180 Degree Capital Corp. Reports Net Asset Value Per Share of $2.64 as of March 31, 2018; an Increase of 1.5% From December 31, 2017
MONTCLAIR, N.J., May 07, 2018 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”) today reported its financial results as of March 31, 2018. Key results for the quarter and year include:
|Q4 2017 -> Q1 2018|
|Net Asset Value Per Share (NAV)||$2.60 -> $2.64 (+1.5%)|
|Stock Price||$1.97 -> $1.86 (-5.6%)|
|Stock Price / NAV||75.8% -> 70.5%|
|Cash + Liquid Securities||$27.7mm -> $28.1mm (+1.4%)|
- First time in over seven years that NAV has increased four out of five contiguous quarters.
- 180’s public portfolio had net increase of $2.36 million, $0.08 per share or 9.7%, during the quarter led by Adesto and TheStreet and offset by Synacor and Mersana.
- 180’s private portfolio decreased by approximately $450,000, or $0.02 per share or 0.8%, led down by Essential Health Solutions and OPM-related adjustments.
The Company also published a letter to shareholders that can be viewed at http://ir.180degreecapital.com/letter-to-shareholders.
“Despite a highly volatile public market environment, we are pleased to report an increase in our NAV, the fourth increase in our last five quarters,” said Kevin M. Rendino, Chief Executive Officer and Portfolio Manager of 180. “We continue to make strides in executing on our new strategy of investing in publicly traded companies and are pleased with the 9.7% gross return generated from this portfolio during the quarter. In addition, we note that at quarter end, we had 48% of our market capitalization in cash and liquid securities.”
Mr. Rendino and Daniel Wolfe, President, Chief Financial Officer and Portfolio Manager, will host a conference call tomorrow, Tuesday, May 8, 2018, at 9am Eastern Time, to discuss the results from the first quarter of 2018. 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 May 7, 2018