180 Degree Capital Corp. Reports Net Asset Value Per Share of $2.68 as of September 30, 2017; Third Consecutive Quarter of Net Asset Value Per Share Growth
MONTCLAIR, N.J., Nov. 01, 2017 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today reported its financial results as of September 30, 2017. Key results include:
- Increases in stock price, net asset value per share (NAV) and cash + liquid securities:
- Stock Price: $1.62 -> $1.74 (+7.4%)
- NAV/Share: $2.44 -> $2.68 (+9.8%)
- First time in over 7 years that our NAV/share increased in three consecutive quarters
- Cash + Liquid Securities: $22.6mm -> $30.0mm (+32.7%)
- Overall positive performance of investment portfolio
- Publicly traded position net change in value: $7.8 million
- Privately held position net change in value: $1.0 million
- Establishing resources for future growth of the Company
- Hired head of fund development
- Initiated process to establish wholly owned broker dealer subsidiary
The Company also published a letter to shareholders that can be viewed at http://ir.180degreecapital.com/letters.cfm.
“We are pleased to report the results from this quarter, particularly the meaningful increase in our NAV,” said Kevin M. Rendino, Chairman and Chief Executive Officer of 180. “This is the first time in over seven years that we have increased our NAV in three consecutive quarters. Our new structure allowed us to reduce our ongoing run-rate of expenses by over 40%; we now have an easier path to grow NAV. This quarter, nearly 90% of the growth of our NAV came from our publicly traded holdings. In fact, on average, our publicly traded holdings increased by an average of 44% in the quarter. We remain focused on increasing our liquid assets as a percentage of our net assets. At quarter end, our cash and liquid securities totaled $30 million, equating to 36% of our quarter ending net assets. Relative to our quarter end stock price of $1.74, our liquid assets represented over half of our market capitalization. We are proud to share these results and believe we are well positioned to continue to build value for shareholders.”
Mr. Rendino and Daniel Wolfe, President, Chief Financial Officer and Portfolio Manager, will host a conference call tomorrow, Thursday, November 2, 2017, at 9am Eastern Time, to discuss the results from the third quarter of 2017. The call can be accessed by phone at (641) 715-0632 passcode 415049 or via the web at join.freeconferencecall.com/daniel8166. Additionally, slides that will be referred to during the presentation can be found on 180’s investor relations website at ir.180degreecapital.com under the menu option, Calendar of Events.
About 180 Degree Capital Corp.
180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com.
Daniel B. Wolfe
180 Degree Capital Corp.
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third party websites.Source: 180 Degree Capital Corp.
Released November 1, 2017