For Release: September 04, 2013
Contact: Brad Captain, Corporate Communications; Ling Wang, Banking & Investor Relations
DULLES, Va.—The National Rural Utilities Cooperative Finance Corporation (CFC) announced financial results for its fiscal year (FY) 2013, which ended May 31, 2013.
“This was a strong year for CFC, as reflected in our FY 2013 financial results,” CFC CEO Sheldon C. Petersen said. “Our member-owners are expertly navigating a period of slow growth, and we have worked with many to capitalize on what have been record-low interest rates.”
Gross loans outstanding totaled nearly $20.3 billion at May 31, 2013, an increase from $18.9 billion a year ago. The growth in CFC’s loan portfolio was driven by borrowers refinancing higher-cost debt from other lenders, and by CFC assisting its members in prepaying future power contract obligations and pension plan contributions.
CFC recorded an adjusted net income of $216.8 million at fiscal year-end. CFC’s adjusted times interest earned ratio (TIER) was 1.29 at the close of FY 2013, compared with 1.10 at the close of FY 2012. CFC’s adjusted debt-to-equity ratio decreased to 5.76-to-1 at the close of FY 2013, an improvement from the previous fiscal year’s 6.01-to-1.
CFC filed its FY 2013 Form 10-K with the U.S. Securities and Exchange Commission (SEC) on Aug. 28. The Form 10-K filing can be viewed on CFC’s website, www.nrucfc.coop, under the Investor Relations tab in the Financial Reporting section.
CFC’s FY 2013 year-end results include GAAP and non-GAAP adjusted financial measures. Please refer to CFC’s annual report on Form 10-K for the fiscal year ended May 31, 2013, as filed with the SEC and as posted on the CFC website, for a discussion of why CFC believes the adjusted measures are useful information in analyzing its financial performance and the reconciliation to the related GAAP measures.
The National Rural Utilities Cooperative Finance Corporation (CFC) is a nonprofit finance cooperative created and owned by America’s electric cooperative network. With more than $22 billion in assets, CFC is committed to providing unparalleled industry expertise, flexibility and responsiveness to serve the needs of our member-owners. Visit us online at www.nrucfc.coop.