FARMINGTON, Conn., March 11, 2014 (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 financial results for the fourth quarter and year ended December 31, 2013.
Fourth Quarter and Full Year 2013 Highlights
- Earned net investment income of $3.4 million, or $0.35 per share, for the fourth quarter and $13.3 million, or $1.38 per share, for the year ended 2013
- Achieved a portfolio weighted average yield of 15.5% for the fourth quarter and 14.4% for the year ended 2013
- Experienced liquidity events from four portfolio companies in the fourth quarter and 11 portfolio companies for the full year 2013
- Held warrants and equity in 11 public companies with an aggregate fair value of $2.0 million at year-end 2013
- Ended the year with an investment portfolio of $221.3 million
- Closed new loan commitments totaling $21.0 million and $88.0 million for the fourth quarter and year ended 2013, respectively
- Funded $19.2 million and $88.4 million in venture loans for the fourth quarter and full year 2013, respectively
- 47% and 14% of new debt investments funded priced at floating interest rates for the fourth quarter and full year 2013, respectively
- Unfunded loan approvals and commitments totaled $19.0 million at year-end 2013 with 89% priced at floating interest rates
- Net asset value equaled $135.8 million, or $14.14 per share, as of December 31, 2013
- Total liquidity as of December 31, 2013 was $39.5 million
- Asset coverage for borrowed amounts was 211% as of December 31, 2013
- Declared dividends of $0.115 per share for each of April, May and June 2014, increasing cumulative declared dividends to $5.27 per share since going public in October 2010
"During 2013, Horizon delivered positive results for shareholders by actively managing its existing portfolio of earning assets and capitalizing on profitable liquidity events," said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer. "We are pleased to have achieved a strong overall yield on our loan investments, enabling Horizon to earn net investment income for the year that was consistent with our aggregate dividend payments in 2013. Since implementing our current dividend policy, net investment income has exceeded our dividends."