This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Horizon Technology Finance Announces First Quarter 2013 Financial Results

FARMINGTON, Conn., May 7, 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 first quarter financial results for the three months ended March 31, 2013.

First Quarter 2013 Highlights

  • Ended the quarter with an investment portfolio of a record $247.8 million
  • Funded $28.5 million in venture loans to new and existing portfolio companies
  • Closed loan commitments totaling $25.5 million
  • Portfolio weighted average yield was 12.8% with no loan prepayments in the quarter
  • Earned net investment income ("NII") of $2.8 million, or $0.29 per share
  • Increased net assets from operations by $3.0 million, or $0.31 per share
  • Net asset value ("NAV") equaled $144.8 million, or $15.12 per share
  • On March 8, 2013, declared monthly dividends of $0.115 per share for each of April, May and June 2013
  • Unfunded loan approvals and commitments totaled $15.6 million
  • Debt to equity ratio as of March 31, 2013 reached 79.7%
  • Total liquidity as of March 31, 2013 was approximately $34.0 million

"We are pleased to report the record size of our investment portfolio, which we expect will drive higher investment income in future quarters. Our pipeline in the first quarter was robust following a record level of originations in the fourth quarter," said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer. "As we steadily increase our earning assets in a competitive market environment, we are making effective use of our leverage to boost returns and deliver a strong portfolio yield. Because most of our first quarter investments funded in late March, our first quarter portfolio growth did not have a large impact on our net investment income, however, we expect our portfolio growth will have a larger impact on our future operating results."

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs