 (73) NM |
+------------------------------------------------------------------------------------------------------+
| Taxes on net realized gain (1) (2) 1 50% |
+------------------------------------------------------------------------------------------------------+
| Foreign currency transactions 1 5 (4) -80% |
+------------------------------------------------------------------------------------------------------+
| Derivative agreements (15) - (15) -100% |
+------------------------------------------------------------------------------------------------------+
| Total net realized (loss) gain (47) 44 (91) NM |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| REALIZED (LOSS) EARNINGS (3) 218 (221) NM |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Net unrealized (depreciation) |
+------------------------------------------------------------------------------------------------------+
| appreciation of investments |
+------------------------------------------------------------------------------------------------------+
| Portfolio company investments (1,548) (443) (1,105) -249% |
+------------------------------------------------------------------------------------------------------+
| Foreign currency translation (24) 37 (61) NM |
+------------------------------------------------------------------------------------------------------+
| Derivative and option agreements (109) (55) (54) -98% |
+------------------------------------------------------------------------------------------------------+
| Total net unrealized depreciation (1,681) (461) (1,220) -265% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| NET INCREASE (DECREASE) IN NET ASSETS |
+------------------------------------------------------------------------------------------------------+
| RESULTING FROM OPERATIONS ("NET |
+------------------------------------------------------------------------------------------------------+
| (LOSS) EARNINGS") $(1,684) $(243) $(1,441) -593% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| NET OPERATING INCOME PER COMMON |
+------------------------------------------------------------------------------------------------------+
| SHARE*: |
+------------------------------------------------------------------------------------------------------+
| Basic $0.21 $0.91 $(0.70) -77% |
+------------------------------------------------------------------------------------------------------+
| Diluted $0.21 $0.91 $(0.70) -77% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| REALIZED (LOSS) EARNINGS PER COMMON |
+------------------------------------------------------------------------------------------------------+
| SHARE*: |
+------------------------------------------------------------------------------------------------------+
| Basic $(0.01) $1.14 $(1.15) NM |
+------------------------------------------------------------------------------------------------------+
| Diluted $(0.01) $1.14 $(1.15) NM |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| NET (LOSS) EARNINGS PER COMMON |
+------------------------------------------------------------------------------------------------------+
| SHARE*: |
+------------------------------------------------------------------------------------------------------+
| Basic $(8.13) $(1.27) $(6.86) -540% |
+------------------------------------------------------------------------------------------------------+
| Diluted $(8.13) $(1.27) $(6.86) -540% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| WEIGHTED AVERAGE SHARES OF COMMON |
+------------------------------------------------------------------------------------------------------+
| STOCK OUTSTANDING: |
+------------------------------------------------------------------------------------------------------+
| Basic 207.1 190.6 16.5 9% |
+------------------------------------------------------------------------------------------------------+
| Diluted 207.1 190.6 16.5 9% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| DIVIDENDS DECLARED PER COMMON SHARE $- $1.00 $(1.00) -100% |
+------------------------------------------------------------------------------------------------------+
NM = Not meaningful.
+------------------------------------------------------------------------------------------------------+
| Fiscal Year Ended |
+------------------------------------------------------------------------------------------------------+
| December 31, |
+------------------------------------------------------------------------------------------------------+
| Fiscal Year Ended 2008 |
+------------------------------------------------------------------------------------------------------+
| December 31, Versus 2007 |
+------------------------------------------------------------------------------------------------------+
| 2008 2007 $ % |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| OPERATING INCOME: |
+------------------------------------------------------------------------------------------------------+
| Investing operating income(1) $943 $980 $(37) -4% |
+------------------------------------------------------------------------------------------------------+
| Asset management and advisory |
+------------------------------------------------------------------------------------------------------+
| operating income(2) 108 260 (152) -58% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Total operating income 1,051 1,240 (189) -15% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| OPERATING EXPENSES: |
+------------------------------------------------------------------------------------------------------+
| Interest 220 287 (67) -23% |
+------------------------------------------------------------------------------------------------------+
| Salaries, benefits and stock-based |
+------------------------------------------------------------------------------------------------------+
| compensation 206 254 (48) -19% |
+------------------------------------------------------------------------------------------------------+
| General and administrative 95 99 (4) -4% |
+------------------------------------------------------------------------------------------------------+
| Total operating expenses 521 640 (119) -19% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| OPERATING INCOME BEFORE INCOME TAXES 530 600 (70) -12% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Provision for income taxes (37) (6) (31) -517% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| NET OPERATING INCOME 493 594 (101) -17% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Net realized (loss) gain on |
+------------------------------------------------------------------------------------------------------+
| investments |
+------------------------------------------------------------------------------------------------------+
| Portfolio company investments 132 198 (66) -33% |
+------------------------------------------------------------------------------------------------------+
| Taxes on net realized gain (54) (6) (48) -800% |
+------------------------------------------------------------------------------------------------------+
| Foreign currency transactions (6) 5 (11) NM |
+------------------------------------------------------------------------------------------------------+
| Derivative agreements (40) 17 (57) NM |
+------------------------------------------------------------------------------------------------------+
| Total net realized (loss) gain 32 214 (182) -85% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| REALIZED (LOSS) EARNINGS 525 808 (283) -35% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Net unrealized (depreciation) |
+------------------------------------------------------------------------------------------------------+
| appreciation of investments |
+------------------------------------------------------------------------------------------------------+
| Portfolio company investments (3,480) (126) (3,354) -2662% |
+------------------------------------------------------------------------------------------------------+
| Foreign currency translation (41) 98 (139) NM |
+------------------------------------------------------------------------------------------------------+
| Derivative and option agreements (119) (80) (39) -49% |
+------------------------------------------------------------------------------------------------------+
| Total net unrealized depreciation (3,640) (108) (3,532) -3270% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| NET INCREASE (DECREASE) IN NET ASSETS |
+------------------------------------------------------------------------------------------------------+
| RESULTING FROM OPERATIONS ("NET |
+------------------------------------------------------------------------------------------------------+
| (LOSS) EARNINGS") $(3,115) $700 $(3,815) NM |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| NET OPERATING INCOME PER COMMON |
+------------------------------------------------------------------------------------------------------+
| SHARE*: |
+------------------------------------------------------------------------------------------------------+
| Basic $2.42 $3.42 $(1.00) -29% |
+------------------------------------------------------------------------------------------------------+
| Diluted $2.42 $3.36 $(0.94) -28% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| REALIZED (LOSS) EARNINGS PER COMMON |
+------------------------------------------------------------------------------------------------------+
| SHARE*: |
+------------------------------------------------------------------------------------------------------+
| Basic $2.58 $4.65 $(2.07) -45% |
+------------------------------------------------------------------------------------------------------+
| Diluted $2.58 $4.57 $(1.99) -44% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| NET (LOSS) EARNINGS PER COMMON |
+------------------------------------------------------------------------------------------------------+
| SHARE*: |
+------------------------------------------------------------------------------------------------------+
| Basic $(15.29) $4.03 $(19.32) NM |
+------------------------------------------------------------------------------------------------------+
| Diluted $(15.29) $3.96 $(19.25) NM |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| WEIGHTED AVERAGE SHARES OF COMMON |
+------------------------------------------------------------------------------------------------------+
| STOCK OUTSTANDING: |
+------------------------------------------------------------------------------------------------------+
| Basic 203.7 173.9 29.8 17% |
+------------------------------------------------------------------------------------------------------+
| Diluted 203.7 176.9 26.8 15% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| DIVIDENDS DECLARED PER COMMON SHARE $3.09 $3.72 $(0.63) -17% |
+------------------------------------------------------------------------------------------------------+
NM = Not meaningful.
