PhenixFIN Corporation Announces Fiscal First Quarter 2022 Financial Results
PhenixFIN Corporation Announces Fiscal First Quarter 2022 Financial Results
Board Expands Share Repurchase Program to $25 million
董事會將股票回購計劃擴大至2500萬美元
NEW YORK, Feb. 10, 2022 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal first quarter of 2022.
紐約，2022年2月10日(環球社)--上市商業開發公司菲尼克斯FIN公司(納斯達克：PFX)今天公佈了2022年第一財季的財務業績。
Highlights
亮點
- During the first quarter, total investment income of $3.1 million; net investment income of $0.2 million
- Net asset value (NAV) of $148.5 million, or $58.99 per share as of December 31, 2021 vs. $57.08 per share as of September 30, 2021
- NAV per share has increased 11.4% over the twelve month period ended December 31, 2021 (since internalization)
- For the full calendar year, operating expenses declined 44% compared to the preceding twelve months
- Weighted average yield to maturity of 8.78% on debt investments
- Issued $57.5 million in aggregate principal amount of 5.25% unsecured notes due 2028 (NASDAQ: PFXNZ)
- 第一季度，總投資收入為310萬美元；淨投資收入為20萬美元
- 截至2021年12月31日的資產淨值(NAV)為1.485億美元，或每股58.99美元，而截至2021年9月30日的資產淨值為每股57.08美元
- 在截至2021年12月31日的12個月裏，每股資產淨值增長了11.4%(自內部化以來)
- 就整個日曆年而言，運營費用與前12個月相比下降了44%。
- 債務投資到期加權平均收益率為8.78%
- 發行本金總額5,750萬美元、2028年到期的本金為5.25%的無擔保票據(納斯達克代碼：PFXNZ)
Subsequent Events:
後續活動：
- On February 9, 2022, the Board approved the expansion of the current repurchase program from $15 million to $25 million. Since announcing the plan on January 11, 2021 through February 8, 2022, the Company has repurchased 219,964 shares at an aggregate price of $8.7 million (8.08% of shares outstanding as of plan inception).
- 2022年2月9日，董事會批准將當前的回購計劃從1500萬美元擴大到2500萬美元。自2021年1月11日至2022年2月8日宣佈該計劃以來，該公司已回購了219,964股股票，總價為870萬美元(佔計劃開始時已發行股票的8.08%)。
David Lorber, Chief Executive Officer of the Company, stated:
該公司首席執行官大衞·洛伯表示：
"After our first year as an internally managed BDC we have successfully repositioned a significant portion of the portfolio and reduced our cost structure. For the first twelve months of being an internally managed BDC, our operating expenses decreased by 44% as compared to the preceding twelve month period, from $12.5 million to $6.9 million. In addition, we launched FlexFIN, an operating company owned in partnership with Kwiat/Fred Leighton, generating attractive returns."
在我們成為內部管理的BDC的第一年後，我們成功地重新定位了很大一部分投資組合，降低了我們的成本結構。在成為內部管理的BDC的前12個月，我們的運營費用比前12個月下降了44%，從1250萬美元降至690萬美元。此外，我們還推出了FlexFIN，這是一家與Kwiat/Fred Leighton合作擁有的運營公司，產生了誘人的回報。“
Since our internalization on January 1, 2021, we have monetized 15 positions totaling $116.2 million and deployed capital into 21 new investments and 6 add on investments, aggregating $135.6 million.
自2021年1月1日內部化以來，我們已將15個頭寸貨幣化，總計1.162億美元，並將資本部署到21個新投資和6個附加投資中，總計1.356億美元。
Selected First Quarter 2022 Financial Results
精選2022年第一季度財務業績
For the quarter ended December 31, 2021, investment income totaled $3.1 million, of which $2.6 million was attributable to portfolio interest and dividend income and $0.5 million was attributable to fee and other income
截至2021年12月31日的季度，投資收入總計310萬美元，其中260萬美元歸因於投資組合利息和股息收入，50萬美元歸因於手續費和其他收入
For the quarter ended December 31, 2021, total net expenses were $2.9 million and total net investment income was $0.2 million
截至2021年12月31日的季度，總淨支出為290萬美元，總淨投資收入為20萬美元
For the quarter ended December 31, 2021, the Company recorded a net realized gain of $15.2 million and net change in unrealized depreciation of $10.3 million.
