PhenixFIN Corporation Announces September 30, 2021 Financial Results
PhenixFIN Corporation Announces September 30, 2021 Financial Results
David Lorber, Chief Executive Officer of the Company, stated:NEW YORK, Dec. 20, 2021 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter and fiscal year ended September 30, 2021.
紐約，2021年12月20日(環球通訊社)--上市商業開發公司菲尼克斯FIN公司(納斯達克：PFX)(以下簡稱“公司”)今天公佈了截至2021年9月30日的第四財季和本財年的財務業績。
Fourth Quarter Highlights
第四季度亮點
- Total investment income of $4.4 million; net investment income of $1.1 million
- $69.4 million in cash and cash equivalents on September 30, 2021
- Net asset value of $143.7 million, or $57.08 per share as of September 30, 2021 vs. $55.30 per share as of September 30, 2020
- 141,700 shares repurchased for an aggregate purchase price of $5.9 million during the fourth quarter
- Launched FlexFIN, LLC, an asset-based lending business engaged in the gem and jewelry industry.
- 總投資收入為440萬美元；淨投資收入為110萬美元
- 2021年9月30日現金及現金等價物6940萬美元
- 截至2021年9月30日的資產淨值為1.437億美元，或每股57.08美元，而截至2020年9月30日的資產淨值為每股55.30美元
- 第四季度回購了141,700股股票，總回購價格為590萬美元
- 推出了FlexFIN，LLC，這是一家從事寶石和珠寶行業的基於資產的貸款公司。
Subsequent Event
後續事件
- On November 15, 2021, PhenixFIN issued $57.5 million in aggregate principal amount of 5.25% unsecured notes due 2028 (NASDAQ: PFXNZ)
- 2021年11月15日，PhenixFIN發行了本金總額為5750萬美元的2028年到期的5.25%無擔保票據(納斯達克代碼：PFXNZ)
David Lorber, Chief Executive Officer of the Company, stated:
該公司首席執行官大衞·洛伯表示：
"In our first three quarters as being an internally managed BDC we have made appreciable progress on repositioning the portfolio as we continue to be focused on optimizing the long-term value of PhenixFIN."
作為一家內部管理的BDC，在我們的前三個季度，我們在重新定位投資組合方面取得了可觀的進展，因為我們繼續專注於優化PhenixFIN的長期價值。“
Since January 1, 2021 we have monetized 13 positions and deployed capital into 16 new investments.
自2021年1月1日以來，我們已將13個頭寸貨幣化，並將資本部署到16項新投資中。
During the fourth quarter, we launched FlexFIN, LLC, a partnership with Kwiat & Fred Leighton to provide alternative financing to the gem and jewelry industry. The partnership is intended to leverage Kwiat's rich 115-year history and network within the gem and jewelry industry. We believe this new business affords us the opportunity to generate higher-yielding, risk adjusted returns within the multi-billion-dollar jewelry industry.
在第四季度，我們推出了FlexFIN，LLC，這是我們與Kwiat&Fred Leighton的合作伙伴關係，為寶石和珠寶行業提供替代融資。這一合作關係旨在利用Kwiat在寶石和珠寶行業豐富的115年曆史和網絡。我們相信，這項新業務為我們提供了在價值數十億美元的珠寶行業內產生更高收益、風險調整後回報的機會。
In addition, as of September 30, 2021, the Company had a net capital loss carryforward of $490 million. "We are focused on implementing strategies seeking to increase our NAV and optimize the value of our tax attributes," added Mr. Lorber.
此外，截至2021年9月30日，該公司的淨資本虧損為4.9億美元。洛伯補充説：“我們專注於實施戰略，尋求增加我們的資產淨值並優化我們税收屬性的價值。”
On January 11, 2021, the Company announced that the Board of Directors approved a share repurchase program authorizing up to $15 million in share repurchases. Under the share repurchase program, the Company is authorized to repurchase from time to time its common stock in open market or other transactions, subject to applicable regulatory requirements. Under this program, 206,488 shares were repurchased through September 30, 2021 at a weighted average share price of $39.73/share.
