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Dec 31, 2021
PennantPark Q1 2022 Earnings Report
Announced an increase of its quarterly distribution and financial results for the quarter ended December 31, 2021.
Key Takeaways
PennantPark Investment Corporation announced its financial results for the first fiscal quarter ended December 31, 2021, with a portfolio totaling $1,445.4 million. The company also increased its quarterly distribution to $0.14 per share and initiated a $25 million stock buyback program.
Increased quarterly distribution to $0.14 per share.
Portfolio totaled $1,445.4 million as of December 31, 2021.
Invested $295.1 million in 15 new and 30 existing portfolio companies.
Initiated a stock repurchase program of up to $25 million.
PennantPark
PennantPark
Forward Guidance
PennantPark Investment Corporation has not provided specific forward guidance in the press release. However, they have announced a stock repurchase program and an increase in capital commitments to PSLF.
Positive Outlook
- Increase in quarterly dividend to 14 cents per share.
- $25 million stock buyback program.
- $39 million increase in commitment to the PSLF JV.
- Portfolio had net unrealized appreciation of $80.9 million as of December 31, 2021.
- No portfolio companies on non-accrual as of December 31, 2021.
Challenges Ahead
- Net realized loss totaled $26.1 million for the three months ended December 31, 2021.
- Operating activities used cash of $177.4 million for the three months ended December 31, 2021.
- Decrease in the net change in net assets from operations for the three months ended December 31, 2021 compared to the same periods in the prior year was primarily due to a decrease in unrealized appreciation.
- The Company undertakes no duty to update any forward-looking statement made herein.
- Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC as well as changes in the economy and risks associated with possible disruption in the Company’s operations or the economy generally due to terrorism, natural disasters or pandemics such as COVID-19.