在截至2021年12月31日的季度，該公司錄得已實現淨收益1520萬美元，未實現折舊淨變化1030萬美元。
Portfolio and Investment Activities
投資組合和投資活動
As of December 31, 2021, the fair value of the Company's investment portfolio totaled $175.4 million and consisted of 42 portfolio companies.
截至2021年12月31日，該公司投資組合的公允價值總計1.754億美元，由42家投資組合公司組成。
As of December 31, 2021, the Company had 6 portfolio company investments on non-accrual status with a fair market value of $10.4 million.
截至2021年12月31日，該公司有6項非權責發生狀態的投資組合公司投資，公平市值為1040萬美元。
Liquidity and Capital Resources
流動性與資本資源
At December 31, 2021, the Company had $59.4 million in cash and $55.2 million and $22.4 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and 6.125% unsecured notes due 2023, respectively.
截至2021年12月31日，公司現金總額為5,940萬美元，2028年到期的5.25%無擔保票據本金總額為5,520萬美元，2023年到期的無擔保票據本金總額為6.125%。
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, reduce operating expenses for a sustainable period of time, implement its investment objective, capitalize on investment opportunities, execute successfully its share repurchase program and perform well and operate effectively under an internalized management structure, FlexFIN's ability to perform effectively and generate attractive returns 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、在可持續的一段時間內減少運營費用、實現其投資目標、利用投資機會、成功執行其股票回購計劃以及在內部管理結構下表現良好和有效運營的能力、FlexFIN有效運作併產生有吸引力的回報的能力，以及在公司提交給證券交易委員會的定期報告中列舉的其他因素。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。
Past performance is not a guarantee of future results. 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.
過去的表現並不能保證未來的結果。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
|
December 31, 2021 (Unaudited) |
September 30, 2021 |
||||||
| Assets: | |||||||
| Investments at fair value | |||||||
| Non-controlled, non-affiliated investments (amortized cost of $128,348,470 and $92,214,167, respectively) | $ | 120,418,943 | $ | 84,152,678 | |||
| Affiliated investments (amortized cost of $46,411,711 and $75,963,427, respectively) | 17,569,686 | 57,595,245 | |||||
| Controlled investments (amortized cost of $66,991,021 and $39,490,097, respectively) | 37,410,426 | 9,891,860 | |||||
| Total Investments at fair value | 175,399,055 | 151,639,783 | |||||
| Cash and cash equivalents | 59,380,000 | 69,433,256 | |||||
| Receivables: | |||||||
| Paydown receivable | 3,885,645 | 292,015 | |||||
| Interest receivable | 533,347 | 371,576 | |||||
| Dividends receivable | 220,459 | 81,211 | |||||
| Due from Affiliate | 137 | - | |||||
| Fees receivable | - | 1,872,700 | |||||
| Other receivable | 1,293 | - | |||||
| Other assets | 1,242,845 | 1,401,746 | |||||
| Total Assets | $ | 240,662,781 | $ | 225,092,287 | |||
| Liabilities: | |||||||
| Notes payable (net of debt issuance costs of $2,380,843 and $412,795, respectively) | $ | 77,640,957 | $ | 77,434,005 | |||
| Interest and fees payable | 385,729 | - | |||||
| Deferred revenue | 386,156 | - | |||||
| Due to broker | 12,089,033 | 1,586,000 | |||||
| Due to affiliates | - | 280,323 | |||||
| Administrator expenses payable | 127,965 | 67,920 | |||||
| Accounts payable and accrued expenses | 922,416 | 1,416,524 | |||||
| Other liabilities | 613,534 | 613,534 | |||||
