Business
Fidus Investment Corporation Announces First Quarter 2020 Financial Results
Regular Quarterly Dividend of $0.30 Per Share Declared for Second Quarter 2020 EVANSTON, Ill., April 30, 2020 (GLOBE NEWSWIRE) -- Fidus Investment Corporation
About this update from Fidus Investment Corporation
[{"type":"text","content":"Regular Quarterly Dividend of $0.30 Per Share Declared for Second Quarter 2020\nEVANSTON, Ill., April 30, 2020 (GLOBE NEWSWIRE) -- Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”), a provider of customized debt and equity financing solutions, primarily to lower middle-market companies based in the United States, today announced its financial results for the first quarter ended March 31, 2020.\n First Quarter 2020 Financial Highlights Total investment income of $20.0 millionNet investment income of $17.4 million, or $0.71 per shareAdjusted net investment income of $8.5 million, or $0.35 per share(1)Net decrease in net assets resulting from operations of $(27.0) million, or $(1.10) per shareInvested $68.2 million in debt and equity securities, including three new portfolio companiesReceived proceeds from repayments and realizations of $73.8 million, recognizing $30.3 million in net realized gainsPaid regular quarterly dividend of $0.39 per share on March 27, 2020Net asset value (NAV) of $375.5 million, or $15.37 per share, as of March 31, 2020Estimated spillover income (or taxable income in excess of distributions) as of March 31, 2020 of $21.6 million, or $0.89 per share Management Commentary “Through mid-March, Fidus’ portfolio was performing well and we redeployed proceeds from the partial sale of some equity investments into income-producing investments while adhering to our strategy of focusing on companies with defensive characteristics and strong, resilient cash flows,” said Edward Ross, Chairman and CEO of Fidus Investment Corporation. “However, as indicated in our March 23rd announcement, the adverse impact of the COVID-19 pandemic on economic conditions overall and on a few companies in our portfolio has resulted in a write-down in the fair value of our debt and equity portfolio by approximately $43.2 million, and we ended the quarter with NAV at $15.37 per share, as compared to $16.85 per share as of December 31, 2019. In addition, following an in-depth review of the potential impacts of the economic crisis on our portfolio companies, we proactively placed two portfolio companies on non-accrual and one on PIK non-accrual.” Added Mr. Ross, “In light of the uncertain magnitude and duration of economic weakness associated with COVID-19, we are particularly focused on maintaining a strong liquidity posi...