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Horizon Technology Finance Announces Third Quarter 2013 Financial Results

Stocks in this article: HRZN

Net Investment Income Continues to Exceed Dividends Net Asset Value ("NAV") Increases to $14.95 per Share

FARMINGTON, Conn., Nov. 5, 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 third quarter financial results for the three months ended September 30, 2013.

Third Quarter 2013 Highlights

  • Earned net investment income ("NII") of $3.5 million, or $0.36 per share
  • Achieved a portfolio weighted average yield of 14.6%
  • Increased net assets from operations by $3.9 million, or $0.41 per share
  • Net asset value equaled $143.4 million, or $14.95 per share
  • Experienced liquidity events from three portfolio companies
  • Held warrants and equity in 11 public companies with a combined fair value of $1.8 million
  • Total liquidity as of September 30, 2013 was approximately $37.4 million
  • Funded $11.5 million in loans to new and existing portfolio companies
  • Closed new loan commitments totaling $8.0 million
  • Ended the quarter with an investment portfolio of $241.3 million
  • Unfunded loan approvals and commitments totaled $11.8 million
  • Declared dividends of $0.115 per share for each of October, November and December 2013

"Horizon reported strong financial results for the third quarter based on a combination of high current pay interest income and attractive fees earned on our dynamic venture loan portfolio," said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer. "Our quality portfolio of high yielding loans provides a stable stream of interest income for the benefit of shareholders, while our warrant portfolio provides shareholders the future opportunity to benefit from the monetization of our warrant portfolio."

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