2021年1月11日，該公司宣佈，董事會批准了一項股份回購計劃，授權進行高達1500萬美元的股票回購。根據股份回購計劃，本公司有權在公開市場或其他交易中不時回購其普通股，但須符合適用的監管要求。根據這一計劃，截至2021年9月30日，以加權平均股價39.73美元/股的價格回購了206,488股股票。
Selected Fourth Quarter 2021 Financial Results
精選2021年第四季度財務業績
For the quarter ended September 30, 2021, investment income totaled $4.4 million, of which $2.4 million was attributable to portfolio interest and dividend income and $1.9 million was attributable to fee income.
截至2021年9月30日的季度，投資收入總計440萬美元，其中240萬美元歸因於投資組合利息和股息收入，190萬美元歸因於手續費收入。
For the quarter ended September 30, 2021, total net expenses were $3.3 million and total net investment income was $1.1 million.
截至2021年9月30日的季度，總淨支出為330萬美元，總淨投資收入為110萬美元。
For the quarter ended September 30, 2021, the Company recorded a net realized gain of $4.0 million and net change in unrealized depreciation of $12.1 million.
在截至2021年9月30日的季度，該公司錄得已實現淨收益400萬美元，未實現折舊淨變化1210萬美元。
Portfolio and Investment Activities
投資組合和投資活動
As of September 30, 2021, the fair value of the Company's investment portfolio totaled $151.6 million and consisted of 42 portfolio companies.
截至2021年9月30日，該公司投資組合的公允價值總計1.516億美元，由42家投資組合公司組成。
As of September 30, 2021, the Company had 9 portfolio company investments on non-accrual status with a fair market value of $13.9 million.
截至2021年9月30日，該公司有9項非權責發生狀態的投資組合公司投資，公平市值為1390萬美元。
Liquidity and Capital Resources
流動性與資本資源
At September 30, 2021, the Company had $69.4 million in cash and $77.8 million outstanding in aggregate principal amount of 6.125% unsecured notes due 2023.
截至2021年9月30日，該公司有6,940萬美元的現金和7,780萬美元的未償還本金總額為6.125%的無擔保票據將於2023年到期。
ABOUT PHENIXFIN CORPORATION
關於菲尼希芬公司
PhenixFIN Corporation is a non-diversified, internally managed closed-end management investment company incorporated in Delaware that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. We completed our initial public offering and commenced operations on January 20, 2011. The Company has elected, and intends to qualify annually, to be treated, for U.S. federal income tax purposes, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Effective January 1, 2021, the Company operates under an internalized management structure.
PhenixFIN公司是一家在特拉華州註冊成立的非多元化、內部管理的封閉式管理投資公司，該公司已選擇根據1940年修訂後的“投資公司法”作為一家業務開發公司進行監管。我們於2011年1月20日完成首次公開募股(IPO)並開始運營。根據修訂後的1986年美國國税法M子章，本公司已經選擇，並打算每年都有資格被視為符合美國聯邦所得税標準的受監管投資公司。自2021年1月1日起，公司在內部化管理結構下運營。
SAFE HARBOR STATEMENT AND OTHER DISCLOSURES
安全港聲明和其他披露
This press release contains "forward-looking" statements. Such forward-looking statements reflect current views with respect to future events and financial performance, and the Company may make related oral forward-looking statements on or following the date hereof. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including among other things, PhenixFIN's ability to deliver value to shareholders, implement its investment objective, capitalize on investment opportunities, optimize its tax attributes, develop FlexFIN into a successful business and perform well and operate effectively under an internalized management structure, and other factors that are enumerated in the Company's periodic filings with the Securities and Exchange Commission. PhenixFIN Corporation disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.
