-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AG9/uGrVMTgcI176EUIYexzaryIsKKxsva/SoOC9tBcvbAu67/bNqQHeF6FswKDq 8H3K/j2PiNG3IGgGBMrmNw== 0000950136-04-001400.txt : 20040504 0000950136-04-001400.hdr.sgml : 20040504 20040504101010 ACCESSION NUMBER: 0000950136-04-001400 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040504 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TECHNOLOGY INVESTMENT CAPITAL CORP CENTRAL INDEX KEY: 0001259429 IRS NUMBER: 200118736 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 814-00638 FILM NUMBER: 04775639 BUSINESS ADDRESS: STREET 1: 8 SOUND SHORE DR STREET 2: SUITE 215 CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2036613122 8-K 1 file001.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------------------- FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 4, 2004 TECHNOLOGY INVESTMENT CAPITAL CORP. (Exact name of registrant as specified in its charter) MARYLAND 000-50398 20-0118736 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 8 SOUND SHORE DRIVE GREENWICH, CT 06830 (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (203) 983-5275 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) Not applicable. (b) Not applicable. (c) Exhibits. EXHIBIT NO. DESCRIPTION ----------- ----------- 99.1 Press release dated May 4, 2004 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On May 4, 2004, the Company issued a press release announcing its financial results for the three months ended March 31, 2004. The text of the press release is included as an exhibit to this Form 8-K. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and herein is deemed to be furnished and shall not be deemed to be filed. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: May 4, 2004 TECHNOLOGY INVESTMENT CAPITAL CORP. By: /s/ Saul B. Rosenthal ------------------------- Saul B. Rosenthal Chief Operating Officer EX-99.1 2 file002.txt PRESS RELEASE Exhibit 99.1 TECHNOLOGY INVESTMENT CAPITAL CORP. REPORTS FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2004 Greenwich, CT, May 4, 2004 - Technology Investment Capital Corp. (Nasdaq: TICC) announced today results for the quarter ended March 31, 2004. FIRST QUARTER HIGHLIGHTS o We closed three new transactions during the first quarter, two of which were with companies that we had an LOI with at the time of our IPO, totaling $33 million. o Questia Media, Inc. ($8,000,000, and a commitment to fund an additional $2,000,000 of senior notes assuming Questia achieves certain milestones) o MortgageIT, Inc. ($15,000,000) o Advanced Aesthetics, Inc. ($10,000,000) o We recorded a net operating loss of $45,597, primarily due to the fact that two of the three transactions closed towards the end of the quarter. o We declared a dividend of $0.10 per share during the quarter ended March 31, 2004, which was paid on April 5, 2004. o Today, we are announcing an increase in our dividend for the second quarter of 2004 to $0.11 per share, payable on June 30, 2004 to shareholders of record as of June 10, 2004. We will host a conference call to discuss our first quarter results today, May 4th at 10:00 AM EST. Please call 877-407-8031 to participate. A replay of the conference call will be available for approximately 7 days. The replay number is 877-660-6853, the account number is 1628 and that access code is 102185. 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. CONSOLIDATED BALANCE SHEET
UNAUDITED MARCH 31, DECEMBER 31, 2004 2003 - ------------------------------------------------------------------------------------------------------------- ASSETS Investments at fair value (cost: $33,167,869 @ 3/31/04; none @ 12/31/03) $33,167,869 $0 Cash and cash equivalents 105,127,057 138,228,765 Interest receivable 12,938 23,667 Prepaid assets 67,811 72,446 ------------------------------------------ TOTAL ASSETS $138,375,675 $138,324,878 ========================================== LIABILITIES Dividends payable $1,000,010 $0 Accrued expenses 451,645 $335,810 Accrued offering expenses 0 19,441 ------------------------------------------ Total Liabilities $1,451,655 $355,251 STOCKHOLDERS' EQUITY Common stock, $0.01 par value, 100,000,000 shares authorized, and 10,000,100 issued and outstanding, respectively $100,001 $100,001 Capital in excess of par value 138,189,832 138,189,832 (Overdistributed) net investment loss (1,365,813) (320,206) ------------------------------------------ Total Stockholders' Equity $136,924,020 $137,969,627 --------------------- -------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $138,375,675 $138,324,878 ==========================================
TECHNOLOGY INVESTMENT CAPITAL CORP. CONSOLIDATED STATEMENT OF OPERATIONS UNAUDITED 3 MONTHS ENDED MARCH 31, 2004 - ------------------------------------------------------------------------------- INVESTMENT INCOME Interest income $463,187 Managerial Assistance Fees 450,000 -------------------- Total Investment Income $913,187 EXPENSES Salaries and benefits $46,338 Investment advisory fees 689,182 Professional fees 84,306 Insurance 20,020 Directors' fees 32,250 General and administrative 86,688 -------------------- Total Expenses $958,784 NET INVESTMENT LOSS $(45,597) ==================== NET DECREASE IN STOCKHOLDERS' EQUITY RESULTING FROM OPERATIONS $(45,597) Net decrease in stockholders' equity resulting from Operations per common share: Basic and Diluted $(0.005) Weighted average shares of common stock outstanding: Basic and Diluted 10,000,100 - ------------------------------------------------------------------------------- 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. -----END PRIVACY-ENHANCED MESSAGE-----