BETHESDA, Md., Aug. 2 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (Nasdaq: ACAS) announced today its Board of Directors has
declared a third quarter 2005 regular dividend of $0.78 per share, to record
holders as of August 26, 2005, payable on October 3, 2005. This dividend is
an 8% increase over the third quarter 2004 regular dividend of $0.72 per
share. American Capital has paid a total of $787 million in dividends and
paid or declared dividends of $18.29 per share since its August 1997 IPO at
$15.00 per share.
In addition, American Capital announced today its results for the quarter
ended June 30, 2005. Net operating income (NOI) for the quarter increased 39%
to $73 million compared to $53 million for second quarter 2004. NOI increased
5% to $0.78 per basic share compared to $0.74 per basic share for the second
quarter 2004. NOI increased 4% to $0.76 per diluted share compared to $0.73
per diluted share for the second quarter 2004.
For the quarter, the net increase in net assets resulting from operations
(NOI plus net appreciation and depreciation and net gains and losses on
assets) was $79 million, or $0.84 per basic share and $0.82 per diluted share,
compared to $89 million, or $1.24 per basic share and $1.22 per diluted share,
in second quarter 2004.
"We had an outstanding quarter, closing a record $903 million of new
investments," said Malon Wilkus, American Capital Chairman, President and CEO.
"We achieved this level of new investments by continuing to build our
institutional capabilities, adding 38 people during the first half of this
year, bringing our total to 229 employees. Our marketing efforts have allowed
us to choose our investments from the largest pipeline of investment
opportunities in the industry, resulting in a pipeline with more than $16
billion of potential transactions, thereby allowing us to be highly selective
and disciplined, and yet finance greater numbers of high quality investments.
We believe we cover the middle market better than any other mezzanine and
equity investor, with a 5% market share for the first six months of the year,
based on our proprietary database. The next three investors combined did not
equal our total."
In second quarter 2005, American Capital invested $903 million, composed
of $485 million of senior debt, $210 million of subordinated debt, $134
million of preferred stock, $48 million of common stock and $26 million of
warrants. Included in the $903 million of new investments are $41 million of
senior debt investments that were subsequently sold to third parties during
the quarter. Seven investments, totaling $475 million, were in American
Capital-sponsored buyouts of new portfolio companies. Seven investments,
totaling $206 million, were in buyouts led by other private equity firms. Two
investments, totaling $25 million, were direct investments in new portfolio
companies. Three investments, totaling $102 million, were in existing
portfolio companies to finance strategic acquisitions. Four investments,
totaling $71 million, were in existing portfolio companies for growth or
recapitalizations. Six investments, totaling $24 million, were for working
capital for existing portfolio companies, including $14 million of distress-
related investments. Total invested assets at fair value increased 25% to
$4.0 billion at June 30, 2005 as compared to $3.2 billion at December 31,
2004.
In second quarter 2005, American Capital received $288 million of proceeds
from exits of portfolio investments, composed of $43 million of senior loan
sales, $147 million of principal prepayments, $14 million of scheduled
principal amortization, $4 million of accrued payment-in-kind (PIK) interest
and dividends and accreted original issue discount (OID) and $80 million from
the sale of equity investments.
"We looked at almost 1,600 potential transactions for the first half of
2005 compared to about 1,200 for the first half of 2004," stated Chief
Operating Officer Ira Wagner. "The 33% increase in potential transactions is
a result of our continued increase in market coverage as well as further
growth of the M&A market. At the same time, the number of those transactions
in which we submitted proposals declined from 15.3% in the first half of 2004
to 11.3% in the first half of 2005. This reflects our rigorous underwriting
and our maintenance of credit standards and investment discipline."
The weighted average effective interest rate on American Capital's total
investments in debt securities as of June 30, 2005 was 12.9%. At June 30,
2005, the weighted average loan grade of American Capital's loan portfolio was
3.1 on a scale of 1 to 4, with 4 being the highest quality, compared to 3.1 as
of December 31, 2004. As of June 30, 2005, loans to twelve portfolio
companies totaling $115 million, with a fair value of $35 million, were on
non-accrual. Delinquent and non-accruing loans totaled $137 million, or 5% of
total loans, at June 30, 2005, compared to $163 million, or 7% of total loans,
at December 31, 2004. American Capital's net asset value per share increased
$1.32 from December 31, 2004 to $22.43 at June 30, 2005.
