S.W, HUGE GAP for WCAP: WINFIELD Capital Corp. Reports Record Results for the Third Quarter Ended December 31, 1999...
WHITE PLAINS, NY--(BUSINESS WIRE)--Feb. 11, 2000--Winfield
Capital Corp. (WCAP-Nasdaq National Market) announced today a net gain
of $101,974,510 for the quarter ended December 31, 1999 versus a net
gain of $16,893,853 for the quarter ended December 31, 1998. This net
gain included an increase in unrealized appreciation in the value of
investments totaling $101,548,791 compared to an increase of
$17,130,415 of such unrealized appreciation in the same quarter in
1998. The change in unrealized appreciation in fiscal 2000 and in
fiscal 1999 was principally related to the fluctuation in market price
of six portfolio securities and one portfolio security, respectively.
The Company's results also reflected that total investment income
for the third quarter of fiscal year 2000 versus the third quarter of
fiscal year 1999 decreased approximately 7.7% to $186,859 from
$202,345. The decrease in investment income was largely attributable
to decreased earnings from other investment income, principally
amortization of deferred commitment and application fees, and income
from both notes receivable and assets acquired in liquidation.
Operating expenses increased by $235,858 for the three months ended
December 31, 1999 compared to the prior year quarter, mostly
attributable to increases in stock record and financial printing
costs, legal expenses, and payroll and payroll related expenses.
The Company also reported a net gain of $99,398,806 for the nine
months ended December 31, 1999 versus a net gain of $24,280,786 for
the same period last year. Total investments originated for the nine
months ended December 31, 1999 were $6,886,237. From the close of the
quarter ended December 31, 1999 to the date of this release, the
Company originated investments totaling approximately $4,425,000.
Winfield Capital is a small business investment company which
makes equity investments and loans pursuant to funding programs
sponsored by the SBA 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 is traded on the
Nasdaq National Market under the symbol "WCAP".
This press release may contain forward-looking information within
the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 and is subject to the safe
harbor created by those sections.
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*T
SELECTED FINANCIAL INFORMATION
Three Months Ended Dec. 31, Nine Months Ended Dec. 31,
1999 1998 1999 1998
Total
Investment
Income $ 186,859 $ 202,345 $ 556,591 $ 628,795
Net Gain $101,974,510 $ 16,893,853 $ 99,398,806 $ 24,280,786
Net Gain
Per Share
Basic $ 19.07 $ 3.36 $ 18.89 $ 4.83
Diluted $ 16.75 $ 2.95 $ 17.29 $ 4.58
Weighted
Average
Number
of
Shares
Outstand-
ing &
Common
Stock
Equivalents 6,089,188 5,721,775 5,749,819 5,297,709
Total Assets $156,389,168 $ 42,472,739
Cash &
Short-term
Investments $ 5,638,447 $ 1,490,272
Total
Shareholders
Equity $133,234,348 $ 32,906,334
*T
--30--kam/ny*
CONTACT: WINFIELD CAPITAL CORP.
Paul A. Perlin, Chairman and CEO
914/949-2600
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING EARNINGS
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