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PennantPark Investment Corp. (PNNT) filed Quarterly Report for the period ended 2011-12-31.
Pennantpark Investment Corp. has a market cap of $486.6 million; its shares were traded at around $10.54 with a P/E ratio of 8.5 and P/S ratio of 5.4. The dividend yield of Pennantpark Investment Corp. stocks is 10.5%.
This is the annual revenues and earnings per share of PNNT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PNNT.
Highlight of Business Operations:
The carrying value of our selected financial liabilities approximates fair value. We adopted ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to our Credit Facility. We elected to use the fair value option for the Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statement of Assets and Liabilities and changes in fair value of the Credit Facility are recorded in the Consolidated Statement of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities including the SBA debentures. For the three months ended December 31, 2011 and 2010, our Credit Facility had a net change in unrealized appreciation of $1.1 million and $6.6 million, respectively. As of December 31, 2011 and September 30, 2011, net unrealized depreciation on our Credit Facility totaled $1.0 million and $2.1 million, respectively. We use a nationally recognized independent valuation service to measure the fair value of our Credit Facility in a manner consistent with the valuation process that the board of directors uses to value investments.Sales and repayments of long-term investments for the three months ended December 31, 2011 totaled $69.3 million and realized losses totaled $8.0 million due to sales of our debt investments. Sales and repayments of long-term investments totaled $85.5 million and net realized gains totaled $2.3 million for the three months ended December 31, 2010.
During the three months ended December 31, 2011 and 2010, we declared distributions of $0.28 and $0.26 per share, respectively, for total distributions of $12.8 million and $9.4 million, respectively. We monitor available net investment income to determine if a tax return of capital may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, a portion of those distributions may be deemed to be a tax return of capital to our common stockholders. Tax characteristics of all distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year.
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