TCP Capital Q1 Profit Rises

(RTTNews) - TCP Capital Corp. (TCPC) posted first-quarter net increase in assets resulting from operations of $18.1 million or $0.50 per share, compared to $12.8 million or $0.60 per share in the comparable quarter last year.

Net investment income for the three months ended March 31, 2014 was approximately $17.8 million, or $0.49 per share, before related incentive compensation and preferred dividends. Net investment income after related incentive compensation and preferred dividends was $13.9 million, or $0.39 per share.

Total investment income for the latest quarter was approximately $22.7 million, or $0.63 per share, including $0.05 per share from dividend income, $0.01 per share from prepayment income, and $0.03 per share from income paid in kind.

On average, analysts polled by Thomson Reuters expected the company to earn $0.37 per share. Analysts' estimates typically exclude special items.

On May 8, 2014, the company's board of directors declared a second quarter regular cash dividend of $0.36 per share and a special dividend of $0.05 per share. Both dividends are payable on June 30, 2014 to stockholders of record as of the close of business on June 18, 2014.