In the second quarter of 2005, American Capital recorded $32 million in
portfolio net realized gains, excluding $2 million in losses attributable to
periodic interest settlements of interest rate swap agreements. This is
comprised of $54 million of gross gains on portfolio investments and $22
million of gross losses on portfolio investments.
"Credit quality is strong," said Chief Financial Officer John Erickson.
"Delinquencies and non-accruals remain at 5% of our loan balances and our
portfolio continues to perform well as reflected by our net appreciation and
gains. We experienced $24 million of net appreciation and gains from our
portfolio, excluding the interest rate derivatives for the quarter, and $146
million over the past seven quarters since the economy began its recovery.
Over the past seven quarters, our net appreciation and gains results in a 5%
annual growth rate on equity, which is consistent with our business model,
helping to grow our income. Our net asset value per share grew $0.59 this
quarter and $6.15 during the past seven quarters and is now $22.43 per share.
Our ability to grow our NAV while paying out our ordinary taxable income in
dividends is helping us achieve what we believe is the lowest cost of capital
in our industry."
From its 1997 IPO through the second quarter of 2005, American Capital's
average annual rate of net appreciation and gains on portfolio company
investments (excluding interest rate derivative agreements) was a positive
0.7% of average equity. American Capital outperformed FDIC insured commercial
banks, which experienced charge offs net of securities gains of 4.3% of
average annual equity (based on FDIC Quarterly Banking Profile data for
Commercial Banks from American Capital's IPO through the first quarter of
2005). American Capital had a positive 5.3% annual rate of gain on average
equity over the past seven quarters versus an annual rate of charge offs net
of securities gains of negative 3.4% of average annual equity over the past
six quarters for FDIC insured commercial banks.
In second quarter 2005, net depreciation totaled $24 million, consisting
of net appreciation of $18 million from current portfolio companies ($95
million of appreciation at 22 portfolio companies and $77 million of
depreciation at 19 portfolio companies), $26 million of net depreciation
resulting from the recognition of net gains and $16 million of net
depreciation on interest rate derivative agreements. Interest rate derivative
agreements are required by American Capital's loan agreements and asset
securitizations to lock in interest rate spreads on the securitized
investments and reduce interest rate risk. Their fair values appreciate or
depreciate based on relative market interest rates and their remaining term to
maturity. Since the Company's August 1997 IPO, cumulative net appreciation
and gains on portfolio company investments totals $36 million through June 30,
2005. When including interest rate derivative agreements, cumulative net
depreciation and losses total $1 million.
Since its August 1997 IPO through second quarter 2005, American Capital
has earned an 18% compounded annual return on 99 exits and prepayments of
senior debt, subordinated debt and equity investments, totaling $1.8 billion
of invested capital, including interest, dividends, fees and net gains on
these investments. These exits and prepayments represent 30% of all amounts
invested by American Capital since its August 1997 IPO. Proceeds from these
exits and prepayments exceeded the associated prior quarter valuation of the
investments by $46 million in aggregate, or 4%. Eighteen percent of these
exits and prepayments were from portfolio companies that had at one time been
either a loan grade 1 or 2 in American Capital's four point loan grading
system, with 1 being the lowest loan grade. Since its IPO through the second
quarter of 2005, $49 million of American Capital's PIK interest and dividends
and accreted OID have been repaid, representing 23% of all PIK and OID
recorded.
THIRD PARTY VALUATION OF PORTFOLIO INVESTMENTS
Houlihan Lokey Howard & Zukin Financial Advisors Inc. ("Houlihan Lokey")
reviews the determination of fair value of American Capital's portfolio
company investments on a regular basis. Houlihan Lokey is the premier
valuation firm in the U.S., engaged in approximately 800 valuation assignments
per year for clients worldwide. In the past year, Houlihan Lokey has reviewed
100% of American Capital's portfolio investments that have been a portfolio
company for at least one year. In addition, Houlihan Lokey representatives
attend American Capital's quarterly valuation meetings and provide periodic
reports and recommendations to the Audit Committee of the Board of Directors
with respect to valuation models, policies and procedures.
