|By Marketwired .||
|November 14, 2012 09:41 PM EST||
HOUSTON, TX -- (Marketwire) -- 11/14/12 -- Equus Total Return, Inc. (NYSE: EQS) (the "Fund" or "Equus") reports net assets as of September 30, 2012, of $31.7 million, a decrease of approximately $1.7 million since June 30, 2012. Net assets per share decreased to $3.00 as of September 30, 2012 from $3.16 as of June 30, 2012. Cash and cash equivalents totaled $26.2 million as of September 30, 2012, a decrease of $0.8 million since June 30, 2012. Comparative data is summarized below (in thousands, except per share amounts):
As of the Quarter Ended 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 --------- --------- --------- ---------- --------- Net assets $31,664 $33,418 $37,651 $38,148 $38,970 Shares outstanding 10,562 10,562 10,562 10,562 10,562 Net assets per share $3.00 $3.16 $3.56 $3.61 $3.69 Cash and cash equivalents $26,246 $27,039 $16,296 $16,813 $16,648 Cash per share $2.48 $2.56 $1.54 $1.59 $1.58
Equus also reported a decrease in total Fund expenses of approximately $0.1 million for the third quarter of 2012 as compared to the third quarter of 2011, and a decrease of approximately $1.1 million for the first nine months of 2012 as compared to the first nine months of 2011.
During the quarter, there was a decline in the fair value of Spectrum Management Group, LLC ("Spectrum"). The Fund made its initial investment in Spectrum in 1999. Spectrum uses proprietary electronic tracking equipment and software, and a full suite of custom services to help client organizations, mainly financial institutions, protect or recover high-value merchandise and cash. Spectrum markets its services under the brand name Electronic Tracking Systems or ETS. The company specializes in assisting communities and law enforcement in recovery of stolen property.
In recent years, Spectrum has lost key customer accounts and has had declining EBITDA, which decline has continued into 2012. As a result of these and other negative factors, the Fund applied a liquidation approach for valuation purposes. Continued deterioration of the business has resulted in a decrease in the fair value of this investment from $0.3 million as of June 30, 2012 to $0.1 million as of September 30, 2012.
Subsequent to the end of the quarter, on October 15, 2012, the Fund announced that it had sold 1,500,000 of its 1,573,666 shares of Orco Property Group S.A. ("OPG") and received net cash proceeds of EUR 3.8 million, or $4.9 million, based on the settlement date's EUR-USD intra-day exchange rate of 1.293. The OPG shares had been received by the Fund in two tranches as a result of the conversion of the Fund's holding of 8,890 4% bonds of Orco Germany S.A., a controlled subsidiary of OPG. The first tranche, consisting of 1,102,455 shares of OPG, was received on May 9, 2012 and a second tranche of 471,211 OPG shares was received on October 8, 2012. In addition to the OPG shares, the Fund also received 6-year OPG notes in the principal amount of EUR 1.2 million. The OPG notes, due February 2018, bear interest of 5% cash and 5% PIK per annum, which interest percentages may be reduced over time upon timely repayments of principal tranches during a four-year period commencing in 2015.
The net cash received from the sale of the OPG shares, exceeds the $2.7 million cost of investment of those shares (as disclosed in the Fund's most recent report on Form 10-Q for the quarter ended September 30, 2012), resulting in a realized gain of $2.2 million. Following the OPG share sale, the Fund still holds 73,666 OPG shares and the OPG notes.
Based on cash and cash equivalents of $26.2 million held by Equus at September 30, 2012, combined with the proceeds from the sale of the OPG shares, the Fund's cash increases to $31.1 million or $2.95 of cash per share. The sale would have increased the Net Assets per share of $3.00 (as of September 30, 2012) by $0.15.
The Fund is a business development company that trades as a closed-end fund on the New York Stock Exchange, under the symbol "EQS". Additional information on the Fund may be obtained from the Fund's website at www.equuscap.com.
This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Fund's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in the Fund's filings with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Except as required by law, the Fund undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Fund or any other person that the events or circumstances described in such statements are material.
Pristine Advisers, LLC
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
Jan. 17, 2017 06:00 AM EST Reads: 1,111
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jan. 17, 2017 05:45 AM EST Reads: 3,483
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
Jan. 17, 2017 05:30 AM EST Reads: 1,523
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Jan. 17, 2017 05:15 AM EST Reads: 9,276
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Jan. 17, 2017 04:15 AM EST Reads: 1,779
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Jan. 17, 2017 03:45 AM EST Reads: 2,711
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 17, 2017 03:45 AM EST Reads: 3,525
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
Jan. 17, 2017 03:45 AM EST Reads: 3,371
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Jan. 17, 2017 03:15 AM EST Reads: 6,223
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Jan. 17, 2017 03:00 AM EST Reads: 540
While many government agencies have embraced the idea of employing cloud computing as a tool for increasing the efficiency and flexibility of IT, many still struggle with large scale adoption. The challenge is mainly attributed to the federated structure of these agencies as well as the immaturity of brokerage and governance tools and models. Initiatives like FedRAMP are a great first step toward solving many of these challenges but there are a lot of unknowns that are yet to be tackled. In hi...
Jan. 17, 2017 02:15 AM EST Reads: 3,747
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Jan. 17, 2017 01:45 AM EST Reads: 5,217
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jan. 17, 2017 12:45 AM EST Reads: 6,016
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Jan. 16, 2017 11:45 PM EST Reads: 4,207
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 16, 2017 09:00 PM EST Reads: 7,448