Here is the report on the Dec 96 quarter. The March 97 quarter
results should be out in mid-May.
Ferrell
---------------------------------
Friday February 14 8:13 AM EDT
Winfield Capital reports results for the third quarter ended
Dec. 31, 1996
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Feb. 14, 1997--Winfield Capital Corp.
(WCAP-Nasdaq) announced today a net income of $80,568 for the quarter ended Dec. 31, 1996
versus a net loss of $160,982 for the same quarter in 1995.
The company's total investment income for the third quarter of fiscal year 1997 increased
approximately 102% from $167,291 to $338,206. The increase in investment income largely
reflects the investment income earned on temporarily invested funds raised in the company's
initial public offering in October 1995, and the proceeds of a $5,000,000 debenture issued to the
Small Business Administration in June 1996. In addition, interest income from loans to small
business concerns increased by $134,817 in the third quarter of fiscal year 1997, reflecting the
growth in the company's loan portfolio. The quarter's results included a realized gain of $124,960
from the sale of an investment made in relation to an initial public offering.
The company also announced that it expects one of its portfolio companies, Independence Brewing
Company (IBCO-Nasdaq), a Philadelphia-based company in which Winfield Capital owns
949,941 shares of common stock, will today close its initial public offering. Independence
Brewing Company is a regional producer of fresh, high-quality, preservative-free craft-brewed
ales, lagers, porters and seasonal beers. In addition to its shares of common stock, Winfield Capital
owns 3,500,000 warrants to purchase Independence Brewing Company common stock at an
exercise price of $6.00 per share. The company noted that all of its equity and derivative holdings
in Independence Brewing Company are restricted from public sale for a period of thirty-six
months from the date of their purchase in August and September of 1996. The impact of this
investment will be reflected as unrealized gains in the company's fourth quarter and year-ended
March 31, 1997 results.
Winfield Capital is a small business investment company which makes loans and other
investments pursuant to funding programs sponsored by the Small Business Administration and is
a non-diversified, closed-end investment company that is a business development company under
the Investment Company Act of 1940.
The company's common stock and warrants are separately traded on the Nasdaq SmallCap Market
under the symbols "WCAP" and "WCAPW" respectively. The company's shares and warrants also
trade on the Boston Stock Exchange under the symbols "WNF" and "WNFW" respectively.
SELECTED FINANCIAL INFORMATION
Three Months Nine Months
Ended Dec. 31, Ended Dec. 31,
1996 1995 1996 1995
Total investment income $338,206 $167,291 $1,035,065 $357,712
Net income (loss) $ 80,568 ($160,982) ($ 18,155) ($210,930)
Income (loss) per share $ .02 ($ .04) ($ --) ($ .07)
Weighted average number of
shares outstanding 5,023,361 4,083,361 5,023,361 3,023,010
Total assets $20,271,401 $16,160,495
Cash & short-term
investments $12,618,683 $12,586,604
Total shareholders' equity $10,247,315 $10,506,249
CONTACT: Winfield Capital Corp., White Plains
Paul A. Perlin, 914/949-2600 |
