TECHNOLOGY INVESTMENT CAPITAL CORP. REPORTS FINANCIAL
RESULTS FOR THE QUARTER ENDED JUNE 30, 2004
Greenwich, CT - August 5, 2004 - Technology Investment Capital Corp. (Nasdaq:
TICC) announced today results for the quarter ended June 30, 2004.
HIGHLIGHTS
o We recorded net investment income of $275,059, or $0.03 per share for the
second quarter.
o Net investment income was $229,462, or $0.02 per share for the six months
ended June 30, 2004.
o While we did not close any new transactions during the second quarter, we
are currently processing several later stage transactions and expect that
we should close some of those during the third quarter. We continue to
conduct due diligence regarding those transactions. However, there can be
no assurance when or if those transactions will close.
o On July 26, we announced that we had completed a $10 million transaction
with The Endurance International Group consisting of senior secured notes
with warrants.
o We declared and paid a dividend of $0.11 per share during the second
quarter.
o On July 28, our Board of Directors declared a dividend of $0.11 for the
third quarter, payable on September 30, 2004 to shareholders of record as
of September 10, 2004. The ex-dividend date is September 8, 2004.
We will host a conference call to discuss our second quarter results today,
August 5th at 10:00 AM EST. Please call 877-407-8031 to participate. A replay of
the conference call will be available for approximately 30 days. The replay
number is 877-660-6853, the account number is 1628 and that access code is
111438.
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, 2003 and subsequent reports on Form 10-Q as they are filed.
TECHNOLOGY INVESTMENT CAPITAL CORP.
BALANCE SHEET
UNAUDITED AUDITED
JUNE 30, DECEMBER 31,
2004 2003
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ASSETS
Investments at fair value
(cost: $33,411,566 @ 6/30/04; none @ 12/31/03) $33,411,566 $0
Cash and cash equivalents 104,130,010 138,228,765
Interest receivable 698,249 23,667
Prepaid assets 45,657 72,446
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Total Assets $138,285,482 $138,324,878
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LIABILITIES
Accrued expenses $878,336 $335,810
Accrued offering expenses 0 19,441
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Total Liabilities 878,336 355,251
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STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, Common stock,
$0.01 par value, 100,000,000 shares authorized, and
10,092,712 and 10,000,100 issued and outstanding, respectively 100,927 100,001
Capital in excess of par value 139,502,029 138,189,832
(Overdistributed) net investment income (loss) (2,195,810) (320,206)
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Total Stockholders' Equity 137,407,146 137,969,627
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $138,285,482 $138,324,878
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TECHNOLOGY INVESTMENT CAPITAL CORP.
STATEMENT OF OPERATIONS
UNAUDITED UNAUDITED
3 MONTHS ENDED 6 MONTHS ENDED
JUNE 30, 2004 JUNE 30, 2004
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INVESTMENT INCOME
Interest income $1,163,458 $1,626,645
Other fees 80,000 530,000
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Total Investment Income 1,243,458 2,156,645
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EXPENSES
Salaries and benefits 51,800 98,138
Investment advisory fees 689,767 1,378,949
Professional fees 117,588 201,894
Insurance 20,020 40,040
Directors' fees 38,250 70,500
General and administrative 50,974 137,662
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Total Expenses 968,399 1,927,183
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NET INVESTMENT INCOME $275,059 $229,462
======================================
NET INCREASE IN STOCKHOLDERS'
EQUITY RESULTING FROM OPERATIONS $275,059 $229,462
Net increase in stockholders' equity resulting from
Operations per common share:
Basic and Diluted $0.03 $0.02
Weighted average shares of common stock outstanding:
Basic and Diluted 10,044,459 10,022,279
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ABOUT TECHNOLOGY INVESTMENT CAPITAL CORP.
We are a publicly-traded business development company principally engaged in
providing capital to small to mid-size technology-related companies. While the
structures of our financings vary, we look to invest primarily in the debt of
established technology-related businesses. Companies interested in learning more
about financing opportunities should contact Barry Osherow at (203) 661-9572 or
visit our website at www.ticc.com.
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.