180 Degree Capital Corp. Reports Net Asset Value per Share of $2.76 as of March 31, 2019; an Increase of 4.5% From December 31, 2018
MONTCLAIR, N.J., May 01, 2019 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today reported its financial results as of March 31, 2019. Key results for the quarter include:
|Q4 2018 -> Q1 2019|
|Stock Price||$1.75 -> $1.86 (+6.3%)|
|Net Asset Value per Share (“NAV”)||$2.64 -> $2.76 (+4.5%)|
|Stock Price / NAV||66% -> 67% (+100 bps)|
|Cash + Liquid Securities||$32.7mm -> $36.4mm (+11.3%)|
- Also during Q1 2019:
-- Public portfolio gross total return was 13.6% versus the Russell Microcap Index increase of 13.1%. Public portfolio increased in value by approximately $4.4 million, or $0.14 per share.
-- Private portfolio value remained flat.
The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results.
“It was another solid quarter for our public holdings,” said Kevin M. Rendino, Chief Executive Officer of 180. “Our public portfolio’s gross total return of 13.6% slightly outperformed the 13.1% total return for the Russell Microcap Index. Going back to the beginning of 2017, we have achieved a 108.4% gross total return in our public holdings versus an 8.6% total return for the Russell Microcap Index. The growth in our NAV of $0.12, or 4.5%, this quarter came solely from our public portfolio companies net of our operating expenses. Similar to recent quarters, our private portfolio had minimal to no impact on our NAV quarter-over-quarter. Since the beginning of 2017, our public portfolio companies account for 90% of the growth of our NAV from $2.34 to $2.76.”
Mr. Rendino and Daniel Wolfe, President, Chief Financial Officer and Portfolio Manager, will host a conference call tomorrow, Thursday, May 2, 2019, at 9am Eastern Time, to discuss the results from the first quarter of 2019. The call can be accessed by phone at (712) 770-4598 passcode 415049 or via the web at https://www.freeconferencecall.com/wall/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 May 1, 2019