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.