* May not recalculate due to rounding.
(1) The investing operating income consists of interest, dividends,
prepayment fees and other investment fee income.
(2) The asset management and advisory operating income consists primarily
of asset management fees and reimbursements, dividends from portfolio
company fund managers, transaction structuring fees, equity and loan
financing fees, portfolio company management and administrative fees
and other fee income.
+------------------------------------------------------------------------------------------------------+
| AMERICAN CAPITAL, LTD. |
+------------------------------------------------------------------------------------------------------+
| OTHER FINANCIAL INFORMATION |
+------------------------------------------------------------------------------------------------------+
| Three Months Ended December 31, 2008 and September 30, 2008 and Twelve |
+------------------------------------------------------------------------------------------------------+
| Months Ended December 31, 2008 and 2007 |
+------------------------------------------------------------------------------------------------------+
| (in millions, except per share data) |
+------------------------------------------------------------------------------------------------------+
| (Unaudited) |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Q4 2008 Versus Q3 |
+------------------------------------------------------------------------------------------------------+
| 2008 |
+------------------------------------------------------------------------------------------------------+
| Q4 2008 Q3 2008 $ % |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Assets Under Management: |
+------------------------------------------------------------------------------------------------------+
| American Capital Assets at Fair |
+------------------------------------------------------------------------------------------------------+
| Value(1) $7,910 $9,846 $(1,936) -20% |
+------------------------------------------------------------------------------------------------------+
| Externally Managed Assets at Fair |
+------------------------------------------------------------------------------------------------------+
| Value(2) 5,477 6,126 (649) -11% |
+------------------------------------------------------------------------------------------------------+
| Total $13,387 $15,972 $(2,585) -16% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Capital Resources Under Management: |
+------------------------------------------------------------------------------------------------------+
| American Capital Assets at Fair |
+------------------------------------------------------------------------------------------------------+
| Value plus Available Capital |
+------------------------------------------------------------------------------------------------------+
| Resources(1) $8,430 $10,366 $(1,936) -19% |
+------------------------------------------------------------------------------------------------------+
| Externally Managed Assets at Fair |
+------------------------------------------------------------------------------------------------------+
| Value plus Available Capital |
+------------------------------------------------------------------------------------------------------+
| Resources(2) 5,956 6,606 (650) -10% |
+------------------------------------------------------------------------------------------------------+
| Total $14,386 $16,972 $(2,586) -15% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| New Investments: |
+------------------------------------------------------------------------------------------------------+
| Senior Debt $288 $99 $189 191% |
+------------------------------------------------------------------------------------------------------+
| Subordinated Debt 16 317 (301) -95% |
+------------------------------------------------------------------------------------------------------+
| Preferred Equity 22 3 19 633% |
+------------------------------------------------------------------------------------------------------+
| Common Equity 11 22 (11) -50% |
+------------------------------------------------------------------------------------------------------+
| Common Equity Warrants - - - - |
+------------------------------------------------------------------------------------------------------+
| Structured Products - 2 (2) -100% |
+------------------------------------------------------------------------------------------------------+
| Total $337 $443 $(106) -24% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Investments in Managed Funds $250 $- $250 100% |
+------------------------------------------------------------------------------------------------------+
| Financing for Private Equity |
+------------------------------------------------------------------------------------------------------+
| Buyouts 27 348 (321) -92% |
+------------------------------------------------------------------------------------------------------+
| Direct Investments 9 20 (11) -55% |
+------------------------------------------------------------------------------------------------------+
| American Capital Sponsored |
+------------------------------------------------------------------------------------------------------+
| Buyouts - - - - |
+------------------------------------------------------------------------------------------------------+
| CMBS Investments - - - - |
+------------------------------------------------------------------------------------------------------+
| CLO/CDO Investments - 3 (3) -100% |
+------------------------------------------------------------------------------------------------------+
| Add-on Financing for Working |
+------------------------------------------------------------------------------------------------------+
| Capital in Distressed Situations 37 40 (3) -8% |
+------------------------------------------------------------------------------------------------------+
| Add-on Financing for Growth 10 2 8 400% |
+------------------------------------------------------------------------------------------------------+
| Add-on Financing for Acquisitions 2 30 (28) -93% |
+------------------------------------------------------------------------------------------------------+
| Add-on Financing for |
+------------------------------------------------------------------------------------------------------+
| Recapitalizations 2 - 2 100% |
+------------------------------------------------------------------------------------------------------+
| Total $337 $443 $(106) -24% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Realizations(4): |
+------------------------------------------------------------------------------------------------------+
| Scheduled Principal Amortization $11 $24 $(13) -54% |
+------------------------------------------------------------------------------------------------------+
| Senior Loan Syndications 6 48 (42) -88% |
+------------------------------------------------------------------------------------------------------+
| Principal Prepayments 112 153 (41) -27% |
+------------------------------------------------------------------------------------------------------+
| Payment of Accrued Payment-in- |
+------------------------------------------------------------------------------------------------------+
| kind Interest and Dividends and |
+------------------------------------------------------------------------------------------------------+
| Original Issue Discount 4 24 (20) -83% |
+------------------------------------------------------------------------------------------------------+
| Sale of CMBS Securities - - - - |
+------------------------------------------------------------------------------------------------------+
| Sale of Equity Investments 113 271 (158) -58% |
+------------------------------------------------------------------------------------------------------+
| Total $246 $520 $(274) -53% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Appreciation, Depreciation, Gain and |
+------------------------------------------------------------------------------------------------------+
| Loss: |
+------------------------------------------------------------------------------------------------------+
| Gross Realized Gain $8 $133 $(125) -94% |
+------------------------------------------------------------------------------------------------------+
| Gross Realized Loss (40) (60) 20 33% |
+------------------------------------------------------------------------------------------------------+
| Portfolio Net Realized |
