OVERLAND PARK, Kan. - January 26, 2006 -- Tortoise Energy Capital Corp. (NYSE: TYY), today announced its fiscal 2005 results and affirmed that the tax character of all 2005 dividends paid to stockholders is 100 percent return of capital.
On January 27, 2006, the company intends to post its 2005 annual report at www.tortoiseadvisors.com and to commence mailing of the reports to stockholders.
"We are very pleased to report that we are well on our way to achieving the investment objectives we set forth in our May 2005 initial public offering," said Dave Schulte, Tortoise Energy Capital's chief executive officer. At November, 30 2005, Tortoise Energy Capital's total assets were $494 million and its net assets applicable to common stockholders were $370 million. For the year ended, the company's aggregate distributable cash flow was $9.4 million, of which 97 percent was distributed to stockholders in the form of dividends.
Stockholders will find their tax dividend information in Box 3 of the IRS Form 1099-DIV provided from their brokers, transfer agents or other institutions.
The amount of the non-taxable distributions reported in Box 3 of the Form 1099 should not be reported as taxable income on the individual's current tax return. Instead, it should be treated as a reduction in the original cost basis of the investment.
Nothing contained herein should be construed as tax advice, consult your tax advisor for more information. Furthermore, you may not rely upon any information herein for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.
2006 Annual Shareholders' Meeting
The company will discuss year-end results at its annual shareholders' meeting on April 12, 2006 at 9 a.m. C.T. at the Doubletree Hotel, 10100 College Blvd. in Overland Park, Kan.
For those unable to attend the meeting, a listen-only conference call will be provided. Please dial the number approximately five to 10 minutes prior to the scheduled starting time:
U.S./Canada: (800) 218-0204
International: (303) 262-2140
The meeting will also be webcast in a listen-only format. The link to the webcast can be accessed at www.tortoiseadvisors.com where supplemental information related to the meeting will also be available.
A replay of the meeting will be available beginning at 1 p.m. C.T. on April 12, 2006 and continuing until 12 a.m. C.T. April 26, 2006, by dialing (800) 405-2236 (U.S./Canada). The replay access code is 11052482#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through April 12, 2007.
About Tortoise Energy Capital
Tortoise Energy Capital Corp. owns a portfolio of investments in the energy infrastructure sector, primarily pipeline and processing Master Limited Partnerships. Tortoise Energy Capital's goal is to provide its shareholders with a high level of total return with an emphasis on current distributions to stockholders.
About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy Capital Corp., is a pioneer in capital markets for master limited partnership (MLP) investment companies and a leader in closed-end funds and separately managed accounts focused on MLPs in the energy infrastructure sector. Tortoise Capital Advisors also serves as the adviser to Tortoise Energy Infrastructure Corp. (NYSE: TYG) and Tortoise North American Energy Corp (NYSE: TYN). To date, the adviser has approximately $1.5 billion of energy infrastructure investment assets under management. For more information, visit our website at www.tortoiseadvisors.com.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations