On Wednesday, Shares of MCG Capital Corporation (NASDAQ:MCGC), gained 7.56% to $4.41, hitting its highest level.
MCG Capital, declared its financial results for the quarter ended March 31, 2015.
HIGHLIGHTS
As outlined in further detail in this earnings release and in our Quarterly Report on Form 10-Q for the three months ended March 31, 2015, the following highlights occurred during the three months ended March 31, 2015:
- Net income was $1.3 million, or $0.03 per share, for the first quarter;
- Realized 8% IRR on the exit of MCG’s equity investment in RadioPharmacy Investors, LLC, or RadioPharmacy;
- For the quarter, MCG repurchased 1,061,075 shares of MCG’s common stock at a weighted average purchase price of $3.93;
- Counting the April 1, 2015 collection of RadioPharmacy proceeds, we had $129.0 million or $3.48 per outstanding share of unrestricted cash;
- MCG had no loans on non-accrual, at cost or fair value, and stated leverage for each loan is less than 4.0x; and
- MCG monetized $27.4 million of our portfolio and in April 2015 MCG reached a contract to sell our equity investments in Broadview Networks Holdings, Inc. at par.
MCG Capital Corporation is a private equity firm specializing in debt, equity, and recapitalization investments in middle and lower middle market companies. The firm seeks to invest in small to mid-sized companies.
At the end of Wednesday’s trade, Shares of Halcón Resources Corporation (NYSE:HK), jumped 6.29% to $1.52.
Halcón Resources, declared that it has priced $700million in aggregate principal amount of senior secured notes due2020 in a private offering. The Notes will bear interest at a rate of 8.625% per annum and will be issued atpar. The Notes offering was raised from the formerly declared $500 million aggregate principal amount. The Notes will be secured by second-priority liens on substantially all of Halcon’s and its partner guarantors’ assets that secure the Company’s senior secured revolving credit facility.
Halcon intends to use the net proceeds from the offering to repay the outstanding borrowings under its senior secured revolving credit facility and for general corporate purposes.
Halcón Resources Corporation, an independent energy company, is engaged in the acquisition, production, exploration, and development of onshore oil and natural gas properties in the United States.
Oncolytics Biotech Inc. (NASDAQ:ONCY), ended its last trade with 6.20% gain, and closed at $0.75.
Oncolytics Biotech, declared that the European Medicines Agency (“EMA”) has granted Orphan Drug Designation for its lead product candidate, REOLYSIN®, for the treatment of pancreatic cancer.
The EMA grants Orphan Designation to medicines intended to treat, prevent or diagnose life threatening and debilitating disease, with a prevalence no greater than five in 10,000 in the EU, and where no satisfactory method of treatment, prevention or diagnosis exists, unless the projected medicine offers a noteworthy benefit to those with the condition. Following Orphan Designation, sponsors can access a number of incentives counting protocol assistance, market exclusivity for a ten-year period following approval and potential fee reductions. The receipt of Orphan Designation does not change the regulatory requirements or process for obtaining marketing approval.
Oncolytics Biotech Inc., a development stage biopharmaceutical company, focuses on the discovery and development of pharmaceutical products for the treatment of cancers. The company develops REOLYSIN, a cancer therapeutic that is in various clinical trials for human use. Its cancer product is a potential therapeutic for tumours possessing an activated Ras pathway.
Finally, Carter’s, Inc. (NYSE:CRI), closed at $98.49, with 5.94% gain, hitting its highest level.
Carter’s, stated its first quarter fiscal 2015 results.
First Quarter of Fiscal 2015 contrast to First Quarter of Fiscal 2014
Merged net sales raised $33.1 million, or 5.1%, to $684.8 million, principally driven by growth in the Company’s U.S. Carter’s and OshKosh direct-to-consumer businesses. Changes in foreign currency exchange rates in the first quarter of fiscal 2015 as contrast to the first quarter of fiscal 2014 negatively influenced merged net sales in the first quarter of fiscal 2015 by $5.6 million, or 0.9%. On a constant currency basis, merged net sales raised 6.0% in the first quarter of fiscal 2015.
Operating income in the first quarter of fiscal 2015 raised $23.0 million, or 37.3%, to $84.5 million, contrast to $61.5 million in the first quarter of fiscal 2014. Operating margin in the first quarter of fiscal 2015 raised 290 basis points to 12.3%, contrast to 9.4% in the first quarter of fiscal 2014. Adjusted operating income (a non-GAAP measure) in the first quarter of fiscal 2015 raised $17.2 million, or 24.5%, to $87.3 million, contrast to $70.1 million in the first quarter of fiscal 2014. Adjusted operating margin (a non-GAAP measure) in the first quarter of fiscal 2015 raised 190 basis points to 12.7%, contrast to 10.8% in the first quarter of fiscal 2014. The enhance in adjusted operating margin reflects improved gross margin and expense leverage.
Net income in the first quarter of fiscal 2015 raised $15.5 million, or 45.2%, to $49.8 million, or $0.94 per diluted share, contrast to $34.3 million, or $0.63 per diluted share, in the first quarter of fiscal 2014. Adjusted net income (a non-GAAP measure) in the first quarter of fiscal 2015 raised $11.8 million, or 29.7%, to $51.7 million, contrast to $39.9 million in the first quarter of fiscal 2014. Adjusted earnings per diluted share (a non-GAAP measure) in the first quarter of fiscal 2015 raised 32.7% to $0.97, contrast to $0.73 in the first quarter of fiscal 2014.
Cash flow from operations in the first quarter of fiscal 2015 was $87.2 million contrast to $30.6 million in the first quarter of fiscal 2014. The enhance reflects higher earnings and favorable changes in net working capital.
Carter’s, Inc. and its auxiliaries design, source, and market branded children’s wear under the Carter’s, Child of Mine, Just One You, Precious Firsts, OshKosh, and other brands. The company operates through five segments: Carter’s Retail, Carter’s Wholesale, OshKosh Retail, OshKosh Wholesale, and International.
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