For the second quarter of 2005, Houlihan Lokey reviewed the Company's
valuations of 21 portfolio company investments having $648 million in fair
value as reflected in the June 30, 2005 financial statements. Using methods
and techniques that are customary for the industry and that Houlihan Lokey
considers appropriate under the circumstances, Houlihan Lokey determined that
the aggregate fair value assigned to the portfolio company investments by
American Capital was within their reasonable range of aggregate value for such
companies. Over the last four quarters, Houlihan Lokey has reviewed 92
portfolio companies totaling $2.6 billion in fair value as of their respective
valuation dates.
Financial highlights for the quarter are as follows:
AMERICAN CAPITAL STRATEGIES, LTD.
CONSOLIDATED BALANCE SHEETS AND FINANCIAL INFORMATION
(In thousands)
June 30, December 31,
2005 2004
(unaudited)
Assets
Investments at fair value (cost of
$4,040,689 and $3,236,249, respectively)
Non-Control/Non-Affiliate investments $ 1,445,592 $ 1,157,406
Affiliate investments 485,405 408,529
Control investments 2,110,298 1,654,075
Interest rate derivative agreements 1,340 1,678
Total investments at fair value 4,042,635 3,221,688
Cash and cash equivalents 103,554 58,367
Restricted cash 105,812 141,895
Interest receivable 27,870 22,053
Other 53,762 47,424
Total assets $ 4,333,633 $ 3,491,427
Liabilities and Shareholders' Equity
Debt $ 1,997,751 $ 1,560,978
Interest rate derivative agreements 15,257 17,396
Accrued dividends payable 70,136 5,322
Other 52,103 35,305
Total liabilities 2,135,247 1,619,001
Commitments and contingencies
Shareholders' equity:
Undesignated preferred stock, $0.01
par value, 5,000 shares authorized,
0 issued and outstanding - -
Common stock, $0.01 par value, 200,000
shares authorized, 98,220 and 88,705
issued and 98,012 and 88,705
outstanding, respectively 980 887
Capital in excess of par value 2,296,569 2,010,063
Unearned compensation (52,728) (36,690)
Notes receivable from sale
of common stock (6,679) (6,845)
Distributions in excess of net realized
earnings (26,445) (63,032)
Net unrealized depreciation of
investments (13,311) (31,957)
Total shareholders' equity 2,198,386 1,872,426
Total liabilities and shareholders' equity $ 4,333,633 $ 3,491,427
Net asset value per share $ 22.43 $ 21.11
OTHER FINANCIAL INFORMATION:
LTM net operating income return on average
equity at cost (unaudited) 13.7% 14.1%
AMERICAN CAPITAL STRATEGIES, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
2005 2004 2005 2004
(unaudited) (unaudited)
OPERATING INCOME:
Interest and dividend income
Non-Control/Non-Affiliate
investments $ 42,173 $ 25,733 $ 78,455 $ 48,835
Affiliate investments 13,635 7,942 26,151 14,195
Control investments 42,102 26,116 79,722 52,317
Total interest and
dividend income 97,910 59,791 184,328 115,347
Fee Income
Non-Control/Non-Affiliate
investments 10,474 10,326 13,078 11,882
Affiliate investments 3,405 457 5,238 1,333
Control investments 19,943 5,004 29,943 13,546
Total fee income 33,822 15,787 48,259 26,761
Total operating income 131,732 75,578 232,587 142,108
OPERATING EXPENSES:
Interest 21,990 6,528 39,336 12,573
Salaries and benefits 19,553 7,874 28,669 13,617
General and administrative 8,808 6,265 15,093 12,145
Stock-based compensation 3,148 1,912 6,344 3,280
Total operating expenses 53,499 22,579 89,442 41,615
OPERATING INCOME BEFORE
INCOME TAXES 78,233 52,999 143,145 100,493
Provision for income taxes (4,759) - (5,784) -
NET OPERATING INCOME 73,474 52,999 137,361 100,493
Net realized gain (loss) on
investments
Non-Control/Non-Affiliate
investments 16,366 6,495 18,254 (4,657)
Affiliate investments 98 (31) 850 (34)
Control investments 15,893 2,648 21,374 (42,786)
