PURCHASE, N.Y., Sept. 9, 2014 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC), a publicly traded business development company that makes private debt and equity investments, today announced its financial results for the third fiscal quarter ended July 31, 2014.
Fiscal Third Quarter 2014 and Recent Financial Updates
- Entered into a share exchange with Equus Total Return, Inc. ("Equus"), providing optionality for the Company and its portfolio
- Closed sale of Octagon Credit Investors for $6.3 million, generating an 8.9x return on equity capital and an IRR of 39%1
- Marine Exhibition Corporation repaid its loan in full, including all accrued interest and sold 20,000 shares of its preferred stock for $3.8 million, realizing a 16% IRR on its equity investment and a 12% IRR on its debt investment2
- Interest income was $3.2 million, compared to $2.6 million in Q3 2013
- NAV was $15.86, compared to $17.36 at Q3 2013 and $16.42 at Q2 2014
- Paid quarterly dividend of $0.135 per share, totaling $3.1 million; 37th consecutive quarterly dividend
| Fiscal Third Quarter 2014 Results | ||||||
| Quarter Ended |
Nine Month Period Ended |
|||||
| (Unaudited) ($ in thousands except for per share data) | Q3 2014 | Q2 2014 | Q1 2014 | Q3 2013 | July-14 | July-13 |
| Total operating income | 5,016 | 5,863 | 4,613 | 7,245 | 15,492 | 20,294 |
| Management fee | 2,162 | 2,306 | 2,304 | 2,101 | 6,772 | 6,046 |
| Portfolio fees - asset management | 153 | 341 | 106 | 103 | 600 | 312 |
| Management fee - asset management | 17 | 231 | 232 | 232 | 480 | 696 |
| Administrative | 1,096 | 727 | 908 | 897 | 2,731 | 2,689 |
| Interest, fees and other borrowing costs | 2,426 | 2,406 | 2,255 | 2,115 | 7,087 | 4,470 |
| Net Incentive compensation | (1,831) | (4,868) | 554 | 3,961 | (6,145) | 6,144 |
| Total waiver by adviser | (38) | (37) | (38) | (38) | (113) | (113) |
| Tax expense | 1 | 0 | 1 | 1 | 2 | 3 |
| Net operating income (loss) before net realized and unrealized gains | 1,030 | 4,757 | (1,709) | (2,127) | 4,078 | 47 |
| Net (decrease) increase in net assets resulting from operations | (7,876) | (18,546) | 2,047 | 18,114 | (24,375) | 32,882 |
| Net (decrease) increase in net assets resulting from operations per share | (0.35) | (0.83) | 0.10 | 0.79 | (1.08) | 1.41 |
| Net asset value per share | 15.86 | 16.42 | 17.36 | 17.36 | 15.86 | 17.36 |
In the third quarter of 2014, the Company earned $3.2 million in interest income, $811,000 in dividend income and $1.0 million in fee and other income, compared to $2.6 million, $3.0 million and $1.6 million, respectively for the third quarter of 2013. The decrease in operating income over the same period last year was primarily due to a reduction in dividend income from portfolio companies, specifically U.S. Gas & Electric ("USG&E"), as it did not pay a quarterly dividend in the fiscal third quarter 2014. The decrease in operating income was partially offset by an increase in interest income from more yield generating portfolio companies as the Company continues to execute on its transition.
The Company reported net operating income of $1.0 million for the third quarter, compared to a net operating loss of $2.1 million for the same quarter in 2013. Net operating income for the quarter was primarily impacted by a reduction in net incentive compensation of $1.8 million or a $5.8 million decrease from the third quarter 2013, which lowered operating expenses.
Fiscal Third Quarter 2014 Portfolio Adjustments
As of July 31, 2014, the Company's net assets were $360.1 million, or $15.86 per share, compared with net assets of $368.9 million, or $16.42 per share, at the beginning of the quarter and $392.8 million or $17.36 per share, at the end of the same period last year.
During the quarter, the Valuation Committee, which is comprised of three independent directors, changed the fair values of 17 portfolio companies, resulting in a net decrease of $11.2 million or $0.49 per share.3 The decrease was primarily due to an $8.4 million write down of MVC Auto. The write-up of $948,000 in Equus was based upon the closing market price on July 31, 2014. Including Equus, the net decrease in the portfolio value for the third quarter was $10.2 million or $0.45 per share.
