GSV Capital Corp., "GSV", (Nasdaq:GSVC) today reported financial
results for the third quarter ended September 30, 2011.
Management Commentary
"During the third quarter GSV continued to execute on our
strategy of investing in high-growth venture-backed companies that
we believe represent 'game-changing' ideas. Investment activity
during the quarter included companies such as Groupon, Silver
Spring Networks, Twitter and Zynga," said Michael T. Moe, GSV
Capital's CEO and founder. "In addition, GSV successfully raised
$29.6 million in a secondary offering, which closed on September
30, 2011. We believe the fact that we were able to complete a
capital raise during a time of extreme market volatility represents
a strong signal of the level of interest in our investment strategy
that was not previously available to investors in the form of a
publicly traded, liquid vehicle."
Third Quarter 2011 Investment Activity
GSV invested in the following companies during the third quarter
2011: Groupon; PJB Fund LLC (loan linked to the value of Zynga,
Inc.); SharesPost, Inc.; Silver Spring Networks, Inc.; TrueCar,
Inc.; Twitter, Inc.; and ZoomSystems. Additional investments in
Bloom Energy Corporation and GILT Groupe, Inc. were also made by
GSV during the quarter.
Current Portfolio as of 9/30/11
Our investment portfolio consists of companies that we believe
represent the "megatrends" that have the potential to drive the
market in the decades to come. GSV invests in companies that
combine what we believe are powerful technological, economic and
social forces that create growth opportunities in the economy. At
the end of the third quarter 2011, GSV's portfolio included
investments in the following companies: Bloom Energy Corporation;
Chegg, Inc.; Facebook, Inc.; GILT Groupe, Inc.; Groupon; Kno, Inc.;
PJB Fund LLC (loan linked to the value of Zynga, Inc.); Serious
Energy, Inc.; SharesPost, Inc.; Silver Spring Networks, Inc.;
TrueCar, Inc.; Twitter, Inc.; and ZoomSystems.
Financial Results |
|
|
September 30,
2011 |
Total Investments |
$41,389,584 |
Total Cash |
$32,098,207 |
Total Assets |
$73,715,970 |
Total Liabilities |
$527,941 |
Net Assets |
$73,188,029 |
Net Asset Value Per Share |
$13.26 |
|
For the three
months ended September 30, 2011 |
For the period
from January 6, 2011 (date of inception) to September 30,
2011 |
|
|
Total Investment income |
$ 53,408 |
$ 53,408 |
|
|
Net Investment Loss |
$ (680,088) |
$ (1,356,201) |
|
|
Net Change In Unrealized Depreciation on
Non-- Control/Non-Affiliated Securities |
$ (494,170) |
$ (553,804) |
|
|
Net Decrease in Net Assets Resulting From
Operations |
$ (1,174,258) |
$ (1,910,005) |
|
|
Net Decrease in Net Assets Resulting From
Operations Per Average Share ([1]) |
$ (0.34) |
$ (0.78) |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Weighted average common
shares for the period from January 6, 2011 (date of inception) to
September 30, 2011, was calculated starting from the issuance of
100 shares on February 28, 2011. Weighted average common shares
were 3,430,100 and 2,460,565 for the three-month and since
inception periods, respectively. |
Portfolio Investments
The total value of GSV's investments was approximately $41.4
million at September 30, 2011. During the third quarter 2011, GSV
originated approximately $25.1 million in par value of investments
in seven new and two existing portfolio companies. At September 30,
2011, GSV had equity investments in 12 portfolio companies and a
debt investment in one portfolio company.
Results of Operations
Investment income was $53,408, or $0.02 per share, for the three
months ended September 30, 2011 and for the period from January 6,
2011 (date of inception) to September 30, 2011. Net investment loss
was $680,088, or $0.20 per share, for the three months ended
September 30, 2011, and $1,356,201, or $0.55 per share, for the
period from January 6, 2011 (date of inception) to September 30,
2011. Net change in unrealized depreciation was $494,170, or $0.14
per share, for the three months ended September 30, 2011, and
$553,804, or $0.23 per share, for the period from January 6, 2011
(date of inception) to September 30, 2011. Net decrease in net
assets resulting from operations was $1,174,258, or $0.34 per
share, for the three months ended September 30, 2011, and
$1,910,005, or $0.78 per share, for the period from January 6, 2011
(date of inception) to September 30, 2011.
Conference Call and Webcast Information
The GSV Capital third quarter 2011 teleconference and webcast is
scheduled to begin at 2:00 p.m., Pacific Time, on Thursday,
November 10, 2011, [during which the Company may provide
forward-looking information]. To participate on the live call,
analysts and investors should dial 1-888-846-5003 at least ten
minutes prior to the call. GSV Capital will also offer a live
and archived webcast of the conference call, accessible from the
"Investor Relations" section of the Company's Web site at
http://gsvcap.com.
About GSV Capital Corp.
