TICC Announces Results of Operations for the Quarter Ended March 31, 2013 and Announces Quarterly Distribution of $0.29 per Share
(firmenpresse) - GREENWICH, CT -- (Marketwired) -- 05/07/13 -- TICC Capital Corp. (NASDAQ: TICC) announced today its financial results for the quarter ended March 31, 2013, and a distribution of $0.29 per share for the second quarter of 2013.
HIGHLIGHTS
For the quarter ended March 31, 2013, we recorded net investment income of approximately $10.7 million, or approximately $0.23 per share. Excluding the impact of a capital gains incentive fee accrual increase of approximately $215,000, our core net investment income(1) was approximately $10.9 million, or approximately $0.24 per share. In the first quarter, we also recorded net realized capital gains of approximately $6.6 million and net unrealized appreciation of approximately $3.6 million (which includes the reversal of net unrealized appreciation associated with the first quarter realization events). In total, we had a net increase in net assets resulting from operations of approximately $20.8 million or approximately $0.46 per share for the first quarter.
Total investment income for the first quarter of 2013 amounted to approximately $21.7 million which represents an increase of approximately $1.4 million over the fourth quarter of 2012.
For the quarter ending March 31, 2013, TICC recorded earned income from our investment portfolio as follows:
approximately $8.8 million from our CLO equity investments,
approximately $1.2 million from our CLO debt investments, and
approximately $11.0 million from our syndicated and bilateral investments.
As of the end of the first quarter of 2013 there were two loans on non-accrual status with an aggregate par amount of approximately $24.7 million and a fair value of approximately $8.1 million.
Of those amounts, $17.8 million and $6.1 million respectively (72% and 76%), resulted from the investment in a senior secured loan (executed in two purchases at a weighted average price of 32% of par) during the quarter ending March 31, 2013, which was expected to be non-accruing at the time of purchase. While we do not generally focus on distressed debt investments, we have been and remain open to those opportunities where the potential for highly attractive risk-adjusted returns exists.
Our weighted average credit rating on a fair value basis was 2.1 at the end of the first quarter of 2013 (compared to 2.1 at the end of the fourth quarter of 2012).
Our operating expenses before the capital gains incentive fee for the quarter ended March 31, 2013 were approximately $10.9 million, up from the fourth quarter of 2012 by approximately $0.8 million due largely to increased professional fees, as well as higher investment advisory fees.
The capital gains incentive fee was approximately $215,000 for the quarter ended March 31, 2013. The capital gains incentive fee, as reported under generally accepted accounting principles, is calculated on the basis of net realized and unrealized gains and losses at the end of each period. The capital gains incentive fee related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to our investment adviser in the event of a complete liquidation of our portfolio as of period end.
The amount of the capital gains incentive fee, if any, which will actually be payable is determined in accordance with the terms of the Investment Advisory Agreement (the "Agreement") and is calculated as of the end of each calendar year (or upon termination of the Agreement). The terms of the Agreement state that the capital gains incentive fee calculation is based on net realized gains, if any, offset by gross unrealized depreciation for the calendar year. No effect is given to gross unrealized appreciation in this calculation.
Our Board of Directors has declared a distribution of $0.29 per share for the second quarter of 2013.
Payable Date: June 28, 2013
Record Date: June 14, 2013
During the first quarter of 2013, we made approximately $216.5 million in additional investments. For the same period, we received proceeds of approximately $64.8 million from repayments, sales and amortization payments on our debt investments.
At March 31, 2013, the weighted average yield of our debt investments was approximately 9.2%, compared with 9.4% at December 31, 2012.
At March 31, 2013, net asset value per share was $10.02 compared with the net asset value per share at December 31, 2012 of $9.90.
On February 25, 2013, we completed the sale of $60 million of incremental senior debt in connection with the collateralized loan obligation transaction that originally closed on August 23, 2012. The issuance of additional notes was proportional across all existing classes of notes originally issued.
During the quarter ending March 31, 2013, we issued approximately 11.1 million shares of common stock and received net proceeds of approximately $110.4 million in two follow-on equity raises and in connection with an "at-the-market" share issuance plan.
On a supplemental basis, we provide information relating to core net investment income which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Core net investment income represents net investment income excluding our capital gains incentive fee. As the capital gains incentive fee, for generally accepted accounting purposes, is based on the hypothetical liquidation of the entire portfolio (and as any capital gains incentive fee may be non-recurring), we believe that core net investment income is a useful indicator of operations exclusive of any capital gains incentive fee. We note that such amount is excluded from the core net investment income amount presented below.
The following table provides a reconciliation of net investment income to core net investment income for the three months ended March 31, 2013:
We will host a conference call to discuss our first quarter end results today, Tuesday, May 7, 2013 at 10:00 AM ET. Please call 888-317-6016 to participate. A replay of the conference call will be available for approximately 30 days. The replay number is 877-344-7529, and the replay passcode is 10028511.
The following financial statements are unaudited and without footnotes. Readers who would like additional information should obtain our Form 10-K for the period ended December 31, 2012, and subsequent reports on Form 10-Q as they are filed.
About TICC Capital Corp.
TICC Capital Corp. is a publicly-traded business development company principally engaged in providing capital to established businesses, investing in syndicated bank loans and purchasing debt and equity tranches of collateralized loan obligations. Companies interested in learning more about financing opportunities should contact Debdeep Maji at (203) 983-5285.
Forward-Looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events.
Contacts:
Bruce Rubin
203-983-5280
Patrick Conroy
203-983-5282
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Datum: 07.05.2013 - 06:00 Uhr
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