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Horizon Technology Finance Announces Fourth Quarter And Year 2012 Financial Results

Stocks in this article: HRZN

Annual Portfolio Growth of 28.4%

Record Loan Volume of $66.5 Million in Q4

Net Investment Income of $0.36 Per Share for Fourth Quarter

FARMINGTON, Conn., March 12, 2013 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) (the "Company" or "Horizon"), a leading specialty finance company that provides secured loans to venture capital and private equity-backed development-stage companies in the technology, life science, healthcare information and services, and cleantech industries, today announced its fourth quarter and year-end financial results for the year ended December 31, 2012.

Fourth Quarter and Year Ended 2012 Highlights

  • Ended the year with an investment portfolio of $228.6 million, an increase of 28.4% compared to year-end 2011
  • Closed loan commitments totaling $77.4 million and $203.2 million for the fourth quarter and year ended 2012, respectively
  • Funded $66.5 million and $184.0 million in venture loans for the fourth quarter and year ended 2012, respectively
  • Earned net investment income ("NII") of $3.4 million, or $0.36 per share, for the fourth quarter and $12.0 million, or $1.41 per share, for the year ended 2012
  • Portfolio weighted average yield was 14.7% for the fourth quarter and 14.2% for the year ended 2012
  • Unfunded loan approvals and commitments totaled $28.6 million at year-end 2012
  • On November 27, 2012, declared monthly dividends of $0.115 per share for each of January, February and March 2013
  • On March 8, 2013, declared monthly dividends of $0.115 per share for each of April, May and June 2013, bringing cumulative declared dividends to $3.89 per share since going public in October 2010
  • Net asset value ("NAV") equaled $145.0 million, or $15.15 per share, as of December 31, 2012
  • Received a total of approximately $26.6 million and $42.3 million in loan prepayments in the fourth quarter and full year 2012, respectively
  • Received a total of approximately $10.6 million and $39.1 million in scheduled loan principal payments in the fourth quarter and full year 2012, respectively
  • Debt to equity ratio as of December 31, 2012 was 65.3%
  • Total liquidity as of December 31, 2012 was approximately $53.9 million

"We are very proud of our success in generating $66.5 million in new loan volume in the fourth quarter which more than offset high loan prepayments in the fourth quarter. This level of prepayments generated strong interest and fee income supporting our $0.36 per share in NII. Our NII covers our previously declared fourth quarter dividend of $0.115 per share per month payable in the first quarter of 2013," said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer.

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