DECEMBER 31, 2003 NAV PRESS RELEASE
Published on March 12, 2004
PRESS RELEASE FOR IMMEDIATE RELEASE
HARRIS & HARRIS GROUP, INC. MARCH 10, 2004
111 WEST 57TH STREET, SUITE 1100
NEW YORK, NEW YORK 10019 CONTACT: CHARLES E. HARRIS
NASDAQ/NMS SYMBOL: TINY TEL. NO. (212) 582-0900
HARRIS & HARRIS GROUP REPORTS BALANCE SHEET
AS OF DECEMBER 31, 2003
Harris & Harris Group, Inc. announced today that its audited
net asset value and net asset value per share (NAV) as of December
31, 2003, were $40,682,738 and $2.95, respectively. Net assets
increased in the fourth quarter from the third quarter of 2003 by
$16,456,826, reflecting the net proceeds of $16,631,962 from the
public offering of 2,300,000 shares of common stock on December 24,
2003.
The increase in net asset value reflected a net increase in the
valuation of the Company's venture capital investments of $516,149,
offset by operating expenses of $701,880. Operating expenses for
the year 2003 included $225,000 for a mandatory retirement plan
which is being amortized through December 31, 2004, at the rate of
$56,250 per quarter. There was no provision for the mandatory
retirement plan in 2002.
SUMMARY OF FINANCIAL RESULTS
December 31, 2003 September 30, 2003 December 31, 2002
(Audited) (Unaudited) (Audited)
Total Assets $44,115,128 $34,392,032 $35,951,969
Net Assets $40,682,738 $24,225,912 $27,256,046
Total Net
Income Tax
Liability $ 651,969 $ 585,749 $ 1,527,000
Net Asset
Value per
Share $ 2.95 $ 2.11 $ 2.37
Shares
Outstanding 13,798,845 11,498,845 11,498,845
Harris & Harris Group is a publicly traded venture capital
company that now makes initial investments exclusively in tiny
technology, including nanotechnology, microsystems and
microelectromechanical systems (MEMS). The Company's last 12 initial
private equity investments have been in tiny-technology enabled
companies. The Company has 13,798,845 common shares outstanding.
Detailed information about Harris & Harris Group, Inc. and its
holdings can be found on its website at http://www.TinyTechVC.com.
This press release may contain statements of a forward-looking
nature relating to future events. These forward-looking statements
are subject to the inherent uncertainties in predicting future
results and conditions. These statements reflect the Company's
current beliefs, and a number of important factors could cause
actual results to differ materially from those expressed in this
press release. Please see the Company's Annual Report on Form 10-K
and recent Prospectus filed with the Securities and Exchange
Commission for a more detailed discussion of the risks and
uncertainties associated with the Company's business, including but
not limited to the risks and uncertainties associated with venture
capital investing and other significant factors that could affect
the Company's actual results. Except as otherwise required by
Federal securities laws, Harris & Harris Group, Inc., undertakes no
obligation to update or revise these forward-looking statements to
reflect new events or uncertainties.