Interest rate derivative
periodic payments (2,161) (5,925) (5,456) (8,183)
Total net realized gain
(loss) on investments 30,196 3,187 35,022 (55,660)
Net unrealized (depreciation)
appreciation of investments
Portfolio company investments (7,872) 5,761 16,845 67,641
Interest rate derivative
periodic payment accrual 203 213 (77) (3,474)
Interest rate derivative
agreements (16,652) 26,739 1,878 14,502
Total net unrealized
(depreciation) appreciation
of investments (24,321) 32,713 18,646 78,669
Total net gain on investments 5,875 35,900 53,668 23,009
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 79,349 $ 88,899 $ 191,029 $ 123,502
NET OPERATING INCOME PER COMMON
SHARE:
Basic $ 0.78 $ 0.74 $ 1.50 $ 1.45
Diluted $ 0.76 $ 0.73 $ 1.46 $ 1.43
NET EARNINGS PER COMMON SHARE:
Basic $ 0.84 $ 1.24 $ 2.08 $ 1.78
Diluted $ 0.82 $ 1.22 $ 2.03 $ 1.75
WEIGHTED AVERAGE SHARES OF
COMMON STOCK OUTSTANDING:
Basic 93,915 71,959 91,737 69,542
Diluted 96,731 72,583 94,078 70,454
DIVIDENDS DECLARED PER
COMMON SHARE $ 0.75 $ 0.70 $ 1.48 $ 1.40
Portfolio Statistics (1) Static Pool
($ in millions, unaudited):
Pre-1999 1999 2000 2001 2002
Original Investments and
Commitments $ 371 $ 376 $ 285 $ 368 $ 921
Total Exits and Prepayments of
Original Investments $ 119 $ 163 $ 201 $ 206 $ 270
Total Interest, Dividends and
Fees Collected $ 119 $ 123 $ 76 $ 125 $ 177
Total Net Realized (Loss) Gain
on Investments $(2) $4 $ (85) $ 49 $ 11
Internal Rate of Return(2) 9.3% 4.9% (0.2)% 24.6% 15.8%
Current Cost of Investments $ 221 $ 209 $ 104 $ 151 $ 651
Current Fair Value of Investments $ 180 $ 108 $ 97 $ 151 $ 652
Net Unrealized
Appreciation/(Depreciation) $ (41) $ (101) $ (7) $ - $ 1
Non-Accruing Loans at Face $ 7 $ 27 $ - $ 23 $ 58
Equity Interest at Fair Value $ 20 $ 8 $ 36 $ 46 $ 206
Debt to EBITDA(3)(4) 9.6 8.2 4.6 5.7 5.7
Interest Coverage(3) 1.1 1.6 2.4 2.0 2.7
Debt Service Coverage(3) 1.0 1.4 1.5 1.6 2.0
Loan Grade(3) 2.6 1.7 3.0 2.9 2.9
Average Age of Companies 40 yrs 48 yrs 29 yrs 51 yrs 30 yrs
Ownership Percentage 91% 75% 35% 53% 47%
Average Sales(5) $ 92 $ 60 $ 101 $ 225 $ 81
Average EBITDA(6) $ 5 $ 5 $ 22 $ 24 $ 11
Total Sales(5) $ 420 $ 491 $ 314 $1,992 $1,256
Total EBITDA(6) $ 31 $ 24 $ 65 $ 224 $ 149
% of Senior Loans(7) 51% 41% 0% 32% 47%
% of Loans with Lien(7) 56% 48% 60% 83% 79%
Portfolio Statistics (1) Static Pool
($ in millions, unaudited): 2003 2004 2005 Aggregate
Original Investments and Commitments $ 1,084 $ 1,651 $ 942 $ 5,998
Total Exits and Prepayments of
Original Investments $ 463 $ 272 $ 76 $ 1,770
Total Interest, Dividends and Fees
Collected $ 190 $ 166 $ 40 $ 1,016
Total Net Realized (Loss) Gain on
Investments $ 57 $ 1 $ - $ 35
Internal Rate of Return(2) 27.1% 24.8% 61.5% 15.6%
Current Cost of Investments $ 609 $ 1,316 $ 780 $ 4,041
Current Fair Value of Investments $ 675 $ 1,392 $ 787 $ 4,042
Net Unrealized
Appreciation/(Depreciation) $ 66 $ 76 $ 7 $ 1
Non-Accruing Loans at Face $ - $ - $ - $ 115
Equity Interest at Fair Value $ 253 $ 403 $ 215 $ 1,187
Debt to EBITDA(3)(4) 4.6 4.6 4.5 5.1
Interest Coverage(3) 2.3 2.5 2.6 2.4
Debt Service Coverage(3) 1.5 1.8 1.9 1.7
Loan Grade(3) 3.2 3.2 3.0 3.1
Average Age of Companies 25 yrs 38 yrs 29 yrs 33 yrs
Ownership Percentage 47% 43% 46% 48%
Average Sales(5) $ 89 $ 84 $ 119 $ 96
Average EBITDA(6) $ 17 $ 17 $ 15 $ 16
Total Sales(5) $ 1,930 $ 3,372 $ 2,544 $12,319
Total EBITDA(6) $ 314 $ 667 $ 308 $ 1,782
% of Senior Loans(7) 36% 37% 56% 42%
% of Loans with Lien(7) 92% 75% 83% 78%
(1) Static pool classification is based on the year the initial
investment was made. Subsequent add-on investments are included in
the static pool year of the original investment. Investments in
government securities and interest rate derivative agreements are
excluded.
