180 Degree Capital Corp. Reports Net Asset Value per Share of $2.82 as of June 30, 2019; an Increase of 2.2% From March 31, 2019
MONTCLAIR, N.J., Aug. 14, 2019 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) ("180" and the "Company"), today reported its financial results as of June 30, 2019. Key results for the quarter include:
|Q1 2019 -> Q2 2019|
|Stock Price||$1.86 -> $1.969 (+6%)|
|Net Asset Value per Share ("NAV")||$2.76 -> $2.82 (+2%)|
|Stock Price / NAV||67% -> 70% (+300 bps)|
|Cash + Liquid Securities||$36.4 mm -> $38.5 mm (+6%)|
- Also during Q2 2019:
- Public portfolio gross total return was 9.3% versus the Russell Microcap Index increase of 0.9%. Public portfolio increased in value by approximately $3.3 million, or $0.11 per share.
- Private portfolio net value change (including an accrued interest write-off) decreased by $470,000, or $0.02 per share.
- Subsequent to the end of Q2 2019, 180 provided an update that its portfolio of publicly traded companies has increased in value by approximately $9.8 million or $0.31 per share, based on the closing prices per share for each of its publicly traded holdings as of August 14, 2019.
The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results.
Kevin Rendino, CEO of 180 commented, “We had another solid quarter of performance from our public holdings, and approved the sale of the TheStreet, Inc.'s remaining consumer business to TheMaven, Inc. While the second quarter showed solid results, the third quarter, led by our public holdings, is off to a strong start.”
Mr. Rendino and Daniel Wolfe, President, Chief Financial Officer and Portfolio Manager, will host a conference call tomorrow, Thursday, August 15, 2019, at 9am Eastern Time, to discuss the results from the second 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 August 14, 2019