GREENWICH, CT--(Marketwire - Jul 30, 2012) - TICC Capital Corp. (NASDAQ: TICC) announced today its financial results for the quarter ended June 30, 2012 and a distribution of 0.29 per share for the third quarter of 2012. HIGHLIGHTS Total investment income for the second quarter of 2012 amounted to approximately 20.5 million, up approximately 38.8% from the first quarter of 2012 due in part to a one-time fee of approximately 3.4 million associated with our investment in American Integration Technologies, LLC ("AIT"), as well as greater interest income and distribution income from our securitization vehicle investments.  For the quarter ended June 30, 2012, we recorded net investment income of approximately 15.0 million, or approximately 0.40 per share. Excluding the impact of a capital gains incentive fee accrual reduction, our core net investment income(1) was approximately 13.9 million, or approximately 0.37 per share which includes approximately 0.09 per share associated with the AIT fee. We also recorded net unrealized depreciation of approximately 7.3 million and net realized capital gains of approximately 1.5 million. In total, we had a net increase in net assets resulting from operations of approximately 9.3 million or 0.25 per share for the second quarter. As of the end of the second quarter of 2012 there were no loans on non-accrual status. Our cheap burberry handbags weighted average credit rating on a fair value basis was 2.1 at the end of the second quarter of 2012 (compared to 2.1 at the end of the first quarter of 2012). Operating expenses before the capital gains incentive fee for the quarter ended June 30, 2012 were approximately 6.6 million, which was up from the first quarter of 2012 by approximately 1.1 million due largely to a higher net investment income incentive fee. The reported capital gains incentive fee expense decreased by approximately 1,155,000 for the quarter ended June 30, 2012. The capital gains incentive fee expense, as reported under generally accepted accounting principles, is calculated on the basis of net realized and unrealized gains and losses at the end of each period. The expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to our investment adviser in the event of a complete liquidation of our portfolio as of period end and the termination of the Investment Advisory Agreement (the "Agreement") on such date. The 1.0 million capital gains incentive fee accrual as of June 30, 2012 relates entirely to this hypothetical liquidation calculation.  The amount of the capital gains incentive fee which will actually be payable is determined in accordance with the terms of the Agreement and is calculated as of the end of each calendar year (or upon termination of the Agreement). The terms of the Agreement state that the capital gains incentive fee calculation is based on net realized gains, if any, offset by gross unrealized depreciation for the calendar year. No effect is given to gross unrealized appreciation in this calculation.  Our Board of Directors has declared a distribution of 0.29 per share for the third quarter of 2012. Payable Date: September 28, 2012 Record Date: September 14, 2012 During the second quarter of 2012, we deployed approximately 62.1 million in additional investments. For the same period, we received proceeds of approximately 68.7 million from repayments, sales and amortization payments on our debt investments.  At June 30, 2012, the weighted average yield of our debt investments was approximately 11.2%, compared with 11.6% at March 31, 2012.  At June 30, 2012, net asset value per share was 9.47 compared with the net asset value per share at March 31, 2012 of 9.50.  (1) Supplemental Information Regarding Core Net Investment Income and Core Net Increase in Net Assets Resulting from Operations On a supplemental basis, we provide information relating to core net investment income and core net increase in net assets resulting from operations, non-GAAP measures. These measures are provided in addition to, but not a substitute for, net investment income and net increase in net assets resulting from operations. Core net investment income represents net investment income excluding our capital gains incentive fee. Core net increase in net assets resulting from operations represents net increase in net assets resulting from operations excluding the capital gains incentive fee. As the capital gains incentive fee is based on a hypothetical event that did not occur, we believe that core net investment income and core net increase in net assets resulting from operations are useful indicators of non-hypothetical transactions during this period.  The following table provides a reconciliation of net investment income to core net investment income (for the three and six months ended June 30, 2012):               Three Months Ended June 30, 2012  Six Months Ended June 30, 2012  Amount  Per Share Amounts  Amount  Per Share AmountsNet investment income 15,037,476  0.40  23,191,996  0.65Capital gains incentive fee  (1,155,520)  (0.03)  (89,857)  0.00Core net investment income 13,881,956  0.37  23,102,139  0.65                                 We will host a conference call to discuss our second quarter results on Tuesday, July 31 at 8:30 AM ET. Please call 1-877-317-6789 to participate. A replay of the conference call will be available for approximately 30 days. The replay number is 1-877-344-7529, and the replay passcode is 10016857. 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, 2011, and subsequent reports on Form 10-Q as they are filed.        TICC CAPITAL CORP. