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TheStreet Open House

Horizon Technology Finance Announces Second Quarter 2013 Financial Results

Stocks in this article: HRZN

Net Investment Income Increases to $0.38 Per Share

Locks in 3% Coupon Rate on $90 Million of Borrowings

FARMINGTON, Conn., Aug. 6, 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 second quarter financial results for the three months ended June 30, 2013.

Second Quarter 2013 Highlights

  • Earned net investment income ("NII") of $3.6 million, or $0.38 per share
  • Funded $29.1 million in loans to new and existing portfolio companies
  • Closed new loan commitments totaling $33.5 million
  • Ended the quarter with an investment portfolio of $246.9 million
  • Achieved a portfolio weighted average yield of 14.5%
  • Net asset value equaled $142.7 million, or $14.89 per share
  • Declared monthly dividends of $0.115 per share for each of July, August and September 2013
  • Unfunded loan approvals and commitments totaled $19.0 million
  • Reduced pricing on revolving credit facility to LIBOR plus 3.25%, a reduction of 0.75%
  • Completed a $189 million securitization of secured loans and issued $90 million of asset-backed notes rated A2 ( sf) by Moody's Investor Services, Inc. with a fixed rate of 3.0%
  • 92% of total borrowings now at fixed interest rates

"During the second quarter, Horizon maintained a portfolio of quality, high yielding assets delivering solid financial results for shareholders," said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer. "We generated a strong level of net investment income of $0.38 per share and a portfolio yield of 14.5% from a combination of an existing portfolio, strong loan originations and portfolio loan prepayments during the quarter. We are pleased that our second quarter NII more than covered our dividends of $0.345 per share paid in the second quarter."

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