(2) Assumes investments are exited at current fair value.
(3) These amounts do not include investments in which the Company owns
only equity.
(4) For portfolio companies with a nominal EBITDA amount, the portfolio
company's maximum debt leverage is limited to 15 times EBITDA.
(5) Sales of the most recent twelve months, or when appropriate, the
forecasted twelve months.
(6) EBITDA of the most recent twelve months, or when appropriate, the
forecasted twelve months.
(7) As a percentage of our total debt investments.
ADDITIONAL DIVIDEND INFORMATION
American Capital must make certain distributions of its taxable income in
order to maintain its tax status as a regulated investment company. Investors
can refer to American Capital's most recent report on Form 10-K for more
information about its tax status. American Capital intends to retain net
long-term capital gains and treat them as deemed distributions for tax
purposes. Therefore, the taxable income that is distributed as dividends
would be expected to be treated as ordinary income for tax purposes. Taxable
income differs from GAAP income because of both temporary and permanent
differences in income and expense recognition. For example, changes in
appreciation and depreciation of portfolio investments have no impact on
American Capital's taxable income. American Capital reports the anticipated
tax characteristics of each dividend when announced, while the actual tax
characteristics of each year's dividends are reported annually to stockholders
on Form 1099DIV. The 2005 dividends to-date, totaling $2.26 per share, are
anticipated to be a distribution of ordinary income for tax purposes.
DIVIDEND REINVESTMENT PLAN (DRIP)
In appreciation of the loyal support of our shareholders, American
Capital's Dividend Reinvestment Plan grants a 5% discount to the market price
for reinvested dividends. Brokerages that have confirmed participation in the
DRIP include:
Ameritrade
A.G. Edwards
Citigroup-Smith Barney
Fidelity
J.J.B. Hilliard, W.L. Lyons, Inc.
Legg Mason
Merrill Lynch
Morgan Keegan
Raymond James
RBC Dain Rauscher
UBS Financial
Wachovia Securities
A summary of American Capital's dividend history follows. For further
dividend history, please visit our website at http://www.ACAS.com. For more
information regarding the DRIP, please visit our website or call our Investor
Relations Department at (301) 951-6122.
AMERICAN CAPITAL'S DIVIDEND HISTORY
$18.29 DECLARED SINCE AUGUST 1997 IPO AT $15.00 PER SHARE
% Change
% Change of of Total
Regular Dividend
Regular Dividend Over Additional Over Prior
Year/Quarter Dividend Prior Year Dividend Total Year
2005
Q3 $0.78 8%
Q2 $0.75 7%
Q1 $0.73 4%
2004 $2.85 4% $0.06 $2.91 4%
Q4 $0.73 6%
Q3 $0.72 4%
Q2 $0.70 3%
Q1 $0.70 4%
2003 $2.73 7% $0.06 $2.79 9%
Q4 $0.69 3%
Q3 $0.69 5%
Q2 $0.68 8%
Q1 $0.67 14%
2002 $2.55 15% $0.02 $2.57 12%
Q4 $0.67 18%
Q3 $0.66 18%
Q2 $0.63 15%
Q1 $0.59 11%
2001 $2.21 13% $0.09 $2.30 6%
Q4 $0.57 10%
Q3 $0.56 14%
Q2 $0.55 12%
Q1 $0.53 18%
2000 $1.95 14% $0.22 $2.17 25%
Q4 $0.52 18%
Q3 $0.49 14%
Q2 $0.49 14%
Q1 $0.45 10%
1999 $1.71 39% $0.03 $1.74 30%
Q4 $0.44 19%
Q3 $0.43 34%
Q2 $0.43 48%
Q1 $0.41 64%
1998 $1.23 N/A $0.11 $1.34
Q4 $0.37 76%
Q3 $0.32 N/A
Q2 $0.29 N/A
Q1 $0.25 N/A
1997 Q4 $0.21 $0.21
Total $18.29
SHAREHOLDER AND ANALYSTS CALL:
American Capital invites shareholders, prospective shareholders and
analysts to attend the American Capital Shareholder Call on Wednesday, August
3, 2005 at 11:00 am ET. The dial in number will be (888) 423-3271.
