Earnings Call Excerpt
Patriot Capital Finding, Inc. (PCAP)
Q4 2008 Earnings Call Transcript
March 16, 2009 8:30 am ET
Executives
Rich Buckanavage – President & CEO
Bill Alvarez – EVP, CFO & Secretary
Tim Hassler – Chief Investment Officer
Analysts
John Hecht – JMP Securities
Greg Mason – Stifel Nicolaus
Derek Bobby [ph]
David Chiaverini – BMO Capital Markets
Vernon Plack – BB&T Capital Markets
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Patriot Capital Funding Q4 conference call. During the presentation, all participants would be in a listen-only mode. Afterwards, we will conduct a question and answer session. (Operator instructions) As a reminder, this conference is being recorded Monday, March 16, 2009.
It is now my pleasure to introduce Rich Buckanavage, President and Chief Executive Officer with Patriot Capital Funding. Please go ahead, sir.
Rich Buckanavage
Good morning and welcome everyone. This is the conference call to discuss the results for Patriot Capital Funding for the quarter-ended December 31, 2008. I am joined this morning by Tim Hassler, Chief Investment Officer, and Bill Alvarez, our Chief Financial Officer.
Before we begin the call, Bill, will you please provide our Safe Harbor disclosure statement?
Bill Alvarez
Today's conference call is being recorded and webcast live through our website at patcapfunding.com. An archive of today's webcast will also be available on our website as will an audio replay of the conference call. Replay information is included in our press release today and is posted on our website. Please note that this call is the property of Patriot Capital Funding Inc. Any unauthorized rebroadcast of this call in any form is strictly prohibited.
I would like to call your attention to the customary Safe Harbor disclosure in our press release today regarding forward-looking information. Today's conference call includes forward-looking statements and projections, and we ask that you refer to our most recent filings with the SEC for important factors that would cause actual results to differ materially from these projections. We do not undertake to update our forward-looking statements, unless required by law. To obtain copies of our latest SEC filings, please visit our website or call Investor Relations at 212-835-8500. Lastly, there will be a question-and-answer session following our presentation.
And with that, I'll turn it back over to Rich.
Rich Buckanavage
Thank you, Bill. The trends that we outlined for you during last quarter's earnings call continued to accelerate during the fourth quarter. The M&A market finally buckled under the weight of these market forces, widening spreads and in some cases, double or almost triple early 2008 levels, materially lower leverage and economic weakness, all contributed to an almost non-existent M&A pipeline.
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