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Earnings Review and Free Research Report: Apollo Investment’s Q1 Top-line Outperformed Market Expectations

Research Desk Line-up: Jupai Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 25, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Apollo Investment Corp. (NASDAQ: AINV), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AINV, following the Company's release of its financial results on August 04, 2017, for the first quarter of the fiscal year 2018 (Q1 FY18). The New York-based Company posted quarterly diluted earnings per share (EPS) versus diluted loss per share in the year ago comparable quarter. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Asset Management industry. Pro-TD has currently selected Jupai Holdings Limited (NYSE: JP) for due-diligence and potential coverage as the Company announced on August 16, 2017, its unaudited financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Jupai when we publish it.

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Earnings Reviewed

In Q1 FY18, Apollo Investment's quarterly total investment income was $66.71 million, which came in lower than $76.47 million reported in the year ago same quarter. However, total investment income numbers topped Wall Street's estimates of $66.07 million for the reported quarter.

For the quarter ended June 30, 2017, the Company reported net investment income of $33.32 million, or $0.15 per share, compared to $36.06 million, or $0.16 per share, in Q1 FY17. The Company's net investment income met market consensus estimates of $0.15 per share. Meanwhile, the Company posted earnings of $0.13 per diluted share in Q1 FY18 compared to loss of $0.19 per diluted share in the prior year's corresponding quarter.

Operating Metrics

The Company's net asset value stood at $6.73 per share as on June 30, 2017, compared to $6.90 per share as on June 30, 2016. At the close of the reported quarter, weighted average yield on total debt portfolio stood at 10.3% compared to 11.0% as on June 30, 2016. Additionally, the Company's net increase in net assets resulting from operations was $28.78 million in Q1 FY18 versus a net decrease in net assets resulting from operations of $42.09 million in the last year's comparable period.

Portfolio Standings and Liquidity

At the end of Q1 FY18, the Company's portfolio consisted 77% of secured debt; 7% of unsecured debt; 6% of structured products and other; 1% of preferred equity; and the remaining 9% in the form of common equity/interests and warrants. The Company's net investment activity before repaid investments was $332.1 million in Q1 FY18 compared to a negative net investment activity before repaid investments of $23.3 million in Q1 FY17. Furthermore, net investment activity for the reported quarter was $90.1 million versus negative net investment activity of $216.7 million in the prior year's comparable period.

Apollo Investment's total assets were $2.49 billion as on June 30, 2017, compared to $2.41 billion as on March 31, 2017. The Company's fair value of the investment portfolio was $2.42 billion as on June 30, 2017, versus $2.62 billion as on June 30, 2016.

As of June 30, 2017, Apollo Investment's cash and cash equivalents balance was $29.85 million, up from $9.78 million as on March 31, 2017. The Company's debt also increased to $920.67 million as on June 30, 2017, from $848.45 million as on March 31, 2017. Furthermore, the Company's debt-to-equity ratio was 0.62x as on June 30, 2017, compared to 0.57x as on March 31, 2017, while the Company's net leverage ratio was 0.62x as on June 30, 2017, compared to 0.55x as on June 30, 2016.

Dividend and Share Repurchase

On August 03, 2017, Apollo Investment's Board of Directors declared a dividend distribution of $0.15 per share, payable on October 05, 2017, to shareholders of record as of September 21, 2017.

Stock Performance

At the closing bell, on Thursday, August 24, 2017, Apollo Investment's stock slipped 1.14%, ending the trading session at $6.09. A total volume of 1.01 million shares have exchanged hands, which was higher than the 3-month average volume of 659.29 thousand shares. The Company's stock price gained 3.92% since the start of the year. The stock is trading at a PE ratio of 15.11 and has a dividend yield of 9.85%. The stock currently has a market cap of $1.36 billion.

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SOURCE: Pro-Trader Daily