On 30 March 2020, Monroe Capital Corporation (NASDAQ: MRCC) changed -3.68% to recent value of $6.54. The stock transacted 212839 shares during most recent day however it has an average volume of 223.76K shares. It spotted trading -47.68% off 52-week high price. On the other end, the stock has been noted 83.71% away from the low price over the last 52-weeks.
Monroe Capital Corporation (MRCC) recently reported its financial results for the fourth quarter and full year ended December 31, 2019. The Board of Directors of Monroe also reported its first quarter distribution of $0.35 per share, payable on March 31, 2020 to stockholders of record on March 16, 2020.
Fourth Quarter 2019 Financial Highlights
- Net investment income of $7.6M, or $0.37 per share
- Adjusted Net Investment Income (a non-GAAP measure described below) of $7.7M, or $0.37 per share
- Net increase in net assets resulting from operations of $4.1M, or $0.21 per share
- Net asset value (“NAV”) of $249.4M, or $12.20 per share
- Paid quarterly dividend of $0.35 per share on December 31, 2019
- Current yearly cash dividend yield to shareholders of about 13.4% (1)
(1)Based on an annualized dividend and closing share price as of March 2, 2020.
Full Year 2019 Financial Highlights
- Net investment income of $29.0M, or $1.42 per share
- Adjusted Net Investment Income (a non-GAAP measure described below) of $29.1M, or $1.42 per share
- Net increase in net assets resulting from operations of $19.2M, or $0.94 per share
Chief Executive Officer Theodore L. Koenig commented, “This is the 23rd straight quarter where per share Adjusted Net Investment Income of $0.37 per share met or exceeded our quarterly per share dividend. In the previous quarter, our Adjusted Net Investment Income was $0.35 per share. We have also made our 29th consecutive quarterly dividend payment to our shareholders.
In January 2020, an arbitrator issued an award in favor of one of our borrowers, the estate of Rockdale Blackhawk, LLC (“Rockdale”), in a pending legal proceeding between the estate of Rockdale and a national insurance carrier. The lenders to Rockdale, including MRCC, will share in the proceeds of this arbitration award with the estate. The exact amount of the award has yet to be finalized because attorneys’ fees, interest and certain other amounts included as part of the award still need to be determined. We expect this to resolve over the next few quarters, but based upon the award we expect proceeds to exceed the cost basis of our outstanding loans to Rockdale. We believe this to be a very positive development in this matter.
During the quarter, the size of our portfolio declined somewhat as a result of repayments in the ordinary course on certain portfolio loan assets. We expect to redeploy a portion of the proceeds we received from these repayments in the near term and expect to redeploy the proceeds from the Rockdale award once it is finalized, into current yielding assets which should positively contribute to our earnings in future quarters. Overall, we are happy with our business and confident in our long-term strategy of creating a stable current return for our shareholders and maximizing shareholder value.”
MRCC has a gross margin of 44.20% and an operating margin of 42.60% while its profit margin remained 28.20% for the last 12 months. Its earnings per share (EPS) expected to touch remained 226.80% for this year while earning per share for the next 5-years is expected to reach at 5.00%. The company has 21.53M of outstanding shares and 19.89M shares were floated in the market. According to the most recent quarter its current ratio was # ref that represents company’s ability to meet its current financial obligations. The price moved ahead of -17.60% from the mean of 20 days, -33.71% from mean of 50 days SMA and performed -38.78% from mean of 200 days price. Company’s performance for the week was 33.47%, -34.80% for month and YTD performance remained -39.78%.