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Horizon Technology Finance Corporation Reports Less Than Good Q1/16

May 03, 2016 7:44 PM ETHRZN
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HRZN Reports NII of $0.3810 compared to a Dividend of $0.345 Globe Newswire 05-03-16
Horizon Technology Finance Corporation reported for Q1-16 Total Investment Income of $9.297 million ($0.8058/share - a good number). Net Investment Income was $4.397 million ($0.3810/share - another good number). The Net Increase in Net Assets Resulting from Operations was $1.397 million ($0.1211/share) due to $3.000 million (a bad number) in realized and unrealized losses. The Net asset value per share was $13.62 (the number that makes the quarter bad) compared to $13.85 last quarter.

The Yahoo Finance consensus projections:

Earnings Est Current Qtr.
Mar 16
Next Qtr.
Jun 16
Current Year
Dec 16
Next Year
Dec 17
Avg. Estimate 0.35 0.35 1.40 1.41
No. of Analysts 8.00 8.00 8.00 5.00
Low Estimate 0.33 0.34 1.39 1.40
High Estimate 0.36 0.35 1.41 1.42
Year Ago EPS 0.30 0.25 1.25 1.40
Revenue Est Current Qtr.
Mar 16
Next Qtr.
Jun 16
Current Year
Dec 16
Next Year
Dec 17
Avg. Estimate 8.67M 8.73M 35.08M 35.35M
No. of Analysts 6 6 6 4
Low Estimate 8.44M 8.50M 34.00M 34.00M
High Estimate 8.87M 9.08M 36.60M 37.20M
Year Ago Sales 7.27M 6.86M 31.11M 35.08M

My historical context spreadsheets:

Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13

Realized & Unrealized Gains -2.931 -1.376 -0.523 -1.143 .902 -0.091 1.559 .599 2.646 -7.920 .401 -2.453 .210
Realized & Unrealized Gains/share -0.2540 -0.1183 -0.0449 -0.0983 0.0919 -0.0095 0.1620 0.0623 0.2752 -0.6511 0.0418 -0.2561 0.0219

Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13

Interest income 9.003 7.784 7.705 6.599 6.562 6.923 6.786 7.747 7.180 7.925 8.225
Fee income 0.294 0.776 0.373 0.258 0.704 0.361 0.953 0.950 0.354 0.850 0.487
Total investment income 9.297 8.560 8.427 6.857 7.266 7.284 7.739 8.697 7.534 8.775 8.712
Net investment income 4.397 4.104 4.061 2.888 2.943 3.196 3.201 1.836 * 2.484 3.409 3.487
Investments @ fair value 0.245 0.250 0.249 0.240 0.204 0.205 0.205 0.219 0.228 0.221 0.241
Wt Av Share Count 11.538 11.629 11.639 11.633 9.807 9.627 9.623 9.620 9.614 9.599 9.584
TII/share $0.8058 $0.7361 $0.7240 $0.5894 $0.7409 $0.7566 $0.8042 $0.9040 $0.7836 $0.9141 $0.9090
NII/share $0.3810 $0.3529 $0.3489 $0.2483 $0.3001 $0.3320 $0.3326 $0.1908 * $0.2584 $0.3551 $0.3638
NAV/share $13.62 $13.85 $13.94 $13.99 $14.19 $14.36 $14.38 $14.23 $14.32 $14.14 $14.95
Wt Av Yield 15.5% 14.2% 14.2% 13.1% 15.0% 15.1% 15.8% 16.4% 13.6% 15.5% 14.6%

* Excluding the non-recurring interest expense charge of $1.9 million related to the termination of the Term Loan Facility and related
impact on the performance based incentive fee, HRZN's adjusted NII for Q2-14 was $2.9 million, or $0.30 per share.

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