+------------------------------------------------------------------------------------------------------+
| (Loss) Gain (32) 73 (105) NM |
+------------------------------------------------------------------------------------------------------+
| Taxes on Realized Net Gain (1) (49) 48 98% |
+------------------------------------------------------------------------------------------------------+
| Foreign Currency 1 (13) 14 NM |
+------------------------------------------------------------------------------------------------------+
| Interest Rate Derivatives (15) (14) (1) -7% |
+------------------------------------------------------------------------------------------------------+
| Net Realized (Loss) Gain (47) (3) (44) -1467% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Gross Unrealized Appreciation at |
+------------------------------------------------------------------------------------------------------+
| 14, 40, 37, and 87 Portfolio |
+------------------------------------------------------------------------------------------------------+
| Companies 44 190 (146) -77% |
+------------------------------------------------------------------------------------------------------+
| Gross Unrealized Depreciation at |
+------------------------------------------------------------------------------------------------------+
| 153, 86, 192, and 85 Portfolio |
+------------------------------------------------------------------------------------------------------+
| Companies (1,632) (722) (910) 126% |
+------------------------------------------------------------------------------------------------------+
| Current Portfolio Net |
+------------------------------------------------------------------------------------------------------+
| Unrealized (Depreciation) |
+------------------------------------------------------------------------------------------------------+
| Appreciation (1,588) (532) (1,056) 198% |
+------------------------------------------------------------------------------------------------------+
| Net Appreciation (Depreciation) |
+------------------------------------------------------------------------------------------------------+
| From the Recognition of Net |
+------------------------------------------------------------------------------------------------------+
| Realized (Loss) Gain 40 (67) 107 NM |
+------------------------------------------------------------------------------------------------------+
| Foreign Currency Translation (24) (90) 66 73% |
+------------------------------------------------------------------------------------------------------+
| Derivatives and Option Agreements (109) (9) (100) 1111% |
+------------------------------------------------------------------------------------------------------+
| Net Unrealized Depreciation (1,681) (698) (983) 141% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Net Gains, Losses, |
+------------------------------------------------------------------------------------------------------+
| Appreciation and |
+------------------------------------------------------------------------------------------------------+
| Depreciation $(1,728) $(701) $(1,027) 147% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Other Financial Data: |
+------------------------------------------------------------------------------------------------------+
| Net Asset Value per Share $15.41 $24.43 $(9.02) -37% |
+------------------------------------------------------------------------------------------------------+
| Net Asset Value per Share Based |
+------------------------------------------------------------------------------------------------------+
| on Realizable Value(3) $20.63 $27.95 $(7.32) -26% |
+------------------------------------------------------------------------------------------------------+
| Financial Liabilities at Cost $4,428 $4,542 $(114) -3% |
+------------------------------------------------------------------------------------------------------+
| Financial Liabilities at Fair |
+------------------------------------------------------------------------------------------------------+
| Value $3,172 $4,095 $(923) -23% |
+------------------------------------------------------------------------------------------------------+
| Market Capitalization $663 $5,285 $(4,622) -87% |
+------------------------------------------------------------------------------------------------------+
| Total Enterprise Value $4,882 $9,507 $(4,625) -49% |
+------------------------------------------------------------------------------------------------------+
| Credit Quality: |
+------------------------------------------------------------------------------------------------------+
| Weighted Average Effective |
+------------------------------------------------------------------------------------------------------+
| Interest Rate on Debt |
+------------------------------------------------------------------------------------------------------+
| Investments at Period End 10.7% 11.2% -0.5% -4% |
+------------------------------------------------------------------------------------------------------+
| Loans on Non-Accrual at Face $871 $602 $269 45% |
+------------------------------------------------------------------------------------------------------+
| Loans on Non-Accrual at Fair |
+------------------------------------------------------------------------------------------------------+
| Value $150 $135 $15 11% |
+------------------------------------------------------------------------------------------------------+
| Past Due Loans at Face $50 $80 $(30) -38% |
+------------------------------------------------------------------------------------------------------+
| Past Due and Non-Accrual Loans at |
+------------------------------------------------------------------------------------------------------+
| Face as a Percentage of Total |
+------------------------------------------------------------------------------------------------------+
| Loans 14.5% 10.7% |
+------------------------------------------------------------------------------------------------------+
| Non-Accrual Loans at Fair Value |
+------------------------------------------------------------------------------------------------------+
| as a Percentage of Total Loans 2.9% 2.4% |
+------------------------------------------------------------------------------------------------------+
| Number of Portfolio Companies on |
+------------------------------------------------------------------------------------------------------+
| Non-Accrual and Past Due 35 27 |
+------------------------------------------------------------------------------------------------------+
| Debt to Equity Conversions at |
+------------------------------------------------------------------------------------------------------+
| Cost $- $- $- - |
+------------------------------------------------------------------------------------------------------+
| Return on Equity: |
+------------------------------------------------------------------------------------------------------+
| LTM Net Operating Income Return |
+------------------------------------------------------------------------------------------------------+
| on Average Equity at Cost 7.5% 9.6% |
+------------------------------------------------------------------------------------------------------+
| LTM Realized Earnings Return on |
+------------------------------------------------------------------------------------------------------+
| Average Equity at Cost 8.0% 11.6% |
+------------------------------------------------------------------------------------------------------+
| LTM (Loss) Earnings Return on |
+------------------------------------------------------------------------------------------------------+
| Average Equity -60.0% -28.5% |
+------------------------------------------------------------------------------------------------------+
| Current Quarter Net Operating |
+------------------------------------------------------------------------------------------------------+
| Income Return on Average Equity |
+------------------------------------------------------------------------------------------------------+
| at Cost Annualized 2.6% 9.1% |
+------------------------------------------------------------------------------------------------------+
| Current Quarter Realized (Loss) |
+------------------------------------------------------------------------------------------------------+
| Earnings Return on Average |
+------------------------------------------------------------------------------------------------------+
| Equity at Cost Annualized -0.2% 8.9% |