International callers should dial +1(612) 332-0228. Please advise the
operator you are dialing in for the American Capital Shareholder Call.
BEFORE THE CALL:
SLIDE PRESENTATION AVAILABLE IN ADVANCE OF THE SHAREHOLDER CALL:
The quarterly shareholder presentation includes a slide show to accompany
the call that participants may download from the American Capital website at
http://www.ACAS.com and print prior to the call. You may wish to take the
time to review the slides in advance of the Shareholder Call. It is generally
posted several hours in advance of the call.
DURING THE CALL:
STREAMING SLIDE PRESENTATION DURING THE SHAREHOLDER CALL:
During the Shareholder Call, we invite you to turn to our shareholder
website, http://www.ACAS.com, and click on the August 3 Shareholder Call Slide
Show button. Participants will be able to view the complete streaming slide
presentation on our website while listening to the shareholder call by phone
as it occurs.
AFTER THE CALL:
AUDIO AND SLIDE PRESENTATION AVAILABLE AFTER THE CALL:
The audio of the shareholder call combined with the slide presentation
will be made available after the call on August 3 on our website. An archive
of our audio and slide presentations of our quarterly shareholder calls can be
found in the Investor Relations section of our website at http://www.ACAS.com.
AUDIO ONLY PRESENTATION AVAILABLE AFTER THE SHAREHOLDER CALL:
There will be a phone recording available from 9:30 pm Wednesday, August 3
until 11:59 pm Friday, August 19. If you are interested in hearing the
recording of the presentation, please dial (800) 475-6701. International
callers may dial +1(320) 365-3844. The access code for both domestic and
international callers is 788028.
For further information or questions, please do not hesitate to call our
Shareholder Relations Department at (301) 951-6122.
ABOUT AMERICAN CAPITAL
Since its August 1997 IPO through the second quarter of 2005, American
Capital has invested $6.0 billion in 178 portfolio companies. As of July 31,
2005, American Capital shareholders have enjoyed a total return of 409% since
the Company's IPO -- an annualized return of 22.8%, assuming reinvestment of
dividends. American Capital has paid a total of $787 million in dividends and
paid or declared $18.29 dividends per share since its August 1997 IPO at $15
per share.
Companies interested in learning more about American Capital's flexible
financing should contact Mark Opel, Senior Vice President, Business
Development, at (800) 248-9340, or visit our website at
http://www.AmericanCapital.com.
This press release contains forward-looking statements. The statements
regarding expected results of American Capital Strategies are subject to
various factors and uncertainties, including the uncertainties associated with
the timing of transaction closings, changes in interest rates, availability of
transactions, changes in regional, national or international economic
conditions, or changes in the conditions of the industries in which American
Capital has made investments.
Persons considering an investment in American Capital should consider the
investment objectives, risks and charges and expenses of the Company carefully
before investing. Such information and other information about the Company is
available in the Company's annual report on Form 10-K, quarterly report on
Form 10-Q and in the prospectuses the Company issues from time to time in
connection with its offering of securities. Such materials are filed with the
Securities and Exchange Commission and copies are available on the SEC's
website, http://www.sec.gov. Prospective investors should read such materials
carefully before investing.
Performance data quoted above represents past performance of American
Capital. Past performance does not guarantee future results and the
investment return and principal value of an investment in American Capital
will likely fluctuate. Consequently, an investor's shares, when sold, may be
worth more or less than their original cost. Additionally, American Capital's
current performance may be lower or higher than the performance data quoted
above.
SOURCE American Capital Strategies Ltd.
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Related links:
http://www.americancapital.com
CONTACT:
John Erickson, Chief Financial Officer, or
Tom McHale, Vice President, Finance and Investor Relations, both
of American Capital Strategies Ltd., +1-301-951-6122
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