In arriving at these determinations and consistent with the Company's valuation procedures and ASC 820, the Valuation Committee took into account many factors, including the performance of the portfolio companies, as well as the impact of changes in market multiples within certain sectors and fluctuations in currency valuations. The changes in the Euro negatively impacted the European portfolio values during the quarter.
"The uncertain economic environment in Europe, particularly for consumers, continued to weigh on our portfolio during the quarter," said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital. "While we are disappointed with the short-term performance of certain holdings, we continue to believe that the long-term fundamentals of our portfolio companies remain bright and we are excited about the optionality that the Equus transaction provides."
| Write ups (downs) | Quarter Ended | Nine Month Period Ended | ||||||||||
| Active Deals: | Q3 2014 | Q2 2014 | Q1 2014 | Q3 2013 | July-14 | July-13 | ||||||
| Advantage Insurance Holdings LTD | $ 96,000 | $ -- | $ -- | $ -- | $ 96,000 | $ -- | ||||||
| Biogenics Reagents | 275,000 | -- | -- | -- | 275,000 | -- | ||||||
| Biovation Holdings, Inc. | (129,281) | (19,860) | 59,846 | 53,366 | (89,295) | 3,262 | ||||||
| Centile Holding B.V. | (76,000) | 57,000 | (29,000) | 474,000 | (48,000) | 1,069,000 | ||||||
| Custom Alloy Corporation | -- | (1,340,000) | 4,000,000 | 5,000,000 | 2,660,000 | 5,840,000 | ||||||
| Equus Total Return, Inc. | 947,999 | -- | -- | -- | 947,999 | -- | ||||||
| Foliofn, Inc. | (109,000) | 127,000 | (1,091,000) | -- | (1,073,000) | -- | ||||||
| Freshii USA Inc | -- | 8,531 | 14,600 | (8,260) | 23,131 | (3,380) | ||||||
| G3K Displays, Inc. | -- | (5,625,000) | -- | -- | (5,625,000) | -- | ||||||
| Harmony Health & Beauty, Inc. | -- | -- | -- | -- | -- | (100,000) | ||||||
| JSC Tekers Invest | (499,388) | -- | -- | -- | (499,388) | (1,000,000) | ||||||
| MVC Automotive Group B.V. | (8,388,000) | (11,175,000) | (1,924,409) | -- | (21,487,409) | 2,845,000 | ||||||
| MVC Private Equity Fund, L.P. | 358,984 | 910,704 | 2,204,636 | (85,424) | 3,474,324 | 1,634,499 | ||||||
| NPWT Corporation | (109,000) | (74,000) | 35,000 | (210,000) | (148,000) | (224,274) | ||||||
| Octagon Credit Investors, LLC | (730,000) | 1,133,657 | (1,153,305) | -- | (749,648) | 450,000 | ||||||
| Ohio Medical Corporation | (800,000) | -- | -- | -- | (800,000) | (3,775,000) | ||||||
| Pre-Paid Legal Services, Inc. | -- | 100,000 | -- | -- | 100,000 | 118,520 | ||||||
| RuMe, Inc. | 74,831 | -- | -- | -- | 74,831 | 423,000 | ||||||
| Security Holdings, B.V. | (564,000) | 422,000 | (304,000) | 1,905,000 | (446,000) | 8,889,000 | ||||||
| SGDA Europe B.V. | (1,711,201) | 350,000 | (57,000) | (187,000) | (1,418,201) | (1,315,000) | ||||||
| SIA Tekers Invest | (111,000) | 7,000 | (12,000) | -- | (116,000) | 16,000 | ||||||
| Turf Products, LLC | -- | -- | (92,000) | -- | (92,000) | 592,000 | ||||||
| U.S. Gas & Electric, Inc. | -- | (9,000,000) | -- | 11,600,000 | (9,000,000) | 11,600,000 | ||||||
| Velocitius B.V. | (198,000) | (606,000) | (1,874,000) | (116,000) | (2,678,000) | (2,365,000) | ||||||
| Vestal Manufacturing Enterprises, Inc. | 1,450,000 | -- | 3,000,000 | 1,000,000 | 4,450,000 | 4,125,000 | ||||||
| TOTAL | $(10,222,056) | $(24,723,968) | $2,777,368 | $19,425,682 | $(32,168,656) | $28,822,627 | ||||||
Quarterly Investment Activity
At the beginning of the quarter, MVC entered into a share exchange agreement with Equus, another publicly traded business development company, pursuant to Equus' plan of reorganization. Under the agreement, MVC received 2,112,000 shares of Equus in exchange for 395,839 shares of the Company. During the quarter, and as part of Equus' reorganization, MVC also purchased additional common shares of Equus at a total cost of $5.7 million. As of July 31, 2014, the Company owned 4,444,644 shares of Equus.
