180 Degree Capital Corp. Reports Net Asset Value per Share of $2.60 as of December 31, 2017; A Decrease of 3.0% From Prior Quarter and an Increase of 11.1% From December 31, 2016
MONTCLAIR, N.J., Feb. 26, 2018 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today reported its financial results as of December 31, 2017. Key results for the quarter and year include:
|Q4 2017||Full Year 2017|
|Stock Price||$1.74 -> $1.97 (+13.2%)||$1.38 -> $1.97 (+42.8%)|
|NAV/Share||$2.68 -> $2.60 (-3.0%)||$2.34 -> $2.60 (+11.1%)|
|Stock Price / NAV||64.9% -> 75.8% (+109 bps)||59.0% -> 75.8% (+1,680 bps)|
|Cash + Liquid Securities||$30.0mm -> $27.7mm (-7.7%)||$19.9mm -> $27.7mm (+39.2%)|
- During Q4 2017:
- Increase in value of TheStreet, Inc. was not enough to offset declines in Adesto Technologies Corporation.
- 180 closed its first special purpose fund and is now managing outside capital for first time in its history.
- During the Full Year of 2017:
- 180’s public portfolio accounted for over 90 percent of increases in asset value.
- On-going operating expenses as a percentage of net assets reduced by 43 percent.
The Company also published a letter to shareholders that can be viewed at http://ir.180degreecapital.com/letter-to-shareholders.
“Despite a decline in NAV in the 4th quarter, TURN managed to increase its NAV for the full year of 2017. The increases in NAV and share price in 2017 were the first time either has occurred since 2010 and 2009, respectively. Given 90% of the increase in our NAV was derived from our new strategy, it is fair to say 180 has gotten off to a good start. As we focus our attention on 2018, we are going forward with a rigorous desire to build scale by accessing investors for managed funds and special purpose vehicles.”
Mr. Rendino and Daniel Wolfe, President, Chief Financial Officer and Portfolio Manager, will host a conference call tomorrow, Tuesday, February 27, 2018, at 9am Eastern Time, to discuss the results from the fourth quarter of 2017 and for the full year. The call can be accessed by phone at (641) 715-0632 passcode 415049 or via the web at join.freeconferencecall.com/180degreecapital. 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.
Released February 26, 2018