180 Degree Capital Corp. Reports Net Asset Value per Share of $2.91 as of June 30, 2018; An Increase of 10.2% From March 31, 2018 and Largest Increase in 7 Years
MONTCLAIR, N.J., Aug. 01, 2018 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today reported its financial results as of June 30, 2018. Key results for the quarter and year to date include:
|Q1 2018 -> Q2 2018||Q4 2017-> Q2 2018|
|Net Asset Value Per Share (NAV)||$2.64 -> $2.91 (+10.2%)||$2.60 -> $2.91 (+11.9%)|
|Stock Price||$1.86 -> $2.31 (+24.2%)||$1.97 -> $2.31 (+17.3%)|
|Stock Price / NAV||70.5% -> 79.4%||75.8% -> 79.4%|
|Cash + Liquid Securities||$28.1mm -> $43.8mm* (+55.9%)||$27.7mm -> $43.8mm* (+58.1%)|
* Including $7 million proceeds from sale of securities of HZO, Inc., in July 2018
- First time in 7 years that NAV has increased by more than 10 percent in a quarter.
- 180’s public portfolio increased by $9.3 million, $0.30 per share or 30.8% during the quarter, led by Turtle Beach Corporation, Adesto Technologies Corporation and TheStreet, Inc.
- 180’s private portfolio was effectively flat during the quarter, with increases in value led by AgBiome, LLC, HZO, Inc., and ORIG3N, Inc., offset by decreases in value in NGX Bio, Inc. and Petra Pharma Corporation.
- 180 sold its securities of HZO, Inc. for $7 million in a transaction that closed shortly after the end of the quarter.
The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results.
“Our 10.2% increase in our NAV was the best quarter this company has had in over 7 years,” said Kevin M. Rendino, Chief Executive Officer of 180. “Since our strategy change in the beginning of 2017, we have now posted two quarters of roughly 10% growth (including this quarter and 9.8% in Q3 2017). Virtually all of the increase this quarter came from our 30% gross return from stock selection in our public companies. In addition, including the sale of our shares of HZO, we now have $43.8 million, or $1.40 per share, in cash and liquid securities, up from $28.1 million as of the prior quarter. All in all, Q2 2018 was a very positive quarter for 180 and our shareholders.”
Mr. Rendino and Daniel Wolfe, President, Chief Financial Officer and Portfolio Manager, will host a conference call tomorrow, Thursday, August 2, 2018, at 9am Eastern Time, to discuss the results from the second 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 https://ir.180degreecapital.com/ir-calendar.
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 August 1, 2018