(Source: MARKETWIRE)
TCW Energy Partners, LLC (TEP), a company focused on the global energy and infrastructure business, announced its operating results and quarterly earnings for the period from April 1, 2009 to June 30, 2009 and for the period from January 1, 2009 to June 30, 2009. TEP also announced that it has obtained a $15 million revolving line of credit with Union Bank N.A. that will enable TEP to better manage its working capital requirements, including financing timing differences between contributing capital and receiving distributions from its investments.
At June 30, 2009, TEP had total net asset value of $219.3 million, or $18.62 per common unit, an increase of $0.70 per unit from its post distribution net asset value at March 31, 2009, and a $0.59 increase in its net asset value on December 19, 2007 (inception) if adjusted for the $1.60 per common unit of distributions paid since inception.
TEP generated net investment income of $5.2 million, or 43.9 cents per common unit for the second quarter and $8.3 million, or 70.8 cents per common unit for the year-to-date period ending June 30, 2009. TEP also generated realized gains on its investments of $2.1 million or 18.2 cents per common unit and $4.0 million or 33.9 cents per common unit for the same period. Unrealized gains totaled $0.9 million or 7.8 cents per common unit in the second quarter and unrealized losses totaled $6.0 million or 51.2 cents per common unit for the year-to-date period ending June 30, 2009. TEP reported a net profit of $8.2 million or 69.9 cents per common unit for the second quarter and a net profit of $6.3 million or 53.5 cents per common unit for the period from January 1, 2009 to June 30, 2009.
Based on the strong level of realized earnings, the Board of Directors of TEP has declared a distribution of $0.30 per common unit for the second quarter of 2009. The distribution is payable on September 10, 2009, to unitholders of record on the close of business on September 1, 2009.
TEP's most recently issued financial statements are available to qualified investors at www.rule144a.com.
R. Blair Thomas, Chairman and Chief Executive of TEP, said: "We are pleased to report that TEP continues to deliver solid operating results during these uncertain times and achieved improved profitability and a rebound in net asset value during the quarter. We are also pleased to announce that TEP has closed on a working capital facility, which given the market environment, is a significant accomplishment. The facility will provide improved liquidity and improve TEP's ability to execute its business plan.