During the quarter ended July 31, 2014, the Company made three follow-on investments totaling $5.0 million. The follow-on investments were made in U.S. Spray Drying Holding Company ($1.5 million), Biovation Holdings, Inc. ($500,000) and U.S. Gas & Electric, Inc. ($3.0 million). Also during the quarter, the Company converted its loans to RuMe, Inc. and JSC Tekers Holding to preferred stock and acquired additional common shares of Ohio Medical for a nominal cost. Additionally, the Company converted its loan to SGDA Sanierungsgesellschaft fur Deponien und Altasten GmbH ("SGDA") to additional common equity in SGDA Europe B.V. Also during the quarter, the Company loaned an additional $2.0 million to Inland Environmental & Remediation LP under its existing $15.0 million commitment.
During the third quarter, MVC Capital repurchased 157,832 of its shares at a total cost of approximately $2.0 million at an average price of $12.71 per share, including commissions. Since implementing an unlimited share repurchase program during the second quarter of 2013, the Company has repurchased $20.8 million worth of stock, representing 7% of the current market capitalization as of July 31, 2014.
Liquidity
As of July 31, 2014, the Company had investments in portfolio companies totaling $448.9 million and cash and cash equivalents of approximately $29.1 million, excluding restricted cash and cash equivalents of $6.7 million.
Dividends
The Board of Directors declared a dividend of $0.135 per share, or a total of $3.1 million distributed to shareholders during the third quarter. The dividend was paid on July 31, 2014 to shareholders of record on July 25, 2014. This distribution represented the thirty-seventh consecutive quarterly dividend paid by the Company since implementing a dividend policy in July of 2005. The dividends paid under current management have resulted in approximately $107 million in distributions to the Company's shareholders.
1 The return on equity and resulting IRR include all fees and income earned over the life of the investment (not including any fees and income generated from the initial debt investment).
2 The IRR includes all fees and income earned over the life of the investments.
3 Based on shares outstanding as of July 31, 2014.
MVC-G
About MVC Capital, Inc.
MVC is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. For additional information about MVC, please visit the MVC's website at www.mvccapital.com.
Safe Harbor Statement
The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including: MVC Capital's ability to execute its investment strategy; the performance of MVC Capital's investments; the performance of Equus, including its ability to achieve its expected financial and business objectives; Equus' ability to execute its reorganization and complete transactions contemplated thereby; MVC's ability to complete the transactions contemplated by Equus' reorganization; and changes in economic or financial market conditions and other factors that are enumerated in the Company's periodic filings with the Securities and Exchange Commission. MVC Capital disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.
The press release contains unaudited financial results. For ease of review, we have excluded the word "approximately" when rounding the results.
There can be no assurance that future USG&E dividend payments to MVC or MVC dividend payments will match or exceed historic ones, or that they will be made at all. There can be no assurance that MVC will achieve its investment objective.