+------------------------------------------------------------------------------------------------------+
| Current Quarter Loss on Average |
+------------------------------------------------------------------------------------------------------+
| Equity Annualized -164.0% -41.1% |
+------------------------------------------------------------------------------------------------------+
NM = Not meaningful
+------------------------------------------------------------------------------------------------------+
| 2008 Versus 2007 |
+------------------------------------------------------------------------------------------------------+
| 2008 2007 $ % |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Assets Under Management: |
+------------------------------------------------------------------------------------------------------+
| American Capital Assets at Fair |
+------------------------------------------------------------------------------------------------------+
| Value(1) $7,910 $11,732 $(3,822) -33% |
+------------------------------------------------------------------------------------------------------+
| Externally Managed Assets at |
+------------------------------------------------------------------------------------------------------+
| Fair Value(2) 5,477 5,372 105 2% |
+------------------------------------------------------------------------------------------------------+
| Total $13,387 $17,104 $(3,717) -22% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Capital Resources Under Management: |
+------------------------------------------------------------------------------------------------------+
| American Capital Assets at Fair |
+------------------------------------------------------------------------------------------------------+
| Value plus Available Capital |
+------------------------------------------------------------------------------------------------------+
| Resources(1) $8,430 $13,285 $(4,855) -37% |
+------------------------------------------------------------------------------------------------------+
| Externally Managed Assets at |
+------------------------------------------------------------------------------------------------------+
| Fair Value plus Available |
+------------------------------------------------------------------------------------------------------+
| Capital Resources(2) 5,956 5,896 60 1% |
+------------------------------------------------------------------------------------------------------+
| Total $14,386 $19,181 $(4,795) -25% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| New Investments: |
+------------------------------------------------------------------------------------------------------+
| Senior Debt $1,007 $3,977 $(2,970) -75% |
+------------------------------------------------------------------------------------------------------+
| Subordinated Debt 920 1,224 (304) -25% |
+------------------------------------------------------------------------------------------------------+
| Preferred Equity 222 1,276 (1,054) -83% |
+------------------------------------------------------------------------------------------------------+
| Common Equity 307 629 (322) -51% |
+------------------------------------------------------------------------------------------------------+
| Common Equity Warrants - 6 (6) -100% |
+------------------------------------------------------------------------------------------------------+
| Structured Products 151 816 (665) -81% |
+------------------------------------------------------------------------------------------------------+
| Total $2,607 $7,928 $(5,321) -67% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Investments in Managed Funds $775 $474 $301 64% |
+------------------------------------------------------------------------------------------------------+
| Financing for Private Equity |
+------------------------------------------------------------------------------------------------------+
| Buyouts 484 1,756 (1,272) -72% |
+------------------------------------------------------------------------------------------------------+
| Direct Investments 192 843 (651) -77% |
+------------------------------------------------------------------------------------------------------+
| American Capital Sponsored |
+------------------------------------------------------------------------------------------------------+
| Buyouts 303 3,273 (2,970) -91% |
+------------------------------------------------------------------------------------------------------+
| CMBS Investments 137 499 (362) -73% |
+------------------------------------------------------------------------------------------------------+
| CLO/CDO Investments 14 103 (89) -86% |
+------------------------------------------------------------------------------------------------------+
| Add-on Financing for Working |
+------------------------------------------------------------------------------------------------------+
| Capital in Distressed |
+------------------------------------------------------------------------------------------------------+
| Situations 125 99 26 26% |
+------------------------------------------------------------------------------------------------------+
| Add-on Financing for Growth 368 7 361 5157% |
+------------------------------------------------------------------------------------------------------+
| Add-on Financing for |
+------------------------------------------------------------------------------------------------------+
| Acquisitions 98 385 (287) -75% |
+------------------------------------------------------------------------------------------------------+
| Add-on Financing for |
+------------------------------------------------------------------------------------------------------+
| Recapitalizations 111 489 (378) -77% |
+------------------------------------------------------------------------------------------------------+
| Total $2,607 $7,928 $(5,321) -67% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Realizations(4): |
+------------------------------------------------------------------------------------------------------+
| Scheduled Principal Amortization $80 $74 $6 8% |
+------------------------------------------------------------------------------------------------------+
| Senior Loan Syndications 349 1,601 (1,252) -78% |
+------------------------------------------------------------------------------------------------------+
| Principal Prepayments 770 1,411 (641) -45% |
+------------------------------------------------------------------------------------------------------+
| Payment of Accrued Payment-in- |
+------------------------------------------------------------------------------------------------------+
| kind Interest and Dividends and |
+------------------------------------------------------------------------------------------------------+
| Original Issue Discount 64 74 (10) -14% |
+------------------------------------------------------------------------------------------------------+
| Sale of CMBS Securities - 402 (402) -100% |
+------------------------------------------------------------------------------------------------------+
| Sale of Equity Investments 913 975 (62) -6% |
+------------------------------------------------------------------------------------------------------+
| Total $2,176 $4,537 $(2,361) -52% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Appreciation, Depreciation, Gain |
+------------------------------------------------------------------------------------------------------+
| and Loss: |
+------------------------------------------------------------------------------------------------------+
| Gross Realized Gain $295 $363 $(68) -19% |
+------------------------------------------------------------------------------------------------------+
| Gross Realized Loss (163) (165) 2 1% |
+------------------------------------------------------------------------------------------------------+
| Portfolio Net Realized |
+------------------------------------------------------------------------------------------------------+
| (Loss) Gain 132 198 (66) -33% |
+------------------------------------------------------------------------------------------------------+
| Taxes on Realized Net Gain (54) (6) (48) -800% |
+------------------------------------------------------------------------------------------------------+
| Foreign Currency (6) 5 (11) NM |
+------------------------------------------------------------------------------------------------------+
| Interest Rate Derivatives (40) 17 (57) NM |
