During the 2013 fiscal third quarter, the Company invested $6.4 million Call:Â Interested parties may participate by dialing (877) 312-9208 (U.S. and Canada
A replay of the call will be available from 11:00Â a.m. ET on Jan. 15, 2013
Webcast: Interested parties may also access a simultaneous webcast of the call by going to http://ir.saratogainvestmentcorp.com/events.cfm. Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in mezzanine debt, leveraged loans and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors. Saratoga Investment Corp.’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. Saratoga Investment Corp. has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 and is externally-managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies. Within the BDC, Saratoga Investment manages both an SBIC-licensed subsidiary and a $400 million This press release contains certain forward-looking statements. These forward-looking statements are subject to risks and uncertainties and other factors enumerated in this press release and the filings Saratoga Investment Corp. makes with the SEC. Saratoga Investment Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Total investments at fair value (amortized cost of $117,444,611 and $96,702,239, respectively) Outstanding interest rate cap at fair value (cost of $0 and $131,000, respectively) $           4,730 $          3,877 $           21.75 $          25.12 Saratoga Investment Corp. Consolidated Statements of Operations
For the three months ended November 30, For the nine months ended November 30, 2012
2011
2012
2011
(unaudited) (unaudited) (unaudited) (unaudited) INVESTMENT INCOME
Interest from investments
Non-control/Non-affiliate investments $ Â 2,466,595 $ Â 1,877,650 $ Â 6,951,338 $ Â Â 5,212,182 Control investments
1,046,285
1,155,241
3,186,751
3,095,304 Â Â Â Â Total interest income
3,512,880
3,032,891
10,138,089
8,307,486
Interest from cash and cash equivalents
731
1,567
5,368
6,815
Management fee income
500,454
501,920
1,500,519
1,512,091
Other income
19,750
92,671
172,310
238,579
Total investment income
4,033,815
3,629,049
11,816,286
10,064,971
EXPENSES
Interest and credit facility financing expenses
529,858
307,221
1,808,586
987,042
Base management fees
528,735
393,888
1,492,345
1,203,820
Professional fees
347,459
356,144
986,781
1,282,009
Administrator expenses
250,000 250,000 750,000
730,000
Incentive management fees
(412,654)
1,178,750
887,020
842,097
Insurance
128,891
145,105
389,506
448,786
Directors fees and expenses
53,705
51,000
155,705
153,000
General & administrative
117,357
121,019
265,720
290,232
Other expense
1,311
2,150
4,434
5,340
Total expenses
1,544,662
2,805,277
6,740,097
5,942,326
NET INVESTMENT INCOME
2,489,153
823,772
5,076,189
4,122,645
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from investments
95,372
(5,831,905)
542,720
(5,839,864)
Net realized loss from derivatives
–
–
(131,000)
–
Net unrealized appreciation (depreciation) on investments
(1,838,957)
11,221,387
3,188,543
11,927,052
Net unrealized appreciation (depreciation) on derivatives
–
166
130,925
(15,108)
Net gain (loss) on investments
(1,743,585)
5,389,648
3,731,188
6,072,080
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ Â Â 745,568 $ Â 6,213,420 $ Â 8,807,377 $ Â 10,194,725 WEIGHTED AVERAGE – BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE $ Â Â Â Â Â 0.19 $ Â Â Â Â Â 1.88 $ Â Â Â Â Â 2.25 $ Â Â Â Â Â Â Â 3.10 WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC AND DILUTED 3,970,447
3,310,021
3,907,696
3,287,979 WEIGHTED AVERAGE – BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE