TICC Announces Results of Operations for the Quarter Ended June 30, 2013 and Announces Quarterly Distribution of $0.29 per Share
(firmenpresse) - GREENWICH, CT -- (Marketwired) -- 08/06/13 -- TICC Capital Corp. (NASDAQ: TICC) announced today its financial results for the quarter ended June 30, 2013, and a distribution of $0.29 per share for the third quarter of 2013.
HIGHLIGHTS
For the quarter ended June 30, 2013, we recorded net investment income of approximately $16.0 million, or approximately $0.30 per share. Excluding the impact of a capital gains incentive fee accrual decrease of approximately $2.9 million, our core net investment income(1) was approximately $13.1 million, or approximately $0.25 per share. In the second quarter, we also recorded net realized capital gains of approximately $1.9 million and net unrealized depreciation of approximately $16.4 million. In total, we had a net increase in net assets resulting from operations of approximately $1.5 million or approximately $0.03 per share for the second quarter.
Total investment income for the second quarter of 2013 amounted to approximately $25.4 million which represents an increase of approximately $3.7 million over the first quarter of 2013.
For the quarter ending June 30, 2013, TICC recorded earned income from our investment portfolio as follows:
approximately $11.7 million from our syndicated and bilateral investments.
approximately $10.7 million from our CLO equity investments,
approximately $1.0 million from our CLO debt investments, and
approximately $2.0 million from fee income.
As of the end of the second quarter of 2013 there was a single loan on non-accrual status with a par amount of approximately $22.7 million, a fair value of approximately $8.0 million and a cost of $10.3 million.
The majority of this investment was purchased during the first quarter of 2013 at a price of 32% of par. 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 stood at 2.2 at the end of the second quarter of 2013 (compared to 2.1 at the end of the first quarter of 2013).
Our operating expenses before the capital gains incentive fee for the quarter ended June 30, 2013 were approximately $12.4 million, up from the first quarter of 2013 by approximately $1.5 million due largely to increased interest expense, as well as higher investment advisory fees.
The capital gains incentive fee decreased by approximately $2.9 million for the quarter ended June 30, 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 accrued 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 have become payable on June 30, 2013 to our investment adviser in the event of a complete liquidation of our portfolio as of period end and the termination of the Investment Advisory Agreement ("Agreement").
The amount of the capital gains incentive fee, if any, which will actually be payable is determined in accordance with the terms of 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 third quarter of 2013.
Payable Date: September 30, 2013
Record Date: September 16, 2013
During the second quarter of 2013, we made approximately $190.8 million in additional investments. The additional investments consisted of approximately $165.4 million in corporate securities, $19.1 million in CLO equity, and $6.3 million in CLO debt. (It is worth noting that this quarter's activity follows a very active first quarter during which we invested approximately $216.5 million, consisting primarily of $123.6 million in corporate securities, $87.8 million in CLO equity, and $5.1 million in CLO debt). For the same period, we received proceeds of approximately $103.5 million from repayments, sales and amortization payments on our debt investments.
At June 30, 2013, the weighted average yield of our debt investments was approximately 8.5%, compared with 9.2% at March 31, 2013.
At June 30, 2013, net asset value per share was $9.75 compared with the net asset value per share at March 31, 2013 of $10.02.
On May 28, 2013, we completed the sale of $60 million of incremental secured 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.
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 and six months ended June 30, 2013:
We will host a conference call to discuss our second quarter end results today, Tuesday, August 6, 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 10032394.
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
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 06.08.2013 - 06:00 Uhr
Sprache: Deutsch
News-ID 1251912
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
GREENWICH, CT
Phone:
Kategorie:
Venture Capital
Anmerkungen:
Diese Pressemitteilung wurde bisher 73 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"TICC Announces Results of Operations for the Quarter Ended June 30, 2013 and Announces Quarterly Distribution of $0.29 per Share
"
steht unter der journalistisch-redaktionellen Verantwortung von
TICC Capital Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