| MVC Capital, Inc. | ||
| Consolidated Balance Sheets | ||
| July 31, | October 31, | |
| 2014 | 2013 | |
| (Unaudited) | ||
| ASSETS | ||
| Assets | ||
| Cash | $17,650,431 | $74,234,560 |
| Restricted cash equivalents (cost $6,694,500 and $6,792,000) | 6,694,500 | 6,792,000 |
| Cash equivalents (cost $11,455,152 and $0) | 11,455,152 | -- |
| Short-term investments (cost $0 and $49,937,320) | -- | 49,826,893 |
| Investments, at fair value | ||
| Non-control/Non-affiliated investments (cost $117,598,667 and $92,139,375) | 93,398,599 | 74,433,413 |
| Affiliate investments (cost $122,831,153 and $136,499,386) | 200,673,576 | 219,694,633 |
| Control investments (cost $171,819,080 and $143,292,881) | 154,823,356 | 146,169,917 |
| Total investments at fair value (cost $412,248,900 and $371,931,642) | 448,895,531 | 440,297,963 |
| Receivable on sale of short-term investments | 99,698,193 | -- |
| Escrow receivables, net of reserves | 5,936,928 | 6,236,928 |
| Deferred financing fees | 3,095,180 | 3,265,495 |
| Fee and other receivables | 1,830,048 | 2,109,538 |
| Dividends and interest receivables, net of reserves | 1,286,429 | 3,528,899 |
| Prepaid expenses | 399,088 | 534,904 |
| Prepaid taxes | -- | 336 |
| Total assets | $596,941,480 | $586,827,516 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Liabilities | ||
| Senior notes | $114,408,750 | $114,408,750 |
| Revolving credit facility | 100,000,000 | 50,000,000 |
| Provision for incentive compensation (Note 11) | 17,814,123 | 23,959,109 |
| Management fee payable | 2,162,573 | 2,221,213 |
| Professional fees payable | 1,133,054 | 742,859 |
| Interest payable | 371,789 | 371,817 |
| Accrued expenses and liabilities | 342,183 | 655,615 |
| Management fee payable - Asset Management | 261,223 | 606,766 |
| Portfolio fees payable - Asset Management | 197,706 | 140,347 |
| Consulting fees payable | 125,229 | 167,968 |
| Taxes payable | 780 | -- |
| Total liabilities | 236,817,410 | 193,274,444 |
| Commitments and Contingencies (Note 9) | ||
| Shareholders' equity | ||
| Common stock, $0.01 par value; 150,000,000 shares authorized; 22,702,821 and 22,617,688 shares outstanding, respectively | 283,044 | 283,044 |
| Additional paid-in-capital | 421,115,554 | 420,165,045 |
| Accumulated earnings | 70,108,536 | 66,030,475 |
| Dividends paid to stockholders | (113,688,497) | (104,537,479) |
| Accumulated net realized loss | 955,008 | (2,201,455) |
| Net unrealized appreciation | 36,646,631 | 68,255,894 |
| Treasury stock, at cost, 5,601,627 and 5,686,760 shares held, respectively | (55,296,206) | (54,442,452) |
| Total shareholders' equity | 360,124,070 | 393,553,072 |
| Total liabilities and shareholders' equity | $596,941,480 | $586,827,516 |
| Net asset value per share | $15.86 | $17.40 |
| The accompanying notes are an integral part of these consolidated financial statements. | ||
| MVC Capital, Inc. | ||
| Consolidated Statements of Operations | ||
| (Unaudited) | ||
| For the Nine Month Period | For the Nine Month Period | |
| November 1, 2013 to | November 1, 2012 to | |
| July 31, 2014 | July 31, 2013 | |
| Operating Income: | ||
| Dividend income | ||
| Non-control/Non-affiliated investments | $69,767 | $1,804 |
| Affiliate investments | 808,463 | 7,817,470 |
| Control investments | -- | 426,300 |
| Total dividend income | 878,230 | 8,245,574 |
| 1,095,158 | 8,445,982 | |
| Payment-in-kind dividend income | ||
| Affiliate investments | 216,928 | 200,408 |
| Total payment-in-kind dividend income | 216,928 | 200,408 |
| Interest income | ||
| Non-control/Non-affiliated investments | 4,755,577 | 1,785,285 |
| Affiliate investments | 2,493,429 | 2,673,283 |
| Control investments | 236,111 | 1,157,569 |
| Total interest income | 7,485,117 | 5,616,137 |
| 10,697,439 | 7,823,462 | |
| Payment-in-kind interest income | ||
| Non-control/Non-affiliated investments | 2,461,572 | 899,068 |
| Affiliate investments | 582,191 | 726,483 |
| Control investments | 168,559 | 581,774 |
| Total payment-in-kind interest income | 3,212,322 | 2,207,325 |
| Fee income | ||
| Non-control/Non-affiliated investments | 301,495 | 686,095 |
| Affiliate investments | 700,835 | 707,308 |
| Control investments | 242,250 | 988,159 |
| Total fee income | 1,244,580 | 2,381,562 |
| Fee income - Asset Management(1) | ||
| Portfolio fees | 799,563 | 416,618 |
| Management Fees | 693,033 | 928,471 |
| Total fee income - Asset Management | 1,492,596 | 1,345,089 |
| Other income | 962,252 | 298,096 |
| Total operating income | 15,492,025 | 20,294,191 |
| Operating Expenses: | ||
| Administration | 198,121 | 190,166 |
| Audit fees | 478,200 | 473,700 |
| Consulting fees | 398,653 | 427,753 |
| Directors fees | 302,625 | 309,375 |
| Insurance | 260,100 | 248,310 |
| Interest and other borrowing costs | 7,087,004 | 4,470,464 |
| Legal fees | 616,000 | 408,000 |
| Management fee | 6,772,485 | 6,045,866 |
| Management fee - Asset Management(1) | 479,522 | 696,350 |
| Net Incentive compensation (Note 11) | (6,144,986) | 6,143,940 |
| Other expenses | 264,536 | 407,999 |
| Portfolio fees - Asset Management(1) | 599,672 | 312,464 |
| Printing and postage | 60,216 | 76,647 |
| Public relations fees | 153,000 | 145,500 |
| Total operating expenses | 11,525,148 | 20,356,534 |
| Less: Voluntary Expense Waiver by Adviser(2) | (112,500) | (112,500) |
| Total waivers | (112,500) | (112,500) |
| Net operating income before taxes | 4,079,377 | 50,157 |
| Tax Expenses: | ||
| Current tax expense | 1,316 | 2,700 |
| Total tax expense | 1,316 | 2,700 |
| Net operating income | 4,078,061 | 47,457 |
| Net Realized and Unrealized Gain (Loss) on Investments: | ||
| Net realized gain (loss) on investments | ||
| Short-term investments | (131,418) | -- |
| Non-control/Non-affiliated investments | 308,196 | (6,276,271) |
| Affiliate investments | 2,979,685 | 82,512 |
| Control investments | -- | 49,655,826 |
| Total net realized gain on investments | 3,156,463 | 43,462,067 |
| Net change in unrealized depreciation on investments | (31,609,263) | (10,627,052) |
| Net realized and unrealized (loss) gain on investments | (28,452,800) | 32,835,015 |
| Net (decrease) increase in net assets resulting from operations | $ (24,374,739) | $ 32,882,472 |
| Net (decrease) increase in net assets per share resulting from operations | $ (1.08) | $ 1.41 |
| Dividends declared per share | $ 0.41 | $ 0.41 |
| Weighted average number of shares outstanding (3) | 22,611,513 | 23,549,370 |
| (1)These items are related to the management of the MVC Private Equity Fund, L.P. ("PE Fund"). Please see Note 10 "Management" for more information. | ||
| (2)Reflects the quarterly portion of the TTG Advisers' voluntary waiver of $150,000 of expenses for the 2014 and 2013 fiscal years, that the Company would otherwise be obligated to reimburse TTG Advisers under the Advisory Agreement (the "Voluntary Waiver"). Please see Note 10 "Management" for more information. | ||
| (3)Please see Note 13 "Dividends and Distributions to Shareholders and Share Repurchase Program" for more information. | ||
| The accompanying notes are an integral part of these consolidated financial statements. | ||
| MVC Capital, Inc. | ||
| Consolidated Statements of Operations | ||
| (Unaudited) | ||
| For the Quarter | For the Quarter | |
| May 1, 2014 to | May 1, 2013 to | |
| July 31, 2014 | July 31, 2013 | |
| Operating Income: | ||
| Dividend income | ||
| Non-control/Non-affiliated investments | $ 187 | $ 253 |
| Affiliate investments | 736,873 | 2,975,320 |
| Total dividend income | 737,060 | 2,975,573 |
| Payment-in-kind dividend income | ||
| Affiliate investments | 73,746 | 68,130 |
| Total payment-in-kind dividend income | 73,746 | 68,130 |