本新聞稿包含“前瞻性”陳述。這些前瞻性陳述反映了當前對未來事件和財務表現的看法，公司可能在本新聞稿發佈之日或之後發表相關的口頭前瞻性陳述。這些前瞻性陳述受預測未來結果和條件的內在不確定性的影響。某些因素可能導致實際結果和條件與這些前瞻性陳述中預測的大不相同，其中包括PhenixFIN向股東提供價值的能力、實現其投資目標、利用投資機會、優化其税務屬性、將FlexFIN發展成一項成功的業務、在內部化管理結構下表現良好和有效運營的能力，以及該公司定期向美國證券交易委員會提交的文件中列舉的其他因素。PhenixFIN公司不承擔任何義務來更新或修改本新聞稿中的任何前瞻性陳述。
The press release contains unaudited financial results. For ease of review, we have excluded the word "approximately" when rounding the results. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of PhenixFIN Corporation's common stock. There can be no assurance that PhenixFIN Corporation will achieve its investment objective.
新聞稿包含未經審計的財務結果。為便於審查，我們在舍入結果時排除了“大約”一詞。本新聞稿僅供參考，並不是購買或徵集出售PhenixFIN公司普通股的要約。不能保證PhenixFIN公司會實現其投資目標。
For PhenixFIN investor relations, please call 212-859-0390. For media inquiries, please contact info@phenixfc.com.
欲查詢PhenixFIN投資者關係，請致電212-859-0390。如有媒體查詢，請聯繫info@henixfc.com。
PHENIXFIN CORPORATION
Consolidated Statements of Assets and Liabilities
非尼西芬公司
合併資產負債表
|
September 30, 2021 |
September 30, 2020 |
|||||||
| Assets: | ||||||||
| Investments at fair value | ||||||||
| Non-controlled, non-affiliated investments (amortized cost of $92,214,167 and $117,360,954, respectively) | $ | 84,152,678 | $ | 114,321,948 | ||||
| Affiliated investments (amortized cost of $75,963,427 and $92,898,755, respectively) | 57,595,245 | 84,873,023 | ||||||
| Controlled investments (amortized cost of $39,490,097 and $117,874,821, respectively) | 9,891,860 | 47,548,578 | ||||||
| Total Investments at fair value | 151,639,783 | 246,743,549 | ||||||
| Cash and cash equivalents | 69,433,256 | 56,522,148 | ||||||
| Receivables: | ||||||||
| Fees receivable | 1,872,700 | 119,028 | ||||||
| Interest receivable | 371,576 | 624,524 | ||||||
| Paydown receivable | 292,015 | - | ||||||
| Dividends receivable | 81,211 | - | ||||||
| Other assets | 1,401,746 | 2,093,559 | ||||||
| Total Assets | $ | 225,092,287 | $ | 306,102,808 | ||||
| Liabilities: | ||||||||
| Notes payable (net of debt issuance costs of $412,795 and $905,624, respectively) | $ | 77,434,005 | $ | 150,960,662 | ||||
| Due to broker | 1,586,000 | - | ||||||
| Accounts payable and accrued expenses | 1,416,524 | 2,108,225 | ||||||
| Due to affiliates | 280,323 | 53,083 | ||||||
| Administrator expenses payable | 67,920 | 156,965 | ||||||
| Management and incentive fees payable | - | 1,392,022 | ||||||
| Interest and fees payable | - | 801,805 | ||||||
| Deferred revenue | - | 10,529 | ||||||
| Other liabilities | 613,534 | - | ||||||
| Total Liabilities | 81,398,306 | 155,483,291 | ||||||
| Commitments and Contingencies | ||||||||
| Net Assets: | ||||||||
| Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,517,221 and 2,723,709 common shares outstanding, respectively | 2,517 | 2,724 | ||||||
