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March 12, 2014

Farm'ton's Horizon Tech posts flat 4Q net

Farmington specialty financier Horizon Technology Finance Corp. posted flat net investment income for the final quarter of 2013 but saw its full-year net climb slightly.

For three months ended Dec. 31, Horizon netted $3.41 million, or 35 cents a share, compared to $3.42 million, or 36 cents a share, netted the same quarter a year earlier.

Horizon’s total fourth-quarter investment income was $8.8 million vs. $7.5 million the final quarter of 2013.

For 2013, Horizon netted $13.3 million, or $1.38 a share, up from $12 million, or $1.41 a share, netted in 2012. Full-year 2013 income was $33.6 million vs. $26.7 million the previous year.

Horizon ended 2013 with $263.7 million in assets vs. $239.7 million at the close of 2012.

It provides secured loans to venture capital and equity-backed development-stage companies in the technology, life science, healthcare information and services, and cleantech industries.

"During 2013, Horizon delivered positive results for shareholders by actively managing its existing portfolio of earning assets and capitalizing on profitable liquidity events," Chairman and CEO Robert D. Pomeroy Jr. said in a statement.

Horizon also declared monthly dividends of 11 ½ cents a share for April, May and June of this year, totaling 34 ½ cents.

Meantime, the lender has shrunk its board from seven to six members, with the recent resignation of Class I director David P. Swanson from the board, according to its latest 8-K filing with the Securities and Exchange Commission.

Horizon President Gerald A. Michaud, previously a Class II director, has taken Swanson's Class I seat on the board, the filing said. Michaud and a second, unidentified Class I director must stand for re-election at the lender’s June annual meeting.

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