+------------------------------------------------------------------------------------------------------+
| Net Realized (Loss) Gain 32 214 (182) -85% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Gross Unrealized Appreciation at |
+------------------------------------------------------------------------------------------------------+
| 14, 40, 37, and 87 Portfolio |
+------------------------------------------------------------------------------------------------------+
| Companies 192 1,073 (881) -82% |
+------------------------------------------------------------------------------------------------------+
| Gross Unrealized Depreciation at |
+------------------------------------------------------------------------------------------------------+
| 153, 86, 192, and 85 Portfolio |
+------------------------------------------------------------------------------------------------------+
| Companies (3,532) (1,032) (2,500) -242% |
+------------------------------------------------------------------------------------------------------+
| Current Portfolio Net |
+------------------------------------------------------------------------------------------------------+
| Unrealized (Depreciation) |
+------------------------------------------------------------------------------------------------------+
| Appreciation (3,340) 41 (3,381) NM |
+------------------------------------------------------------------------------------------------------+
| Net Appreciation (Depreciation) |
+------------------------------------------------------------------------------------------------------+
| From the Recognition of Net |
+------------------------------------------------------------------------------------------------------+
| Realized (Loss) Gain (140) (167) 27 16% |
+------------------------------------------------------------------------------------------------------+
| Foreign Currency Translation (41) 98 (139) NM |
+------------------------------------------------------------------------------------------------------+
| Derivatives and Option |
+------------------------------------------------------------------------------------------------------+
| Agreements (119) (80) (39) -49% |
+------------------------------------------------------------------------------------------------------+
| Net Unrealized Depreciation (3,640) (108) (3,532) NM |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Net Gains, Losses, |
+------------------------------------------------------------------------------------------------------+
| Appreciation and |
+------------------------------------------------------------------------------------------------------+
| Depreciation $(3,608) $106 $(3,714) NM |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Other Financial Data: |
+------------------------------------------------------------------------------------------------------+
| Net Asset Value per Share $15.41 $32.88 $(17.47) -53% |
+------------------------------------------------------------------------------------------------------+
| Net Asset Value per Share Based |
+------------------------------------------------------------------------------------------------------+
| on Realizable Value(3) $20.63 $33.80 $(13.17) -39% |
+------------------------------------------------------------------------------------------------------+
| Financial Liabilities at Cost $4,428 $4,824 $(396) -8% |
+------------------------------------------------------------------------------------------------------+
| Financial Liabilities at Fair |
+------------------------------------------------------------------------------------------------------+
| Value $3,172 $4,605 $(1,433) -31% |
+------------------------------------------------------------------------------------------------------+
| Market Capitalization $663 $6,456 $(5,793) -90% |
+------------------------------------------------------------------------------------------------------+
| Total Enterprise Value $4,882 $11,137 $(6,255) -56% |
+------------------------------------------------------------------------------------------------------+
| Credit Quality: |
+------------------------------------------------------------------------------------------------------+
| Weighted Average Effective |
+------------------------------------------------------------------------------------------------------+
| Interest Rate on Debt |
+------------------------------------------------------------------------------------------------------+
| Investments at Period End 10.7% 12.0% -1.3% -11% |
+------------------------------------------------------------------------------------------------------+
| Loans on Non-Accrual at Face $871 $338 $533 158% |
+------------------------------------------------------------------------------------------------------+
| Loans on Non-Accrual at Fair |
+------------------------------------------------------------------------------------------------------+
| Value $150 $122 $28 23% |
+------------------------------------------------------------------------------------------------------+
| Past Due Loans at Face $50 $150 $(100) -67% |
+------------------------------------------------------------------------------------------------------+
| Past Due and Non-Accrual Loans |
+------------------------------------------------------------------------------------------------------+
| at Face as a Percentage of |
+------------------------------------------------------------------------------------------------------+
| Total Loans 14.5% 7.9% |
+------------------------------------------------------------------------------------------------------+
| Non-Accrual Loans at Fair Value |
+------------------------------------------------------------------------------------------------------+
| as a Percentage of Total Loans 2.9% 2.1% |
+------------------------------------------------------------------------------------------------------+
| Number of Portfolio Companies on |
+------------------------------------------------------------------------------------------------------+
| Non-Accrual and Past Due 35 22 |
+------------------------------------------------------------------------------------------------------+
| Debt to Equity Conversions at |
+------------------------------------------------------------------------------------------------------+
| Cost $70 $- $70 100% |
+------------------------------------------------------------------------------------------------------+
| Return on Equity: |
+------------------------------------------------------------------------------------------------------+
| LTM Net Operating Income Return |
+------------------------------------------------------------------------------------------------------+
| on Average Equity at Cost 7.5% 11.3% |
+------------------------------------------------------------------------------------------------------+
| LTM Realized Earnings Return on |
+------------------------------------------------------------------------------------------------------+
| Average Equity at Cost 8.0% 15.3% |
+------------------------------------------------------------------------------------------------------+
| LTM (Loss) Earnings Return on |
+------------------------------------------------------------------------------------------------------+
| Average Equity -60.0% 12.2% |
+------------------------------------------------------------------------------------------------------+
| Current Quarter Net Operating |
+------------------------------------------------------------------------------------------------------+
| Income Return on Average Equity |
+------------------------------------------------------------------------------------------------------+
| at Cost Annualized 2.6% 11.4% |
+------------------------------------------------------------------------------------------------------+
| Current Quarter Realized (Loss) |
+------------------------------------------------------------------------------------------------------+
| Earnings Return on Average |
+------------------------------------------------------------------------------------------------------+
| Equity at Cost Annualized -0.2% 14.3% |
+------------------------------------------------------------------------------------------------------+
| Current Quarter Loss on Average |
+------------------------------------------------------------------------------------------------------+
| Equity Annualized -164.0% -14.9% |
+------------------------------------------------------------------------------------------------------+
NM = Not meaningful
(1) Includes American Capital's investment in its externally managed
funds.