| Total Liabilities | 92,165,790 | 81,398,306 | |||||
| Commitments and Contingencies | |||||||
| Net Assets: | |||||||
| Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,517,221 common shares outstanding | 2,517 | 2,517 | |||||
| Capital in excess of par value | 688,866,642 | 688,866,642 | |||||
| Total distributable earnings (loss) | (540,372,168 | ) | (545,175,178 | ) | |||
| Total Net Assets | $ | 148,496,991 | $ | 143,693,981 | |||
| Total Liabilities and Net Assets | $ | 240,662,781 | $ | 225,092,287 | |||
| Net Asset Value Per Common Share | $ | 58.99 | $ | 57.08 | |||
|
十二月三十一日， 2021 (未經審計) |
9月30日， 2021 |
||||||
| 資產： | |||||||
| 公允價值投資 | |||||||
| 非控制、非附屬投資(攤銷成本分別為128348470美元和92214167美元) | $ | 120,418,943 | $ | 84,152,678 | |||
| 附屬投資(攤銷費用分別為46411711美元和7596427美元) | 17,569,686 | 57,595,245 | |||||
| 受控投資(攤銷成本分別為66,991,021美元和39,490,097美元) | 37,410,426 | 9,891,860 | |||||
| 按公允價值計算的總投資 | 175,399,055 | 151,639,783 | |||||
| 現金和現金等價物 | 59,380,000 | 69,433,256 | |||||
| 應收款： | |||||||
| 應收定金 | 3,885,645 | 292,015 | |||||
| 應收利息 | 533,347 | 371,576 | |||||
| 應收股利 | 220,459 | 81,211 | |||||
| 應由附屬公司支付 | 137 | - | |||||
| 應收費用 | - | 1,872,700 | |||||
| 其他應收賬款 | 1,293 | - | |||||
| 其他資產 | 1,242,845 | 1,401,746 | |||||
| 總資產 | $ | 240,662,781 | $ | 225,092,287 | |||
| 負債： | |||||||
| 應付票據(分別扣除債務發行成本2380843美元和412795美元) | $ | 77,640,957 | $ | 77,434,005 | |||
| 應付利息及費用 | 385,729 | - | |||||
| 遞延收入 | 386,156 | - | |||||
| 由於經紀人的原因 | 12,089,033 | 1,586,000 | |||||
| 由於附屬公司 | - | 280,323 | |||||
| 應付管理費用 | 127,965 | 67,920 | |||||
| 應付賬款和應計費用 | 922,416 | 1,416,524 | |||||
| 其他負債 | 613,534 | 613,534 | |||||
| 總負債 | 92,165,790 | 81,398,306 | |||||
| 承諾和或有事項 | |||||||
| 淨資產： | |||||||
| 普通股，面值0.001美元；授權發行500萬股；已發行2,723,709股；已發行普通股2,517,221股 | 2,517 | 2,517 | |||||
| 超出票面價值的資本 | 688,866,642 | 688,866,642 | |||||
| 總可分配收益(虧損) | (540,372,168 | ) | (545,175,178 | ) | |||
| 總淨資產 | $ | 148,496,991 | $ | 143,693,981 | |||
| 總負債和淨資產 | $ | 240,662,781 | $ | 225,092,287 | |||
| 每股普通股資產淨值 | $ | 58.99 | $ | 57.08 | |||
PHENIXFIN CORPORATION
Consolidated Statements of Operations
(Unaudited)
非尼西芬公司
合併業務報表
(未經審計)
|
For the Three Months Ended December 31 |
|||||||
| 2021 | 2020 | ||||||
| Interest Income: | |||||||
| Interest from investments | |||||||
| Non-controlled, non-affiliated investments: | |||||||
| Cash | $ | 1,015,692 | $ | 1,671,813 | |||
| Payment in-kind | 138,511 | 170,029 | |||||
| Affiliated investments: | |||||||
| Cash | 122,147 | 352,291 | |||||
| Payment in-kind | 97,028 | - | |||||
| Controlled investments: | |||||||
| Cash | 553,638 | 1,190 | |||||
| Total interest income | 1,927,016 | 2,195,323 | |||||
| Dividend income | 702,930 | 10,263,501 | |||||
| Interest from cash and cash equivalents | 2,739 | 940 | |||||
| Fee income | 270,122 | 341,464 | |||||
| Other income | 230,434 | - | |||||
| Total Investment Income | 3,133,241 | 12,801,228 | |||||
| Expenses: | |||||||
| Base management fees | - | 1,146,403 | |||||
| Interest and financing expenses | 1,487,675 | 2,017,641 | |||||
| General and administrative expenses | 196,559 | 377,934 | |||||
| Salaries and Benefits | 505,875 | - | |||||
| Administrator expenses | 68,866 | 484,412 | |||||
