TICC Capital Corp. (TICC, Financial) filed Quarterly Report for the period ended 2010-06-30.
Ticc Capital Corp. has a market cap of $243.4 million; its shares were traded at around $9.06 with a P/E ratio of 16.5 and P/S ratio of 11.8. The dividend yield of Ticc Capital Corp. stocks is 8.8%. Ticc Capital Corp. had an annual average earning growth of 9.4% over the past 5 years.TICC is in the portfolios of Jeremy Grantham of GMO LLC.
We expect that our investments will generally range between $5 million and $30 million each, although this investment size may vary proportionately as the size of our capital base changes and market conditions warrant, and accrue interest at fixed or variable rates. As of June 30, 2010, our debt investments had stated interest rates of between 3.10% and 15.00% (excluding our investment in GenuTec Business Solutions, Inc. which carries a zero interest rate through October 30, 2014) and maturity dates of between 6 and 144 months (excluding our investment in WAICCS Las Vegas, LLC). In addition, our total portfolio had a weighted average yield on debt investments of approximately 13.0% including all investments in our portfolio.
Our loans may carry a provision for deferral of some or all of the interest payments and amendment fees, which will be added to the principal amount of the loan. This form of deferred income is referred to as payment-in-kind, or PIK, interest or other income and, when earned, is recorded as interest or other income and an increase in the principal amount of the loan. For the quarter ended June 30, 2010, we recognized approximately $204,000 of interest income attributable to PIK associated with our investments in Cavtel Holdings, LLC, Allen Systems Group, Inc., Pegasus Solutions, Inc. and Workflow Management, Inc., compared to PIK income of approximately $11,200 during the quarter ended June 30, 2009.
During the quarter ended June 30, 2010, we closed approximately $15.0 million in portfolio investments, including additional investments of approximately $1.5 million in an existing portfolio company and approximately $13.5 million of investments in new portfolio companies. During the quarter ended June 30, 2010, we recognized a total of $10.8 million from principal repayments on debt investments, and we recognized approximately $6.6 million from the sale of portfolio investments. We realized net gains on investments during the quarter ended June 30, 2010 in the amount of approximately $1.2 million.
Based upon the fair value determinations made in good faith by the Board of Directors, during the quarter ended June 30, 2010, we had net unrealized gains of approximately $2.1 million, comprised of $9.5 million in gross unrealized appreciation, $7.0 million in gross unrealized depreciation and approximately $0.4 million relating to the reversal of prior period net unrealized appreciation as certain investments were realized. The most significant changes in net unrealized appreciation and depreciation during the quarter ended June 30, 2010 were as follows (in millions):
Based upon the fair value determinations made in good faith by the Board of Directors, during the quarter ended June 30, 2009, we had net unrealized gains of approximately $9.8 million comprised of $14.6 million in unrealized appreciation, $7.7 million in unrealized depreciation and approximately $2.9 million relating to the reversal of prior period net unrealized depreciation. The most significant changes in net unrealized appreciation and depreciation during the three months ended June 30, 2009 were as follows (in millions):
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Ticc Capital Corp. has a market cap of $243.4 million; its shares were traded at around $9.06 with a P/E ratio of 16.5 and P/S ratio of 11.8. The dividend yield of Ticc Capital Corp. stocks is 8.8%. Ticc Capital Corp. had an annual average earning growth of 9.4% over the past 5 years.TICC is in the portfolios of Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
We currently concentrate our investments in companies having annual revenues of less than $200 million and/or an equity capitalization of less than $300 million. While the structure of our investments will vary, we invest primarily in the debt of established businesses. We seek to invest in entities that, as a general matter, have been operating for at least one year prior to the date of our investment and that will, at the time of our investment, have employees and revenues, and are cash flow positive. Many of these companies will have financial backing provided by private equity or venture capital funds or other financial or strategic sponsors at the time we make an investment.We expect that our investments will generally range between $5 million and $30 million each, although this investment size may vary proportionately as the size of our capital base changes and market conditions warrant, and accrue interest at fixed or variable rates. As of June 30, 2010, our debt investments had stated interest rates of between 3.10% and 15.00% (excluding our investment in GenuTec Business Solutions, Inc. which carries a zero interest rate through October 30, 2014) and maturity dates of between 6 and 144 months (excluding our investment in WAICCS Las Vegas, LLC). In addition, our total portfolio had a weighted average yield on debt investments of approximately 13.0% including all investments in our portfolio.
Our loans may carry a provision for deferral of some or all of the interest payments and amendment fees, which will be added to the principal amount of the loan. This form of deferred income is referred to as payment-in-kind, or PIK, interest or other income and, when earned, is recorded as interest or other income and an increase in the principal amount of the loan. For the quarter ended June 30, 2010, we recognized approximately $204,000 of interest income attributable to PIK associated with our investments in Cavtel Holdings, LLC, Allen Systems Group, Inc., Pegasus Solutions, Inc. and Workflow Management, Inc., compared to PIK income of approximately $11,200 during the quarter ended June 30, 2009.
During the quarter ended June 30, 2010, we closed approximately $15.0 million in portfolio investments, including additional investments of approximately $1.5 million in an existing portfolio company and approximately $13.5 million of investments in new portfolio companies. During the quarter ended June 30, 2010, we recognized a total of $10.8 million from principal repayments on debt investments, and we recognized approximately $6.6 million from the sale of portfolio investments. We realized net gains on investments during the quarter ended June 30, 2010 in the amount of approximately $1.2 million.
Based upon the fair value determinations made in good faith by the Board of Directors, during the quarter ended June 30, 2010, we had net unrealized gains of approximately $2.1 million, comprised of $9.5 million in gross unrealized appreciation, $7.0 million in gross unrealized depreciation and approximately $0.4 million relating to the reversal of prior period net unrealized appreciation as certain investments were realized. The most significant changes in net unrealized appreciation and depreciation during the quarter ended June 30, 2010 were as follows (in millions):
Based upon the fair value determinations made in good faith by the Board of Directors, during the quarter ended June 30, 2009, we had net unrealized gains of approximately $9.8 million comprised of $14.6 million in unrealized appreciation, $7.7 million in unrealized depreciation and approximately $2.9 million relating to the reversal of prior period net unrealized depreciation. The most significant changes in net unrealized appreciation and depreciation during the three months ended June 30, 2009 were as follows (in millions):
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