Farmington’s Horizon Technology Finance Corp. had lower fourth-quarter profits but boosted overall 2014 net investment income after cashing out of some of its hardiest stakes.
For three months ended Dec. 31, the specialty financier to firms engaged in manufacturing, information and life-sciences technologies netted $3.2 million, or 33 cents a share, down from $3.4 million, or 35 cents a share, netted the same quarter a year earlier.
For 2014, Horizon netted $10.7 million, or $1.11 a share, down from $13.2 million, or $1.38 a share, netted in 2013.
“2014 was an important year for Horizon, as we significantly improved the strength and the credit quality of our investment portfolio,” Horizon Chairman and CEO Robert D. Pomeroy Jr. said Wednesday. “… Complementing our success in 2014, we experienced a record number of liquidity events from 18 portfolio companies, which further enhanced our portfolio yields.”
Horizon ended 2014 with $138.2 million in assets vs. $135.8 million a year earlier.