| Insurance expenses | 158,904 | 485,012 | |||||
| Directors fees | 208,500 | 475,717 | |||||
| Professional fees, net | 306,751 | (515,622 | ) | ||||
| Total expenses | 2,933,130 | 4,471,497 | |||||
| Net Investment Income | 200,111 | 8,329,731 | |||||
| Realized and unrealized gains (losses) on investments | |||||||
| Net realized gains (losses): | |||||||
| Non-controlled, non-affiliated investments | 484,513 | 3,893,722 | |||||
| Affiliated investments | 14,737,897 | (10,452,928 | ) | ||||
| Controlled investments | 925 | (40,147,570 | ) | ||||
| Total net realized gains (losses) | 15,223,335 | (46,706,776 | ) | ||||
| Net change in unrealized gains (losses): | |||||||
| Non-controlled, non-affiliated investments | 131,963 | (4,057,063 | ) | ||||
| Affiliated investments | (10,473,843 | ) | (2,118,324 | ) | |||
| Controlled investments | 17,641 | 38,236,935 | |||||
| Total net change in unrealized gains (losses) | (10,324,239 | ) | 32,061,548 | ||||
| Loss on extinguishment of debt | (296,197 | ) | (122,354 | ) | |||
| Total realized and unrealized gains (losses) | 4,602,899 | (14,767,582 | ) | ||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,803,010 | $ | (6,437,851 | ) | ||
| Weighted Average Basic and diluted earnings per common share | $ | 1.91 | $ | (2.36 | ) | ||
| Weighted Average Basic and diluted net investment income (loss) per common share | $ | 0.08 | $ | 3.06 | |||
| Weighted Average Common Shares Outstanding - Basic and Diluted | 2,517,221 | 2,723,709 | |||||
|
對於 截至三個月 12月31日 |
|||||||
| 2021 | 2020 | ||||||
| 利息收入： | |||||||
| 投資利息 | |||||||
| 非控制、非附屬投資： | |||||||
| 現金 | $ | 1,015,692 | $ | 1,671,813 | |||
| 實物付款 | 138,511 | 170,029 | |||||
| 附屬投資： | |||||||
| 現金 | 122,147 | 352,291 | |||||
| 實物付款 | 97,028 | - | |||||
| 受控投資： | |||||||
| 現金 | 553,638 | 1,190 | |||||
| 利息收入總額 | 1,927,016 | 2,195,323 | |||||
| 股息收入 | 702,930 | 10,263,501 | |||||
| 現金和現金等價物的利息 | 2,739 | 940 | |||||
| 手續費收入 | 270,122 | 341,464 | |||||
| 其他收入 | 230,434 | - | |||||
| 總投資收益 | 3,133,241 | 12,801,228 | |||||
| 費用： | |||||||
| 基地管理費 | - | 1,146,403 | |||||
| 利息和融資費用 | 1,487,675 | 2,017,641 | |||||
| 一般和行政費用 | 196,559 | 377,934 | |||||
| 薪金和福利 | 505,875 | - | |||||
| 管理員費用 | 68,866 | 484,412 | |||||
| 保險費 | 158,904 | 485,012 | |||||
| 董事酬金 | 208,500 | 475,717 | |||||
| 專業費用，淨額 | 306,751 | (515,622 | ) | ||||
| 總費用 | 2,933,130 | 4,471,497 | |||||
| 淨投資收益 | 200,111 | 8,329,731 | |||||
| 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 | 484,513 | 3,893,722 | |||||
| 關聯投資 | 14,737,897 | (10,452,928 | ) | ||||
| 受控投資 | 925 | (40,147,570 | ) | ||||
| 已實現淨收益(虧損)合計 | 15,223,335 | (46,706,776 | ) | ||||
| 未實現收益(虧損)淨變化： | |||||||
| 非控制、非附屬投資 | 131,963 | (4,057,063 | ) | ||||
| 關聯投資 | (10,473,843 | ) | (2,118,324 | ) | |||
| 受控投資 | 17,641 | 38,236,935 | |||||
| 未實現收益(虧損)淨變動總額 | (10,324,239 | ) | 32,061,548 | ||||
| 債務清償損失 | (296,197 | ) | (122,354 | ) | |||
| 已實現和未實現收益(虧損)合計 | 4,602,899 | (14,767,582 | ) | ||||
| 經營所致淨資產淨增(減) | $ | 4,803,010 | $ | (6,437,851 | ) | ||
| 普通股加權平均基本收益和稀釋後收益 | $ | 1.91 | $ | (2.36 | ) | ||
| 普通股加權平均基本和攤薄淨投資收益(虧損) | $ | 0.08 | $ | 3.06 | |||
| 加權平均普通股流通股-基本和稀釋 | 2,517,221 | 2,723,709 | |||||