(2) Includes European Capital, American Capital Equity I , American
Capital Equity II, ACAS CLO-1 and ACAS CRE CDO 2007-1.
(3) Realizable Value is a non-GAAP financial measure which does not
represent current fair value or net present value. Realizable Value
is the future value that we anticipate realizing on the settlement
or maturity of our investments. Refer to the table on the following
page for additional information and discussion regarding the use of
non-GAAP financial information.
+------------------------------------------------------------------------------------------------------+
| AMERICAN CAPITAL, LTD. |
+------------------------------------------------------------------------------------------------------+
| OTHER FINANCIAL INFORMATION |
+------------------------------------------------------------------------------------------------------+
| As of December 31, 2008 |
+------------------------------------------------------------------------------------------------------+
| (in millions) |
+------------------------------------------------------------------------------------------------------+
The following table summarizes the current GAAP cost basis and fair value
of our investments as of December 31, 2008 compared to the realizable
value, which is the amount that we currently anticipate realizing on
settlement or maturity of these investments, or realizable value:
+------------------------------------------------------------------------------------------------------+
| Difference |
+------------------------------------------------------------------------------------------------------+
| Between |
+------------------------------------------------------------------------------------------------------+
| Realizable |
+------------------------------------------------------------------------------------------------------+
| Realizable Value |
+------------------------------------------------------------------------------------------------------+
| Value and GAAP |
+------------------------------------------------------------------------------------------------------+
| GAAP Cost GAAP Fair (Unaud- Fair |
+------------------------------------------------------------------------------------------------------+
| Asset Class Basis Value ited) Value |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Private finance $8,285 $6,474 $6,921 $447 |
+------------------------------------------------------------------------------------------------------+
| Managed funds 1,381 583 583 - |
+------------------------------------------------------------------------------------------------------+
| Structured products 956 186 870 684 |
+------------------------------------------------------------------------------------------------------+
| American Capital, LLC 69 175 175 - |
+------------------------------------------------------------------------------------------------------+
| Derivatives and option agreements, |
+------------------------------------------------------------------------------------------------------+
| net (20) (213) (276) (63) |
+------------------------------------------------------------------------------------------------------+
| Total $10,671 $7,205 $8,273 $1,068 |
+------------------------------------------------------------------------------------------------------+
USE OF NON-GAAP FINANCIAL INFORMATION
In addition to the results presented in accordance with generally accepted
accounting principles ("GAAP"), this press release includes realizable value, a
non-GAAP financial measure which management uses in its internal analysis of
results, and believes may be informative to investors gauging the quality of the
Company's assets and financial performance from a long-term perspective,
identifying trends in its results and providing meaningful period-to-period
comparisons. Realizable value is defined as the future value that American
Capital currently anticipates realizing on the settlement or maturity of its
investments as of the reporting date. It does not represent current fair value
or net present value and is based on assumptions of future cash flows as of the
reporting date. Accordingly, changes to expectations of future cash flows as a
result of events subsequent to the reporting date are not adjusted in the
realizable value as of the reporting date. American Capital believes that this
non-GAAP financial measure provides information useful to investors because the
Company generally intends to hold its assets to settlement or maturity, and
there may be material differences between the GAAP fair values of its
investments and the amounts the Company expects to realize on settlement or
maturity as of the reporting date. This is primarily because the current lack of
liquidity in the financial markets has caused investment spreads between the
cost of funds and investment income to widen significantly on investments,
resulting in current fair values under Statement of Financial Accounting
Standards No. 157, Fair Value Measurements, that are materially lower than what
the Company currently anticipates realizing on settlement or maturity. American
Capital believes that providing investors with realizable value in addition to
the related GAAP fair value gives investors greater transparency to the
information used by management in its financial operational decision-making.
Although American Capital believes that this non-GAAP financial measure enhances
investors' understanding of its business and performance, realizable value
should not be considered as an alternative to GAAP basis financial measures. A
reconciliation of non-GAAP realizable value to GAAP fair value is set forth
above.
+------------------------------------------------------------------------------------------------------+
| Portfolio Statistics (1) |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| ($ in millions, unaudited) Pre-2000 2000 2001 2002 |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-All |
+------------------------------------------------------------------------------------------------------+
| Investments(2) 7.8% 8.0% 18.4% 8.3% |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-All |
+------------------------------------------------------------------------------------------------------+
| Investments(3) 7.8% 8.0% 18.4% 8.3% |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-Equity |
+------------------------------------------------------------------------------------------------------+
| Investments Only(3)(4)(5) 2.9% 12.1% 46.9% 11.9% |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-Exited |
+------------------------------------------------------------------------------------------------------+
| Portfolio Companies(6) 9.5% 8.0% 27.6% 15.8% |
+------------------------------------------------------------------------------------------------------+
| Original Investments and Commitments $780 $285 $375 $960 |
+------------------------------------------------------------------------------------------------------+
| Total Exits and Prepayments of |
+------------------------------------------------------------------------------------------------------+
| Original Investments $689 $285 $336 $706 |
+------------------------------------------------------------------------------------------------------+
| Total Interest, Dividends and Fees |
+------------------------------------------------------------------------------------------------------+
| Collected $301 $105 $148 $310 |
+------------------------------------------------------------------------------------------------------+
| Total Net Realized (Loss) Gain on |
+------------------------------------------------------------------------------------------------------+
| Investments $(118) $(39) $9 $(51) |
+------------------------------------------------------------------------------------------------------+
| Current Cost of Investments $81 $- $37 $234 |
+------------------------------------------------------------------------------------------------------+
| Current Fair Value of Investments $47 $- $7 $149 |
+------------------------------------------------------------------------------------------------------+
| Current Fair Value of Investments as |
+------------------------------------------------------------------------------------------------------+
| a % of Total Investments at Fair |
