Horizon Tech’s 1Q net drops on record loan assets
Farmington’s Horizon Technology Finance Corp. hit a first-quarter speed bump in its profitable pursuit of secured stakes in up-and-coming high-tech hardware, life-science and healthcare data and services vendors, yet its asset portfolio hit a record $250 million at quarterend.
For three months ended March 31, Horizon said Tuesday it netted $2.8 million, or 29 cents a share, down from $3.4 million, or 44 cents a share, netted the same quarter a year ago.
Horizon Chairman and CEO Robert D. Pomeroy Jr. said most of its first-quarter investments were funded in late March, portfolio growth that arrived too late to impact net investment income for the period. Income from those credits, however, is expected to show up in subsequent quarters, Pomeroy said.
It didn’t stop Horizon from recently declaring monthly dividends of 11 ½ cents a share for each month of July, August and September, 2013.
Horizon said it booked $28.5 million in venture loans to new and existing portfolio companies, and closed loan commitments totaling $25.5 million.
Together, its loan-asset portfolio stood at March 31 at $247.8 million, up from $167.3 million at March 31, 2012.
Most Recent
Most Recent
0 Comments