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").
- 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