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Hercules Technology Growth Capital Announces Third Quarter 2013 Financial Results And Raises Quarterly Cash Dividend To $0.31 Per Share, Up $0.03 From Second Quarter 2013, An Increase Of Approximately 11.00%

Stocks in this article: HTGC

Hercules Technology Growth Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”), the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy and renewables technology industries, at all stages of development, announced today its financial results for the third quarter ended September 30, 2013.

The Company also announced that its Board of Directors has declared a third quarter cash dividend of $0.31 per share, that will be payable on November 25, 2013, to shareholders of record as of November 18, 2013.

Third Quarter 2013 Highlights:

  • Record high total investment income of approximately $41.0 million, an increase of 71.6%, in the third quarter of 2013, compared to $23.9 million for the third quarter of 2012.
  • Increased net investment income, or “NII”, during the quarter by 89.5% to approximately $21.6 million, as compared to $11.4 million in the third quarter of 2012. NII per share increased 52.2% to $0.35 on approximately 60.5 million outstanding shares for the third quarter of 2013, as compared to NII of $0.23 per share for the third quarter of 2012.
  • Increased distributable net operating income, or “DNOI”, by 85.6% to approximately $23.2 million compared to $12.5 million in the third quarter of 2012. DNOI per share increased 46.2% to $0.38 on approximately 60.5 million outstanding shares for the third quarter of 2013, as compared to DNOI of $0.26 per share for the third quarter of 2012.
  • Received approximately $132.2 million in principal repayments, including approximately $102.1 million of early principal repayments and approximately $30.1 million in scheduled principal payments.
  • Hercules’ portfolio companies announced or completed 18 liquidity events during the third quarter of 2013.
  • Total investment assets increased 27.0% year over year to approximately $983.4 million as of September 30, 2013, compared to $774.5 million as of September 30, 2012.
  • Increased the quarterly dividend by $0.03, or approximately 10.7%, to $0.31 per share payable on November 25, 2013, to shareholders of record as of November 18, 2013; the thirty-third consecutive dividend since inception bringing total dividends declared since inception to $8.75 per share.

“With a record high of $41 million in total investment income, a record number of 18 announced or completed liquidity events coupled with an increased dividend to $0.31, I am pleased to say that this was the best quarterly performance ever for Hercules,” said Manuel A. Henriquez, co-founder, chairman and chief executive officer of Hercules. “The robust level of M&A activity, combined with the ability of some of our portfolio companies to access a reviving IPO market, is testament to our ability to identify successful companies within the venture-backed universe.”

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