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Hercules Technology Growth Capital Announces Second Quarter 2012 Financial Results And Declares A Quarterly Cash Dividend Of $0.24

Stocks in this article: HTGC

Hercules Technology Growth Capital, Inc. (NYSE:HTGC), the leading specialty finance company focused on providing senior secured loans to entrepreneurial venture capital and private equity-backed companies in technology-related markets at all stages of development, including technology, biotechnology, life science, healthcare services and clean-tech industries, today announced its financial results for the second quarter ended June 30, 2012.

Second Quarter 2012 Highlights:

  • Record high total investment income of $23.9 million, an increase of 14.9%, in the second quarter of 2012, compared to $20.8 million for the second quarter of 2011.
  • Increased NII during the quarter by 18.3% to approximately $12.3 million, compared to $10.4 million in the second quarter of 2011. NII per share was $0.25, up 4.2%, on 48.6 million outstanding shares for the second quarter of 2012, compared to $0.24 per share on 43.0 million outstanding shares in the second quarter of 2011.
  • Increased DNOI by approximately 19.5% to $13.5 million compared to $11.3 million in the second quarter of 2011. DNOI per share was $0.28, up 7.7%, on 48.6 million outstanding shares for the second quarter of 2012, compared to $0.26 per share on 43.0 million outstanding shares in the second quarter of 2011.
  • Record high total investment assets increased 52.1% year over year to approximately $722.8 million as of June 30, 2012, compared to $ 475.2 million as of June 30, 2011.
  • Originated approximately $139.0 million in total debt and equity commitments to new and existing portfolio companies.
  • Funded approximately $112.0 million of debt and equity investments during the second quarter.
  • Received approximately $64.1 million in principal repayments, including $46.0 million of early principal repayments and $18.1 million in scheduled principal payments.
  • Ended the second quarter with approximately $207.3 million in available liquidity, including $56.1 million in cash, $24.3 million in available SBA borrowing capacity and $126.9 million in bank credit facility availability.
  • Declared a quarterly dividend of $0.24 per share payable on August 24, 2012, to shareholders of record as of August 17, 2012; the twenty-eighth consecutive dividend since inception bringing total dividends declared since inception to $7.40 per share.

  • Two of Hercules’ portfolio companies completed their initial public offering (“IPO”) during the quarter and one portfolio company was acquired.

“I am pleased to announce another solid quarter of performance and financial results for Hercules. We delivered record total investment income and record total investment assets, and harvested net realized gains of approximately $8.3 million from the monetization of our warrant and equity portfolio during the second quarter. These gains are testament to our team’s ability to pick the leaders in their respective sectors and unlock value for our shareholders,” said Manuel A. Henriquez, Hercules' co-founder, president, chairman and chief executive officer.

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