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Horizon Technology Finance Corporation Announces Full Year 2010 Financial Results

Stocks in this article: HRZN

FARMINGTON, Conn., March 15, 2011 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) ("HRZN" or the "Company"), a leading specialty finance company that provides secured loans to sponsor-backed development-stage companies in the technology, life science, healthcare information and services, and clean-tech industries, announced today its financial results for the year ended December 31, 2010.

The consolidated results for the year ended December 31, 2010 included in this press release reflect the performance of the Company's predecessor, Compass Horizon Funding Company LLC, prior to the Company's initial public offering (IPO), which was effective on October 28, 2010. Based on the Company's qualification to be treated as a Business Development Company (BDC) and related changes in accounting principles immediately following the completion of the IPO, the Company's consolidated results for the year ended December 31, 2010 may not be indicative of the results reported in future periods. In accordance with applicable accounting standards, the Company has included in this press release consolidated results subsequent to its IPO from October 29, 2010 through December 31, 2010 (the "stub period").

Highlights

  • Net increase in net assets from operations was $3.4 million, or $0.45 per common share for the stub period and $14.7 million for the full year 2010
  • Net investment income was $1.4 million, or $0.18 per common share, for the stub period and $10.4 million for the full year 2010
  • Net realized gain on investments was $0.6 million, or $0.08 per common share, for the stub period and $0.7 million for the full year 2010
  • Net asset value was $127.2 million, or $16.75 per share, as of December 31, 2010
  • Funded $98.3 million in loan investments during 2010
  • Committed backlog totaled $26.5 million at December 31, 2010
  • Completed IPO, raising $73.1 million in gross proceeds to the Company
  • Paid a stub period dividend of $0.22 per share, which equated to a 8.25% yield using the IPO price of $16.00 per share

Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer, commented, "We are pleased by our strong results for the stub period and full year 2010 as our existing portfolio of assets continues to perform well. During the fourth quarter, we completed our $100 million IPO, a major milestone for Horizon that significantly enhances our short-term and long-term growth prospects. We also advanced our strategy to obtain an SBIC license from the Small Business Administration by the filing of our formal application. This will provide us the ability to increase our leverage under favorable terms to fund new investments. Management remains committed to taking advantage of the positive industry fundamentals in venture lending and expanding our diverse, high-quality portfolio. With a strong balance sheet and a growing investment pipeline, we are already experiencing a rapid increase in deal originations that meet management's strict criteria as we seek to expand future earnings and dividends for the benefit of our shareholders."

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