+------------------------------------------------------------------------------------------------------+
| Value 0.6% 0.0% 0.1% 2.0% |
+------------------------------------------------------------------------------------------------------+
| Net Unrealized |
+------------------------------------------------------------------------------------------------------+
| Appreciation/(Depreciation) $(34) $- $(30) $(85) |
+------------------------------------------------------------------------------------------------------+
| Non-Accruing Loans at Face $20 $- $46 $53 |
+------------------------------------------------------------------------------------------------------+
| Non-Accruing Loans at Fair Value $6 $- $3 $11 |
+------------------------------------------------------------------------------------------------------+
| Equity Interest at Fair Value(4) $35 $- $1 $4 |
+------------------------------------------------------------------------------------------------------+
| Debt to EBITDA(7)(8)(9) 4.9 - NM 6.8 |
+------------------------------------------------------------------------------------------------------+
| Interest Coverage(7)(9) 4.0 - NM 1.4 |
+------------------------------------------------------------------------------------------------------+
| Debt Service Coverage(7)(9) 3.3 - NM 1.0 |
+------------------------------------------------------------------------------------------------------+
| Average Age of Companies(9) 63 yrs - 24 yrs 45 yrs |
+------------------------------------------------------------------------------------------------------+
| Diluted Ownership Percentage(4) 55% 0% 70% 38% |
+------------------------------------------------------------------------------------------------------+
| Average Sales(9)(10) $135 $- $56 $65 |
+------------------------------------------------------------------------------------------------------+
| Average EBITDA(9)(11) $11 $- $1 $12 |
+------------------------------------------------------------------------------------------------------+
| Average EBITDA Margin 8.1% 0% 1.8% 18.5% |
+------------------------------------------------------------------------------------------------------+
| Total Sales(9)(10) $379 $- $256 $254 |
+------------------------------------------------------------------------------------------------------+
| Total EBITDA(9)(11) $28 $- $6 $30 |
+------------------------------------------------------------------------------------------------------+
| % of Senior Loans(9)(12) 42% 0% 0% 66% |
+------------------------------------------------------------------------------------------------------+
| % of Loans with Lien(9)(12) 100% 0% 100% 100% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Portfolio Statistics (1) |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| ($ in millions, unaudited) 2003 2004 2005 2006 |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-All |
+------------------------------------------------------------------------------------------------------+
| Investments(2) 21.5% 14.6% 4.8% 10.2% |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-All |
+------------------------------------------------------------------------------------------------------+
| Investments(3) 21.4% 13.6% 4.3% 8.0% |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-Equity |
+------------------------------------------------------------------------------------------------------+
| Investments Only(3)(4)(5) 29.9% 27.4% -8.6% 16.9% |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-Exited |
+------------------------------------------------------------------------------------------------------+
| Portfolio Companies(6) 20.3% 22.8% 28.8% 20.9% |
+------------------------------------------------------------------------------------------------------+
| Original Investments and Commitments $1,432 $2,266 $4,527 $5,126 |
+------------------------------------------------------------------------------------------------------+
| Total Exits and Prepayments of |
+------------------------------------------------------------------------------------------------------+
| Original Investments $1,083 $1,641 $2,005 $2,728 |
+------------------------------------------------------------------------------------------------------+
| Total Interest, Dividends and Fees |
+------------------------------------------------------------------------------------------------------+
| Collected $370 $558 $856 $746 |
+------------------------------------------------------------------------------------------------------+
| Total Net Realized (Loss) Gain on |
+------------------------------------------------------------------------------------------------------+
| Investments $142 $160 $322 $139 |
+------------------------------------------------------------------------------------------------------+
| Current Cost of Investments $317 $617 $2,261 $2,047 |
+------------------------------------------------------------------------------------------------------+
| Current Fair Value of Investments $378 $394 $1,409 $1,588 |
+------------------------------------------------------------------------------------------------------+
| Current Fair Value of Investments as |
+------------------------------------------------------------------------------------------------------+
| a % of Total Investments at Fair |
+------------------------------------------------------------------------------------------------------+
| Value 5.1% 5.3% 19.0% 21.4% |
+------------------------------------------------------------------------------------------------------+
| Net Unrealized |
+------------------------------------------------------------------------------------------------------+
| Appreciation/(Depreciation) $61 $(223) $(852) $(459) |
+------------------------------------------------------------------------------------------------------+
| Non-Accruing Loans at Face $14 $55 $70 $330 |
+------------------------------------------------------------------------------------------------------+
| Non-Accruing Loans at Fair Value $3 $15 $23 $42 |
+------------------------------------------------------------------------------------------------------+
| Equity Interest at Fair Value(4) $154 $70 $438 $534 |
+------------------------------------------------------------------------------------------------------+
| Debt to EBITDA(7)(8)(9) 4.6 6.3 4.6 5.6 |
+------------------------------------------------------------------------------------------------------+
| Interest Coverage(7)(9) 1.7 1.7 2.3 2.0 |
+------------------------------------------------------------------------------------------------------+
| Debt Service Coverage(7)(9) 1.7 1.3 1.6 1.7 |
+------------------------------------------------------------------------------------------------------+
| Average Age of Companies(9) 40 yrs 40 yrs 31 yrs 26 yrs |
+------------------------------------------------------------------------------------------------------+
| Diluted Ownership Percentage(4) 52% 34% 50% 35% |
+------------------------------------------------------------------------------------------------------+
| Average Sales(9)(10) $194 $115 $120 $139 |
+------------------------------------------------------------------------------------------------------+
| Average EBITDA(9)(11) $37 $24 $23 $31 |
+------------------------------------------------------------------------------------------------------+
| Average EBITDA Margin 19.1% 20.9% 19.2% 22.3% |
+------------------------------------------------------------------------------------------------------+
| Total Sales(9)(10) $1,385 $1,533 $2,692 $6,081 |
+------------------------------------------------------------------------------------------------------+
| Total EBITDA(9)(11) $191 $254 $382 $948 |
+------------------------------------------------------------------------------------------------------+
| % of Senior Loans(9)(12) 61% 53% 66% 42% |
+------------------------------------------------------------------------------------------------------+
| % of Loans with Lien(9)(12) 100% 93% 91% 95% |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------+
| Pre-2000 2004 - |
+------------------------------------------------------------------------------------------------------+
| Portfolio Statistics (1) - 2008 2008 |
+------------------------------------------------------------------------------------------------------+
| Aggre- Aggre- |
+------------------------------------------------------------------------------------------------------+
