TICC Announces Results of Operations for the Quarter and the Year Ended December 31, 2015 and Announces Quarterly Distribution of $0.29 per Share
(firmenpresse) - GREENWICH, CT -- (Marketwired) -- 03/10/16 -- TICC Capital Corp. (NASDAQ: TICC) ("TICC," the "Company," "we," "us" or "our") announced today its financial results for the quarter and year ended December 31, 2015, and announced a distribution of $0.29 per share for the first quarter of 2016.
HIGHLIGHTS
For the year ended December 31, 2015, we recorded approximately $87.5 million of total investment income and $38.6 million of net investment income, compared to $117.3 million of total investment income and $65.5 million of net investment income for the year ended December 31, 2014.
Our core net investment income ("Core NII" also previously referred to as "estimated distributable net investment income") for the quarter ended December 31, 2015 was approximately $0.26 per share.
Core NII represents that portion of our estimated annual taxable net investment income available for distribution to our common shareholders attributable to the quarter. The Company''s distribution policy is based, to a significant extent, on our Core NII.
For the quarter ended December 31, 2015, we recorded net investment income of approximately $4.5 million, or approximately $0.08 per share. In the fourth quarter, we also recorded net realized capital losses of approximately $4.2 million and net unrealized depreciation of approximately $67.6 million. Our CLO positions suffered significant price declines in the quarter, with $43.9 million of that net unrealized depreciation associated with our CLO investments. In total, we had a net decrease in net assets resulting from operations of approximately $67.3 million or approximately $1.14 per share for the fourth quarter.
Total investment income for the fourth quarter of 2015 amounted to approximately $18.8 million, which represents a decrease of approximately $4.3 million from the third quarter of 2015.
For the quarter ended December 31, 2015, we recorded investment income from our portfolio as follows:
approximately $10.0 million from our debt investments,
approximately $8.5 million from our collateralized loan obligation ("CLO") equity investments, and
approximately $0.3 million from all other sources.
While reportable GAAP earnings from our CLO equity class investments for the three months ended December 31, 2015 was approximately $8.5 million, we received or were entitled to receive approximately $19.2 million in distributions. Our experience has been that cash flows have historically represented a reasonable estimate of CLO equity investment taxable earnings. In general, we currently expect our annual taxable income to be higher than our GAAP earnings on the basis of the difference between cash distributions actually received (and record date distributions to be received) and the effective yield income. Our distribution policy will be based upon our estimate of that taxable income (as required for a regulated investment company).
Our weighted average credit rating on a fair value basis was 2.2 at the end of the fourth quarter of 2015 (compared to 2.2 at the end of the third quarter of 2015).
Our total expenses for the quarter ended December 31, 2015 were approximately $14.3 million, up from the third quarter of 2015 by approximately $2.0 million. We note that in the 4th quarter of 2015, we recognized approximately $2.6 million of incremental expenses primarily related to the engagement of legal and financial advisors to the Company''s Special Committee.
Our Board of Directors has declared a distribution of $0.29 per share for the first quarter of 2016.
Payable Date: March 31, 2016
Record Date: March 17, 2016
During the fourth quarter of 2015, we made approximately $20.7 million in additional investments in senior secured loans.
For the year ended December 31, 2015, we invested approximately $234.8 million, consisting of $173.8 million in corporate securities and $61.0 million in CLO equity.
For the fourth quarter of 2015, we received proceeds of approximately $207.9 million from repayments, sales and amortization payments on our debt investments.
As of December 31, 2015, the weighted average yield of our debt investments at current cost was approximately 7.1%, compared with 7.2% as of September 30, 2015.
As of December 31, 2015, the weighted average effective yield (GAAP) of CLO equity investments at current cost remained approximately 11.3%, compared with 11.3% as of September 30, 2015.
As of December 31, 2015, the weighted average cash yield of our CLO equity investments was approximately 27.4%, compared with 25.4% as of September 30, 2015.
As of December 31, 2015, net asset value per share was $6.40 compared with the net asset value per share as of September 30, 2015 of $7.81.
At December 31st, we had one investment on non-accrual status with a cost basis of approximately $15.5 million and a fair value of approximately $13.5 million. This loan was purchased for a total of approximately $10.7 million in separate purchases in 2011 and 2013.
As previously announced, TICC Funding LLC, a special purpose vehicle and wholly-owned subsidiary of TICC, which had previously entered into a revolving credit facility (the "Facility"), had repaid in full its $150 million of outstanding borrowings under the Facility and had unilaterally terminated the Facility as of December 31, 2015 in accordance with its terms. The Facility had been scheduled to mature on October 27, 2017.
Since the November 5, 2015 authorization of our share repurchase program through March 4, 2016, we have repurchased approximately 8.5 million shares of our common stock at a weighted average price of approximately $5.79 for a total of approximately $49.3 million, representing 14.2% of all of our shares outstanding as of September 30, 2015.
On March 9, 2016, TICC Management, LLC (the "Adviser") signed a fee waiver letter that implemented, effective as of April 1, 2016, a series of ongoing fee waivers with respect to the base management fee and income incentive fee payable to the Adviser under the Investment Advisory Agreement between us and the Adviser.
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. This non-GAAP measure may differ from similar measures used by other companies, even if similar terms are used to identify such measures. It should be noted that the current description of core net investment income differs from prior descriptions due to the change in the method of accounting for CLO equity investment income, effective January 1, 2015. Core net investment income represents net investment income adjusted for additional taxable income on our CLO equity investments.
Income from CLO equity investments, for generally accepted accounting purposes, is recorded using the effective yield method. This method requires the calculation of an effective yield to expected redemption based upon an estimation of the amount and timing of future cash flows, including recurring cash flows as well as future principal payments; the difference between the actual cash received (and record date distributions to be received), and the effective yield calculation is an adjustment to cost. Accordingly, investment income recognized on CLO equity investments in the GAAP statement of operations differs from the estimated taxable net investment income (which is generally based upon the cash distributions actually received and record date distributions to be received by us during the period), and the resulting difference is referred to below as "CLO equity additional estimated taxable income." We believe that core net investment income is a useful indicator of performance during this period. Further, because the regulated investment company requirements are to distribute taxable earnings, and capital gains incentive fees may not be fully currently tax deductible, core net investment income provides a better indication of estimated taxable income for the period.
The following table provides a reconciliation of net investment income to core net investment income for the three months and year ended December 31, 2015:
We will host a conference call to discuss our fourth quarter and year end results today, Thursday, March 10, 2015 at 10:00 AM ET. Please call 888-339-0740 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 10082261.
A presentation containing further detail regarding our year-end and quarterly results of operations has been posted under the Investor Relations section of our website at .
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, 2015, 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.
Contact:
Bruce Rubin
203-983-5280
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 10.03.2016 - 07:15 Uhr
Sprache: Deutsch
News-ID 1420945
Anzahl Zeichen: 2440
contact information:
Contact person:
Town:
GREENWICH, CT
Phone:
Kategorie:
Venture Capital
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 122 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"TICC Announces Results of Operations for the Quarter and the Year Ended December 31, 2015 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).
