Garrison Capital Inc. Declares Fourth Quarter 2019 Distribution of $0.15 Per Share and Announces Third Quarter 2019 Financial Results and Retains Financial Advisor to Explore Strategic Alternatives
NEW YORK, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Garrison Capital Inc. (the “Company”), a business development company (Nasdaq: GARS), today announced its financial results for the third quarter and three months ended September 30, 2019. Net investment income for the third quarter was $3.4 million, or $0.21 per share, and the net decrease in net assets resulting from operations was $16.5 million, or $1.03 per share. The Company’s Board of Directors (the “Board of Directors”) declared a fourth quarter dividend of $0.15 per share payable on December 20, 2019 to stockholders of record as of December 6, 2019.
The Board of Directors has decided to explore a variety of strategic alternatives that may be available to the Company. To assist the Company with this process, the Board of Directors has retained Keefe, Bruyette & Woods (“KBW”) as its financial advisor and investment banker. While the Company is actively working with KBW to explore these options and is committed to taking actions that it believes will maximize stockholder value, there is no assurance that the Company will execute on any of them. No specific timetable or formal process has been set, and the Company does not expect to provide updates on the process unless and until the Board of Directors has approved a specific transaction or otherwise deems disclosure appropriate or necessary.
The Company issued a full detailed presentation of its third quarter 2019 results, which can be viewed at www.garrisoncapitalbdc.com.
Earnings Conference Call
The Company will host an earnings conference call at 3:00 p.m. (Eastern Time) on Thursday, November 14, 2019, to discuss its third quarter financial results. All interested parties are welcome to participate. The conference call can be accessed at the following dial-in number: (888) 588-0798. International callers can access the conference call by dialing (706) 634-6548. All participants will need to enter the Conference ID 7076389. All participants are asked to dial-in to the conference call 10-15 minutes prior to the call so that their name and company information can be collected.
During the earnings conference call, the Company intends to refer to the Q3 2019 Garrison Capital Inc. Earnings Presentation, which will be available prior to the conference call on the Investor Relations section of the Company’s website (www.garrisoncapitalbdc.com) under Webcasts & Presentations.
An archived replay of the call will be available within two hours after the call until 11:59 p.m. (Eastern Time) on December 14, 2019. To hear the replay, please dial (855) 859-2056. International callers, please dial (404) 537-3406. For all replays, please enter the Conference ID 7076389.
ABOUT GARRISON CAPITAL INC.
Garrison Capital Inc. is a business development company that primarily invests in loans to U.S. based middle-market companies. The Company’s investment activities are managed by its investment adviser, Garrison Capital Advisers LLC, an affiliate of Garrison Investment Group LP (“Garrison Investment Group”). For more information, go to http://www.garrisoncapitalbdc.com.
ABOUT GARRISON INVESTMENT GROUP
Garrison Investment Group is an alternative investment and asset management firm founded in March 2007. Garrison Investment Group invests opportunistically in the debt of middle-market companies, primarily in the areas of corporate finance, real estate finance and structured finance. For more information, go to http://www.garrisoninv.com.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contact:
Garrison Capital Inc.
Brian Chase
www.garrisoncapitalbdc.com
(212) 372-9590
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