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)          June 30, 2012  December 31, 2011          ASSETS                  Non-affiliated/non-control investments (cost: 418,687,526 @ 6/30/12; 372,091,255 @ 12/31/11) 422,775,500  375,793,839  Control investments (cost: 17,221,653 @ 6/30/12; 17,434,371 @ 12/31/11)  16,450,000   15,675,000   Total investments at fair value  439,225,500   391,468,839  Cash and cash equivalents  10,868,065   4,494,793  Restricted cash  13,790,934   23,183,698  Deferred debt issuance costs  2,745,029   2,895,873  Interest and distributions receivable  3,391,403   1,837,882  Other assets  126,627   238,485    Total assets 470,147,558  424,119,570   LIABILITIES         Notes payable, net of discount 99,802,771  99,710,826  Accrued interest payable  511,730   1,076,113  Investment advisory fee payable to affiliate  4,614,814   2,895,799  Accrued capital gains incentive fee to affiliate  1,018,892   1,108,749  Securities purchased not settled  5,542,583   13,352,500  Accrued expenses  602,118   873,592    Total liabilities  112,092,908   119,017,579          NET ASSETS         Common stock, 0.01 par value, 100,000,000 shares authorized, and 37,806,232 and 32,818,428 issued and outstanding, respectively  378,062   328,184  Capital in excess of par value  424,015,323   376,991,540  Net unrealized appreciation on investments  3,316,321   1,943,213  Accumulated net realized losses on investments  (68,529,970)  (70,308,108) Distributions in excess of investment income  (1,125,086)  (3,852,838)   Total net assets  358,054,650   305,101,991    Total liabilities and net assets 470,147,558  424,119,570             Net asset value per common share 9.47  9.30                     TICC CAPITAL CORP.CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)                             Three Months Ended June 30, 2012  Three Months Ended June 30, 2011  Six Months Ended June 30, 2012  Six Months Ended June 30, 2011                INVESTMENT INCOME               From non-affiliated/non-control investments:                Interest income - debt investments 9,540,030  6,896,080  18,250,282  13,762,724 Distributions from securitization vehicles and equity investments  6,406,175   3,554,407   11,955,822   5,883,257 Commitment, amendment fee income and other income  4,138,857   286,918   4,246,212   446,019  Total investment income from non-affiliated/non-control investments  20,085,062   10,737,405   34,452,316   20,092,000From Ferragamo handbags control investments:                Interest income - debt investments  378,258   396,892   758,609   802,422  Total investment income  20,463,320   11,134,297   35,210,925   20,894,422EXPENSES                Compensation expense  279,354   257,788   549,688   495,852 Investment advisory fees  2,450,664   1,661,673   4,594,021   3,276,116 Professional fees  436,210   167,942   1,227,037   461,214 Interest expense and other debt financing expenses  816,304   -   1,653,081   - General and administrative  434,682   355,859   727,479   574,743  Total expenses before incentive fees  4,417,214   2,443,262   8,751,306   4,807,925 Net investment income incentive fees  2,164,150   610,441   3,357,480   988,551 Capital gains incentive fees  (1,155,520)  (1,442,843)  (89,857)  5,026,486  Total incentive fees  1,008,630   (832,402)  3,267,623   6,015,037  Total expenses  5,425,844   1,610,860   12,018,929   10,822,962Net investment income  15,037,476   9,523,437   23,191,996   10,071,460Net change in unrealized (depreciation) appreciation on investments  (7,261,959)  (6,053,718)  1,373,108   3,062,480Net realized gains on investments  1,484,357   734,927   1,778,138   2,630,348Net increase in net assets resulting from operations 9,259,874  4,204,646  26,343,242  15,764,288                Net increase in net assets resulting from net investment income per common share:                  Basic and diluted 0.40  0.29  0.65  0.31Net increase in net assets resulting from operations per common share:                  Basic and diluted 0.25  0.13  0.74  0.49Weighted average shares of common stock outstanding:                  Basic and diluted  37,755,905   32,387,993   35,583,102   32,151,738                                  TICC CAPITAL CORP.  FINANCIAL HIGHLIGHTS (UNAUDITED)            Three Months Ended June 30, 2012 (unaudited) Three Months Ended June 30, 2011 (unaudited) Six Cartier Handbags Months Ended June 30, 2012 (unaudited) Six Months Ended June 30, 2011 (unaudited)           Per Share Data             Net asset value at beginning of period 9.50 9.97 9.30 9.85               Net investment income(1)  0.40  0.29  0.65  0.31 Net realized and unrealized capital gains(2)  (0.16) (0.16) 0.07  0.18               Total from net investment operations  0.24  0.13  0.72  0.49               Distributions per share from net investment income  (0.27) (0.25) (0.54) (0.49)              Distributions based on weighted average share impact  -  -  (0.03) -               Distributions from net realized capital gains  -  -  -  -               Tax return of capital distributions  -  -  -  -               Total distributions(3)  (0.27) (0.25) (0.57) (0.49)              Effect of shares issued, net of offering expenses  -  -  0.02  -               Net asset value at end of period 9.47 9.85 9.47 9.85               Per share market value at beginning of period 9.74 10.87 8.65 11.21 Per share market value at end of period 9.69 9.60 9.69 9.60 Total return(4)  2.26% (9.38%) 18.34% (10.19%)Shares outstanding at end of period  37,806,232  32,671,485  37,806,232  32,671,485 Ratios/Supplemental Data             Net assets at end of period (000's)  358,055  321,776  358,055  321,776 Average net assets (000's)  356,762  321,805  336,458  318,218 Ratio of expenses to average net assets:              Expenses before incentive fees(5)  4.95% 3.03% 5.20% 3.02% Net investment income incentive fees(5)  2.43% 0.76% 1.99% 0.62% Capital gains incentive fees(5)  (1.30)% (1.79)% (0.05%) 3.16%              Total ratio of expenses to average net assets(5)  6.08% 2.00% 7.14% 6.80%              Ratio of expenses, excluding interest expense, to average net assets(5)  5.17% 2.00% 6.16% 6.80%              Ratio of net investment income to average net assets(5)  16.86% 11.84% 13.79% 6.33%                 (1)Represents per share net investment income for the period, based upon average shares outstanding. (2)Net realized and unrealized capital gains include rounding adjustment to reconcile change in net asset value per share. (3)Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company's taxable earnings fall below the total amount of the Company's distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company's stockholders. The tax character of distributions will be determined at the end of the fiscal year. However, if the character of such distributions were determined as of June 30, 2012, none of the distributions for 2012 would have been characterized as a tax return of capital to the Company's stockholders; this tax return of capital may differ from the return of capital calculated with reference to net investment income for financial reporting purposes. (4)Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's dividend reinvestment plan. Total return is not annualized. (5)Annualized.      About TICC Capital Corp. TICC Capital Corp. is a publicly-traded business development company principally engaged in providing capital to established small and mid-size companies, 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.