| 810,806 | ||
| Interest income | ||
| Non-control/Non-affiliated investments | 2,062,925 | 705,487 |
| Affiliate investments | 86,587 | 732,361 |
| Control investments | 44,313 | 264,850 |
| Total interest income | 2,193,825 | 1,702,698 |
| Payment-in-kind interest income | ||
| Non-control/Non-affiliated investments | 827,099 | 613,370 |
| Affiliate investments | 83,534 | 245,048 |
| Control investments | 91,295 | 84,643 |
| Total payment-in-kind interest income | 1,001,928 | 943,061 |
| 3,195,753 | ||
| Fee income | ||
| Non-control/Non-affiliated investments | 504 | 285,504 |
| Affiliate investments | 240,834 | 234,179 |
| Control investments | 80,751 | 449,861 |
| Total fee income | 322,089 | 969,544 |
| Fee income - Asset Management(1) | ||
| Portfolio fees | 203,736 | 310,343 |
| Management fees | 75,548 | 138,026 |
| Total fee income - Asset Management | 279,284 | 448,369 |
| 601,373 | ||
| Other income | 408,483 | 137,899 |
| Total operating income | 5,016,415 | 7,245,274 |
| Operating Expenses: | ||
| Administration | 71,998 | 2,115,603 |
| Audit fees | 154,100 | 2,100,496 |
| Consulting fees | 139,251 | 132,000 |
| Directors' fees | 96,375 | 133,708 |
| Incentive compensation (Note 11) | (1,831,130) | 157,300 |
| Insurance | 86,700 | 103,520 |
| Interest and other borrowing costs | 2,426,105 | 159,251 |
| Legal fees | 326,000 | 103,125 |
| Management fee | 2,162,573 | 82,770 |
| Management fee - Asset Management(1) | 16,408 | 63,979 |
| Other expenses | 160,738 | 48,000 |
| Portfolio fees - Asset Management(1) | 152,802 | 232,758 |
| Printing and postage | 10,327 | 15,529 |
| Public relations fees | 51,000 | 3,960,795 |
| Total operating expenses | 4,023,247 | 9,408,834 |
| Less: Voluntary Expense Waiver by Adviser (2) | (37,500) | (37,500) |
| Total waivers | (37,500) | (37,500) |
| Net operating income (Loss) before taxes | 1,030,668 | (2,126,060) |
| Tax Expenses: | ||
| Current tax expense | 439 | 900 |
| Total tax expense | 439 | 900 |
| Net operating income (Loss) | 1,030,229 | (2,126,960) |
| Net Realized and Unrealized Gain (Loss) on Investments: | ||
| Net realized gain (loss) on investments | ||
| Short-term investments | (307,933) | -- |
| Non-control/Non-affiliated investments | -- | 164,945 |
| Affiliate investments | 2,979,685 | -- |
| Control investments | -- | 82,512 |
| Total net realized gain on investments | 2,671,752 | 247,457 |
| Net unrealized (depreciation) appreciation on investments | (11,577,923) | 19,994,333 |
| Net realized gain and net change in unrealized (depreciation) appreciation on investments | (8,906,171) | 20,241,790 |
| Net (decrease) increase in net assets resulting from operations | $ (7,875,942) | $ 18,114,830 |
| Net (decrease) increase in net assets per share resulting from operations | $ (0.35) | $ 0.79 |
| Dividends declared per share | $ 0.135 | $ 0.135 |
| Weighted average number of shares outstanding (3) | 22,699,020 | 22,859,939 |
| (1)These items are related to the management of the MVC Private Equity Fund, L.P. ("PE Fund"). Please see Note 10 "Management" for more information. | ||
| (2)Reflects the quarterly portion of the TTG Advisers' voluntary waiver of $150,000 of expenses for the 2014 and 2013 fiscal years, that the Company would otherwise be obligated to reimburse TTG Advisers under the Advisory Agreement (the "Voluntary Waiver"). Please see Note 10 "Management" for more information. | ||
| (3)Reflects TTG Advisers' voluntary waiver of the Incentive Fee associated with pre-incentive fee net operationg income for the fiscal quarter ended April 30, 2013. Please see Note 9 "Management" for more information. | ||
| (3) Please see Note 13 "Dividends and Distributions to Shareholders and Share Repurchase Program" for more information. | ||
| The accompanying notes are an integral part of these consolidated financial statements. | ||