| Capital in excess of par value | 688,866,642 | 672,381,617 | ||||||
| Total distributable earnings (loss) | (545,175,178 | ) | (521,764,824 | ) | ||||
| Total Net Assets | 143,693,981 | 150,619,517 | ||||||
| Total Liabilities and Net Assets | $ | 225,092,287 | $ | 306,102,808 | ||||
| Net Asset Value Per Common Share | $ | 57.08 | $ | 55.30 | ||||
|
9月30日， 2021 |
9月30日， 2020 |
|||||||
| 資產： | ||||||||
| 公允價值投資 | ||||||||
| 非控制、非附屬投資(攤銷成本分別為92,214,167美元和117,360,954美元) | $ | 84,152,678 | $ | 114,321,948 | ||||
| 附屬投資(攤銷成本分別為75963427美元和92898755美元) | 57,595,245 | 84,873,023 | ||||||
| 受控投資(攤銷成本分別為39,490,097美元和117,874,821美元) | 9,891,860 | 47,548,578 | ||||||
| 按公允價值計算的總投資 | 151,639,783 | 246,743,549 | ||||||
| 現金和現金等價物 | 69,433,256 | 56,522,148 | ||||||
| 應收款： | ||||||||
| 應收費用 | 1,872,700 | 119,028 | ||||||
| 應收利息 | 371,576 | 624,524 | ||||||
| 應收定金 | 292,015 | - | ||||||
| 應收股利 | 81,211 | - | ||||||
| 其他資產 | 1,401,746 | 2,093,559 | ||||||
| 總資產 | $ | 225,092,287 | $ | 306,102,808 | ||||
| 負債： | ||||||||
| 應付票據(分別扣除債務發行成本412795美元和905624美元) | $ | 77,434,005 | $ | 150,960,662 | ||||
| 由於經紀人的原因 | 1,586,000 | - | ||||||
| 應付賬款和應計費用 | 1,416,524 | 2,108,225 | ||||||
| 由於附屬公司 | 280,323 | 53,083 | ||||||
| 應付管理費用 | 67,920 | 156,965 | ||||||
| 應付管理費和激勵費 | - | 1,392,022 | ||||||
| 應付利息及費用 | - | 801,805 | ||||||
| 遞延收入 | - | 10,529 | ||||||
| 其他負債 | 613,534 | - | ||||||
| 總負債 | 81,398,306 | 155,483,291 | ||||||
| 承諾和或有事項 | ||||||||
| 淨資產： | ||||||||
| 普通股，面值0.001美元；授權發行5,000,000股；已發行2,723,709股；已發行普通股分別為2,517,221股和2,723,709股 | 2,517 | 2,724 | ||||||
| 超出票面價值的資本 | 688,866,642 | 672,381,617 | ||||||
| 總可分配收益(虧損) | (545,175,178 | ) | (521,764,824 | ) | ||||
| 總淨資產 | 143,693,981 | 150,619,517 | ||||||
| 總負債和淨資產 | $ | 225,092,287 | $ | 306,102,808 | ||||
| 每股普通股資產淨值 | $ | 57.08 | $ | 55.30 | ||||
PHENIXFIN CORPORATION
Consolidated Statements of Operations
非尼西芬公司
合併業務報表
| For the Years Ended September 30 | ||||||||||||
| 2021 | 2020 | 2019 | ||||||||||
| Interest Income: | ||||||||||||
| Interest from investments | ||||||||||||
| Non-controlled, non-affiliated investments: | ||||||||||||
| Cash | $ | 5,974,807 | $ | 9,137,394 | $ | 25,368,027 | ||||||
| Payment in-kind | 609,964 | 863,744 | 1,755,260 | |||||||||
| Affiliated investments: | ||||||||||||
| Cash | 1,099,809 | 1,182,294 | 2,197,555 | |||||||||
| Payment in-kind | 327,804 | 2,425,557 | 2,604,279 | |||||||||
| Controlled investments: | ||||||||||||
| Cash | 75,000 | 84,505 | 337,956 | |||||||||
| Payment in-kind | - | 500,767 | 2,800,890 | |||||||||
| Total interest income | 8,087,384 | 14,194,261 | 35,063,967 | |||||||||
| Dividend income | 21,564,348 | 6,256,250 | 8,218,480 | |||||||||
| Interest from cash and cash equivalents | 10,402 | 378,077 | 712,017 | |||||||||