GSV Capital Corp. (Nasdaq: GSVC) is a publicly traded investment
fund that seeks to invest in high-growth, venture-backed private
companies. Led by industry veteran Michael Moe, the fund's strategy
is to provide investors with access to the type of pre-IPO
investments that have historically only been available to angel
investors and venture capitalists. GSVC's current portfolio
provides access to leading, high-growth private companies such as
Twitter, Facebook, Chegg, GILT Groupe and Zynga. GSV Capital is
headquartered in Woodside, CA.
The GSV Capital Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9556
Forwarding-Looking Statements
Statements included herein may constitute "forward-looking
statements," which relate to future events or our future
performance or financial condition. These statements are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described from time to time
in our filings with the Securities and Exchange Commission. GSV
Capital Corp. undertakes no duty to update any forward-looking
statements made herein.
STATEMENT OF ASSETS AND
LIABILITIES |
(Unaudited) |
|
|
|
September 30,
2011 |
ASSETS |
|
Investments at fair value: |
|
Investments in
non-control/non-affiliated securities (cost of $41,943,388) |
$ 41,389,584 |
|
|
Cash |
32,098,207 |
Due from: |
|
GSV Asset Management |
809 |
Portfolio company |
30,000 |
Prepaid expenses |
138,692 |
Accrued interest |
52,222 |
Other assets |
6,456 |
|
|
Total Assets |
73,715,970 |
|
|
LIABILITIES |
|
Due to: |
|
GSV Asset Management |
74 |
Other affiliates |
34,635 |
Accounts payable |
388,812 |
Accrued offering costs |
98,627 |
Accrued expenses |
5,793 |
|
|
Total Liabilities |
527,941 |
|
|
Commitments and
contingencies |
|
|
|
Net Assets |
$ 73,188,029 |
|
|
NET ASSETS |
|
Common Stock, par value $0.01 per share |
|
(100,000,000 authorized; 5,520,100 issued and
outstanding) |
$ 55,201 |
Paid-in capital in excess of par |
75,042,833 |
Accumulated net investment loss |
(1,356,201) |
Unrealized depreciation on investments |
(553,804) |
|
|
Net Assets |
$ 73,188,029 |
|
|
Net Asset Value Per
Share |
$ 13.26 |
|
STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
|
|
For the three months ended
September 30, 2011 |
For the period from January
6, 2011 (date of inception) to September 30, 2011 |
INVESTMENT INCOME |
|
|
Interest income |
$ 52,222 |
$ 52,222 |
Dividend income |
1,186 |
1,186 |
|
|
|
Total Investment Income |
53,408 |
53,408 |
|
|
|
OPERATING EXPENSES |
|
|
Investment management fees |
233,961 |
384,904 |
Costs incurred under administration
agreement |
192,031 |
305,066 |
Directors' fees |
42,500 |
85,000 |
Professional fees |
152,916 |
271,548 |
Insurance expense |
47,192 |
95,301 |
Investor relations expense |
52,250 |
53,000 |
Organization expenses |
6,336 |
198,831 |
Other expenses |
6,310 |
15,959 |
|
|
|
Total Operating
Expenses |
733,496 |
1,409,609 |
|
|
|
Net Investment Loss |
(680,088) |
(1,356,201) |
|
|
|
Net Change in Unrealized Depreciation
on Non-Control/Non-Affiliated Securities |
(494,170) |
(553,804) |
|
|
|
Net Decrease in Net Assets Resulting
From Operations |
$ (1,174,258) |
$ (1,910,005) |
|
|
|
Net Decrease in Net Assets Resulting
From Operations Per Average Share (1) |
$ (0.34) |
$ (0.78) |
|
(1) Weighted average common shares for the
period from January 6, 2011 (date of inception) to September 30,
2011, was calculated starting from the issuance of 100 shares on
February 28, 2011. Weighted average common shares were 3,430,100
and 2,460,565 for the three-month and since inception periods,
respectively. |
|
FINANCIAL
HIGHLIGHTS |
(Unaudited) |
|
|
|
|
For the three
months ended September 30, 2011 |
For the period
from January 6, 2011 (date of inception) to September 30,
2011 |
|
|
|
Per Share Data(1): |
|
|
Net asset value at beginning of period |
$ 13.57 |
$ -- |
Issuance of common shares |
-- |
14.67(2) |
Accretion from offering |
0.23 |
-- |
Underwriters' discount |
(0.23) |
(0.86) |
Offering costs |
(0.10) |
(0.20) |
Net investment loss |
(0.12) |
(0.25) |
Change in unrealized depreciation |
(0.09) |
(0.10) |
Net asset value at end of period |
$ 13.26 |
$ 13.26 |
(1) |
Financial highlights are based on shares
outstanding as of September 30, 2011. |
(2) |
Issuance of common shares is based on the
weighted average offering price for the shares issued during the
period. |
CONTACT: Media:
Kim Hughes
(415) 516-6187
kim@blueshirtgroup.com
Investors:
Alex Wellins
(415) 217-5861
alex@blueshirtgroup.com
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