FOX Translator
No data currently available.
No data currently available.
Whether you're walking a tightrope or scribbling in your checkbook, balance is a good thing. And, one of the best ways to evaluate a company is to glance at its balance sheet to see what it owns with what it owes.
The balance sheet is a paragon of simplicity and is made up of three components: assets (the stuff it owns), liabilities (the money it owes), and shareholders' equity (the company's value to its shareholders).
Assets take two forms: short-term (or current) assets and long-term assets. Under short-term, there¿s good ol' hard cash. Then, there¿s something called "cash equivalents," which are assets like short-term bonds that can be sold so quickly, they might as well be cash. There you factor in inventory, which (if you're a reasonably competent business owner) you can sell to customers in return for--you guessed it--cash. (The raw materials a company owns to make that inventory also falls under this category.)
Long-term assets are things that are harder to convert into cash. (Think real estate and equipment.) Long-term assets depreciate, meaning they lose some value over time. Also under the long-term category are what's called intangible assets: things like patents and brands, that are important, but hard to quantify. Accountants earn their stripes figuring out the real overall value of these assets.
Once you know your assets, it's time for liabilities. As with assets, liabilities are separated into short-term or current, and long-term. Current liabilities are what a company owes in that year: Things like payments to employees or accounts payable to suppliers. Long-term liabilities are debts paid over several years.
Shareholders' equity is determined by subtracting the liabilities from the assets. That number represents the value of the company after all its bills are paid.
Obviously, investors should pay close attention to balance sheets. Spikes in the amount of debt carried, or a reduction in shareholders' equity, are usually red flags.
Home / Markets / Industries / Finance
Wednesday, July 23, 2008
Ares Capital Corporation Announces Opening of Two New Offices and Hiring of Three Senior Professionals
Comtex
NEW YORK, Jul 23, 2008 (BUSINESS WIRE) ----Ares Capital Corporation (NASDAQ: ARCC) announced today the opening of offices in Chicago and Atlanta. It also announced three recent senior professional hires: Mark Affolter joins as a Managing Director and will drive coverage in the Midwest from the new Chicago office, Michael Dieber joins as a Co-Head of the Portfolio Management group in Ares Capital's New York office, and Carl Drake joins as Senior Vice President of Finance/Head of Capital Markets and Investor Relations and will also enhance coverage in the Southeast region from the new Atlanta office.
"We are extremely pleased to welcome Mark, Mike and Carl to our management team. These professionals all bring unique skills and relationships to our company, as well as long individual histories in the middle market," said Michael Arougheti, President of Ares Capital. "The addition of these professionals, along with our new office openings, reflect our continuing strategy of taking advantage of the attractive opportunities resulting from the dislocation in the credit markets. We are fortunate to be in a position to grow our franchise when others in our market are retrenching," added Mr. Arougheti.
Prior to joining Ares Capital, Mr. Affolter was a Managing Director at CIT leading its Sponsor Finance Midwest coverage team. Mr. Affolter moved to CIT in 2005 after spending a combined 8 years at GE and Heller Corporate Finance serving in various capacities including mezzanine finance and syndications. From 2003 to 2005, Mr. Affolter led a financial sponsor coverage team with responsibility for the Midwest and parts of Canada. Mr. Affolter will leverage his extensive experience and relationships in expanding coverage in the Midwest.
Prior to joining Ares Capital, Mr. Dieber was a Managing Director at Conway, Del Genio, Gries ("CDG"), a financial advisory firm focusing on workouts and restructurings. Prior to CDG, Mr. Dieber was a Partner in the Restructuring Group at Ernst &Young. Mr. Dieber will work alongside Daniel Katz, Co-Head of Portfolio Management group, to bring additional capabilities to Ares Capital's existing portfolio management team. In addition, he will supplement the Ares Capital's existing sourcing of stressed and "rescue financing" opportunities that are presenting themselves in the current environment.
Prior to joining Ares Capital, Mr. Drake was a Managing Director in the Equity Research Department of SunTrust Robinson Humphrey covering specialty finance companies, including BDC's. Prior to his position in equity research, Mr. Drake was a Vice President in the investment banking department of SunTrust Robinson Humphrey from 1999-2005. Prior to joining SunTrust Robinson Humphrey, Mr. Drake served seven years as a generalist in leveraged finance as a Vice President with financial services firms Creditanstalt Corporate Finance, GE Capital Commercial Finance and Metropolitan Life. Mr. Drake will focus on capital raising, investor relations and marketing activities, as well as provide in-market coverage support in the Southeast region.
ABOUT ARES CAPITAL CORPORATION
Ares Capital Corporation is a specialty finance company that is a closed-end, non-diversified management investment company. Ares Capital Corporation has elected to be regulated as a business development company under the Investment Company Act of 1940. Its investment objective is to generate both current income and capital appreciation through debt and equity investments. Ares Capital Corporation invests primarily in first and second lien senior loans and mezzanine debt, which in some cases includes an equity component, and, to a lesser extent, in equity investments in private U.S. middle market companies.
FORWARD-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 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 Ares Capital Corporation's filings with the Securities and Exchange Commission. Ares Capital Corporation undertakes no duty to update any forward-looking statements made herein.
AVAILABLE INFORMATION
Ares Capital Corporation's filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available on its website at www.arescapitalcorp.com.
SOURCE: Ares Capital Corporation
Ares Capital Corporation Investor Relations Rick Davis, 310-201-4200
Copyright Business Wire 2008
Market Snapshot
| Symbol | Last Price | Netchange | Volume |
|---|---|---|---|
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