| Fee income | 2,566,519 | 692,988 | 2,304,287 | |||||||||
| Other income | 78,204 | - | - | |||||||||
| Total Investment Income | 32,306,857 | 21,521,576 | 46,298,751 | |||||||||
| Expenses: | ||||||||||||
| Base management fees | 1,146,403 | 6,358,750 | 11,189,646 | |||||||||
| Interest and financing expenses | 5,800,100 | 14,935,017 | 24,049,485 | |||||||||
| General and administrative expenses | 1,012,147 | 3,285,259 | 7,398,534 | |||||||||
| Salaries and benefits | 1,993,277 | - | - | |||||||||
| Administrator expenses | 612,983 | 2,226,831 | 3,323,989 | |||||||||
| Insurance expenses | 1,619,536 | 1,463,391 | 623,064 | |||||||||
| Directors fees | 1,039,717 | 1,451,077 | 1,258,378 | |||||||||
| Professional fees, net | 559,975 | (4,768,050 | ) | 19,323,082 | ||||||||
| Expenses before expense support reimbursement and management and incentive fee waivers | 13,784,138 | 24,952,275 | 67,166,178 | |||||||||
| Expense support reimbursement | - | (710,294 | ) | - | ||||||||
| Total expenses net of expense support reimbursement and management and incentive fee waivers | 13,784,138 | 24,241,981 | 67,166,178 | |||||||||
| Net Investment Income | 18,522,719 | (2,720,405 | ) | (20,867,427 | ) | |||||||
| Realized and unrealized gains (losses) on investments | ||||||||||||
| Net realized gains (losses): | ||||||||||||
| Non-controlled, non-affiliated investments | 7,747,672 | (9,973,416 | ) | (24,762,224 | ) | |||||||
| Affiliated investments | (10,088,405 | ) | (928,990 | ) | (7,670,970 | ) | ||||||
| Controlled investments | (40,144,795 | ) | (39,076,425 | ) | (79,739,742 | ) | ||||||
| Total net realized gains (losses) | (42,485,528 | ) | (49,978,831 | ) | (112,172,936 | ) | ||||||
| Net change in unrealized gains (losses): | ||||||||||||
| Non-controlled, non-affiliated investments | (5,022,484 | ) | 9,898,237 | 20,727,499 | ||||||||
| Affiliated investments | (10,342,450 | ) | 2,648,353 | (6,864,255 | ) | |||||||
| Controlled investments | 40,728,006 | (23,178,993 | ) | 24,634,707 | ||||||||
| Total net change in unrealized gains (losses) | 25,363,072 | (10,632,403 | ) | 38,497,951 | ||||||||
| Loss on extinguishment of debt | (122,355 | ) | (2,481,374 | ) | (2,032,655 | ) | ||||||
| Total realized and unrealized gains (losses) | (17,244,811 | ) | (63,092,608 | ) | (75,707,640 | ) | ||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,277,908 | $ | (65,813,013 | ) | $ | (96,575,067 | ) | ||||
| Weighted Average Basic and diluted earnings per common share | $ | 0.48 | $ | (24.16 | ) | $ | (35.46 | ) | ||||
| Weighted Average Basic and diluted net investment income (loss) per common share | $ | 6.92 | $ | (1.00 | ) | $ | (7.66 | ) | ||||
| Weighted Average Common Shares Outstanding - Basic and Diluted | 2,677,891 | 2,723,709 | 2,723,709 | |||||||||
| Dividends Declared per Common Share | $ | - | $ | - | $ | 3.00 | ||||||
| 截至九月三十日止的年度 | ||||||||||||
| 2021 | 2020 | 2019 | ||||||||||
| 利息收入： | ||||||||||||
| 投資利息 | ||||||||||||
| 非控制、非附屬投資： | ||||||||||||
| 現金 | $ | 5,974,807 | $ | 9,137,394 | $ | 25,368,027 | ||||||
| 實物付款 | 609,964 | 863,744 | 1,755,260 | |||||||||
| 附屬投資： | ||||||||||||
| 現金 | 1,099,809 | 1,182,294 | 2,197,555 | |||||||||
| 實物付款 | 327,804 | 2,425,557 | 2,604,279 | |||||||||
| 受控投資： | ||||||||||||
| 現金 | 75,000 | 84,505 | 337,956 | |||||||||
| 實物付款 | - | 500,767 | 2,800,890 | |||||||||
| 利息收入總額 | 8,087,384 | 14,194,261 | 35,063,967 | |||||||||
| 股息收入 | 21,564,348 | 6,256,250 | 8,218,480 | |||||||||
| 現金和現金等價物的利息 | 10,402 | 378,077 | 712,017 | |||||||||
| 手續費收入 | 2,566,519 | 692,988 | 2,304,287 | |||||||||
| 其他收入 | 78,204 | - | - | |||||||||
| 總投資收益 | 32,306,857 | 21,521,576 | 46,298,751 | |||||||||
| 費用： | ||||||||||||
| 基地管理費 | 1,146,403 | 6,358,750 | 11,189,646 | |||||||||
| 利息和融資費用 | 5,800,100 | 14,935,017 | 24,049,485 | |||||||||
| 一般和行政費用 | 1,012,147 | 3,285,259 | 7,398,534 | |||||||||
| 薪金和福利 | 1,993,277 | - | - | |||||||||
| 管理員費用 | 612,983 | 2,226,831 | 3,323,989 | |||||||||
| 保險費 | 1,619,536 | 1,463,391 | 623,064 | |||||||||
| 董事酬金 | 1,039,717 | 1,451,077 | 1,258,378 | |||||||||
| 專業費用，淨額 | 559,975 | (4,768,050 | ) | 19,323,082 | ||||||||
| 費用前費用支持報銷、管理和獎勵費用減免 | 13,784,138 | 24,952,275 | 67,166,178 | |||||||||
| 費用支持報銷 | - | (710,294 | ) | - | ||||||||
| 扣除費用支持報銷、管理和獎勵費用後的總費用 | 13,784,138 | 24,241,981 | 67,166,178 | |||||||||
| 淨投資收益 | 18,522,719 | (2,720,405 | ) | (20,867,427 | ) | |||||||
| 已實現和未實現的投資收益(虧損) | ||||||||||||
| 已實現淨收益(虧損)： | ||||||||||||
| 非控制、非附屬投資 | 7,747,672 | (9,973,416 | ) | (24,762,224 | ) | |||||||
| 關聯投資 | (10,088,405 | ) | (928,990 | ) | (7,670,970 | ) | ||||||
| 受控投資 | (40,144,795 | ) | (39,076,425 | ) | (79,739,742 | ) | ||||||
| 已實現淨收益(虧損)合計 | (42,485,528 | ) | (49,978,831 | ) | (112,172,936 | ) | ||||||
| 未實現收益(虧損)淨變化： | ||||||||||||
| 非控制、非附屬投資 | (5,022,484 | ) | 9,898,237 | 20,727,499 | ||||||||
| 關聯投資 | (10,342,450 | ) | 2,648,353 | (6,864,255 | ) | |||||||
| 受控投資 | 40,728,006 | (23,178,993 | ) | 24,634,707 | ||||||||
| 未實現收益(虧損)淨變動總額 | 25,363,072 | (10,632,403 | ) | 38,497,951 | ||||||||
| 債務清償損失 | (122,355 | ) | (2,481,374 | ) | (2,032,655 | ) | ||||||
| 已實現和未實現收益(虧損)合計 | (17,244,811 | ) | (63,092,608 | ) | (75,707,640 | ) | ||||||
| 經營所致淨資產淨增(減) | $ | 1,277,908 | $ | (65,813,013 | ) | $ | (96,575,067 | ) | ||||
| 普通股加權平均基本收益和稀釋後收益 | $ | 0.48 | $ | (24.16 | ) | $ | (35.46 | ) | ||||
| 普通股加權平均基本和攤薄淨投資收益(虧損) | $ | 6.92 | $ | (1.00 | ) | $ | (7.66 | ) | ||||
| 加權平均普通股流通股-基本和稀釋 | 2,677,891 | 2,723,709 | 2,723,709 | |||||||||
| 宣佈的每股普通股股息 | $ | - | $ | - | $ | 3.00 | ||||||