| ($ in millions, unaudited) 2007 2008 gate gate |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-All |
+------------------------------------------------------------------------------------------------------+
| Investments(2) 0.9% -1.3% 8.9% 6.9% |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-All |
+------------------------------------------------------------------------------------------------------+
| Investments(3) -13.9% -15.8% 5.6% 1.8% |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-Equity |
+------------------------------------------------------------------------------------------------------+
| Investments Only(3)(4)(5) -9.8% -35.7% 5.3% 0.9% |
+------------------------------------------------------------------------------------------------------+
| Internal Rate of Return-Exited |
+------------------------------------------------------------------------------------------------------+
| Portfolio Companies(6) 8.9% 69.0% 18.0% 23.7% |
+------------------------------------------------------------------------------------------------------+
| Original Investments and Commitments $7,310 $1,012 $24,073 $20,241 |
+------------------------------------------------------------------------------------------------------+
| Total Exits and Prepayments of Original |
+------------------------------------------------------------------------------------------------------+
| Investments $1,856 $15 $11,344 $8,245 |
+------------------------------------------------------------------------------------------------------+
| Total Interest, Dividends and Fees |
+------------------------------------------------------------------------------------------------------+
| Collected $610 $84 $4,088 $2,854 |
+------------------------------------------------------------------------------------------------------+
| Total Net Realized (Loss) Gain on |
+------------------------------------------------------------------------------------------------------+
| Investments $(24) $6 $546 $603 |
+------------------------------------------------------------------------------------------------------+
| Current Cost of Investments $4,202 $895 $10,691 $10,022 |
+------------------------------------------------------------------------------------------------------+
| Current Fair Value of Investments $2,722 $724 $7,418 $6,837 |
+------------------------------------------------------------------------------------------------------+
| Current Fair Value of Investments as a |
+------------------------------------------------------------------------------------------------------+
| % of Total Investments at Fair Value 36.7% 9.8% 100.0% 92.2% |
+------------------------------------------------------------------------------------------------------+
| Net Unrealized |
+------------------------------------------------------------------------------------------------------+
| Appreciation/(Depreciation) $(1,480) $(171) $(3,273) $(3,185) |
+------------------------------------------------------------------------------------------------------+
| Non-Accruing Loans at Face $212 $71 $871 $738 |
+------------------------------------------------------------------------------------------------------+
| Non-Accruing Loans at Fair Value $27 $20 $150 $127 |
+------------------------------------------------------------------------------------------------------+
| Equity Interest at Fair Value(4) $728 $156 $2,120 $1,926 |
+------------------------------------------------------------------------------------------------------+
| Debt to EBITDA(7)(8)(9) 6.4 5.9 5.9 5.9 |
+------------------------------------------------------------------------------------------------------+
| Interest Coverage(7)(9) 2.0 1.8 2.0 2.0 |
+------------------------------------------------------------------------------------------------------+
| Debt Service Coverage(7)(9) 1.8 1.6 1.7 1.7 |
+------------------------------------------------------------------------------------------------------+
| Average Age of Companies(9) 27 yrs 26 yrs 29 yrs 28 yrs |
+------------------------------------------------------------------------------------------------------+
| Diluted Ownership Percentage(4) 48% 31% 43% 43% |
+------------------------------------------------------------------------------------------------------+
| Average Sales(9)(10) $205 $128 $162 $163 |
+------------------------------------------------------------------------------------------------------+
| Average EBITDA(9)(11) $40 $34 $33 $34 |
+------------------------------------------------------------------------------------------------------+
| Average EBITDA Margin 19.5% 26.6% 20.4% 20.9% |
+------------------------------------------------------------------------------------------------------+
| Total Sales(9)(10) $15,044 $1,244 $28,868 $26,594 |
+------------------------------------------------------------------------------------------------------+
| Total EBITDA(9)(11) $2,653 $289 $4,781 $4,526 |
+------------------------------------------------------------------------------------------------------+
| % of Senior Loans(9)(12) 60% 29% 54% 53% |
+------------------------------------------------------------------------------------------------------+
| % of Loans with Lien(9)(12) 94% 55% 90% 89% |
+------------------------------------------------------------------------------------------------------+
(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. Investments in
government securities and interest rate derivative agreements are
excluded.
(2) Assumes investments are exited at realizable based on anticipated
proceeds to be received upon settlement or maturity.
(3) Assumes investments are exited at current GAAP fair value.
(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) Includes fully exited portfolio companies. Partially exited
portfolio companies are not included.
(7) These amounts do not include investments in which we own only
equity.
(8) For portfolio companies with a nominal EBITDA amount, the portfolio
company's maximum debt leverage is limited to 15 times EBITDA.
(9) Excludes investments in Structured Products, investments in managed
funds and American Capital, LLC.
(10)Sales of the most recent twelve months, or when appropriate, the
forecasted twelve months.
(11) EBITDA of the most recent twelve months, or when appropriate, the
forecasted twelve months.
(12) As a percentage of our total debt investments.
SHAREHOLDER CALL
American Capital invites shareholders, prospective shareholders and analysts to
attend the shareholder call on March 2, 2009 at 11:00 am ET. The shareholder
call can be accessed through a free live webcast at www.AmericanCapital.com or
by dialing (800) 553-0273 (U.S. domestic) or +1 (612) 332-0107 (international).
Please advise the operator you are dialing in for the American Capital
shareholder call.
An archived audio of the shareholder call combined with the slide presentation
will be made available on our website after the call on March 2, 2009. In
addition, there will be a phone recording available from 3:00 pm March 2, 2009
until 11:59 pm March 16, 2009. If you are interested in hearing the recording of
the presentation, please dial (800) 475-6701 (U.S. domestic) or +1 (320)
365-3844 (international). The access code for both domestic and international
callers is 982334.
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 was founded in 1986; and currently has $14 billion in capital resources
under management and has ten offices in the U.S., Europe and Asia. 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, 2008 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. Additionally,
American Capital cannot give any assurance that the proposed acquisition will be
completed or that it will be completed on the terms described in this press
release. This press release does not constitute an offer or invitation to
acquire or dispose of any securities or investment advice in any jurisdiction.
Any statements herein regarding earnings enhancement are not a profit forecast
and should not be interpreted to mean that American Capital's future earnings
will necessarily match or exceed those of any prior year.
CONTACT:
Investors - (301) 951-5917
Media - (301) 968-9400
This information is provided by RNS
The company news service from the London Stock Exchange
END
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