|By Marketwired .||
|April 2, 2014 08:13 PM EDT||
HOUSTON, TX -- (Marketwired) -- 04/02/14 -- Equus Total Return, Inc. (NYSE: EQS) (the "Fund" or "Equus") reports net assets as of December 31, 2013, of $33.2 million, an increase of approximately $3.8 million since September 30, 2013. Net assets per share increased to $3.14 as of December 31, 2013 from $2.78 as of September 30, 2013. Comparative data is summarized below (in thousands, except per share amounts):
As of the Quarter Ended 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 ---------- --------- --------- --------- ---------- Net assets $33,217 $29,373 $30,167 $31,416 $32,875 Shares outstanding 10,562 10,562 10,562 10,562 10,562 Net assets per share $3.14 $2.78 $2.86 $2.97 $3.11
Excluding non-recurring expenses including settlement expenses of $0.5 million and legal expenses of $0.2 million related to the various legal proceedings that occurred during 2013, total expenses of the Fund decreased $0.8 million, or approximately 25%, for the year ended December 31, 2013 as compared to the year ended December 31, 2012. This decrease was in addition to a reduction in Fund expenses of approximately 22% for the year ended December 31, 2012 as compared to the year ended December 31, 2011.
Significant events during 2013 included the following:
- Equus Energy, LLC ("Equus Energy"). Organized in November 2011, the Fund established Equus Energy as a wholly-owned subsidiary to be used as a platform for energy-related investments, with particular emphasis on oil and gas enterprises. The Fund initially invested $0.3 million into Equus Energy in December 2011, and invested an additional $6.8 million in December 2012, primarily to fund the purchase of various working interests, which are presently derived from 129 producing and non-producing oil and gas wells, including associated development rights of approximately 21,120 acres, situated on 13 separate properties in Texas and Oklahoma.
During 2013, Equus Energy generated revenue of $2.6 million against direct operating expenses of $1.2 million. After factoring in non-cash charges with respect to depletion, depreciation, and amortization costs, as well as general and administrative costs, Equus Energy generated an operating loss of $0.2 million.
Since the effective date of the acquisition of these working interests, Equus Energy has made capital expenditures of $0.8 million in respect of three well recompletions and one new drilling project. Based on a reserve report, dated January 1, 2014, prepared by Lee Keeling & Associates, Inc. (a Tulsa-based oil & gas engineering firm), these projects have resulted in an estimated increase of approximately 29,000 additional barrel of oil equivalents ("BOE") to Equus Energy's proved developed producing reserves. Two additional projects (one recompletion and one new well) are planned for the second quarter of 2014, with more recompletions and new drilling anticipated during the remainder of 2014. Based on the increase in reserves, improved operating performance of Equus Energy during the fourth quarter of 2013, and the estimated value of Equus Energy's acreage rights associated with certain working interests held in the Eagle Ford trend, the fair value of the Fund's holding in Equus Energy increased from approximately $6.9 million at December 31, 2012, to $8.0 million at December 31, 2013. Equus' determination of value was supported by a third-party valuation report which recommended a fair value consistent with the Fund's calculations.
- Spectrum Management, LLC ("Spectrum"). The Fund made its initial investment in Spectrum in December 1999. Based on a stabilization of operations during the year, the Fund utilized a market approach in determining fair value, in lieu of an asset approach applying a liquidation analysis used in prior quarters. The Fund also received advice and assistance from a third-party valuation firm to support its valuation methodology and calculations. The fair value of the Fund's holdings in Spectrum increased from $0.4 million at December 31, 2012 to $2.9 million at December 31, 2013.
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
SYS-CON Events announced today that T-Mobile 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. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 25, 2017 08:00 AM EDT Reads: 753
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Apr. 25, 2017 07:15 AM EDT Reads: 277
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.
Apr. 25, 2017 07:15 AM EDT Reads: 8,943
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 25, 2017 07:15 AM EDT Reads: 1,019
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 25, 2017 07:15 AM EDT Reads: 133
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Apr. 25, 2017 06:45 AM EDT Reads: 240
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Apr. 25, 2017 06:45 AM EDT Reads: 143
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Apr. 25, 2017 06:30 AM EDT Reads: 193
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, 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. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 25, 2017 06:15 AM EDT Reads: 843
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, will discuss how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He will discuss how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Apr. 25, 2017 06:00 AM EDT Reads: 4,286
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Apr. 25, 2017 05:00 AM EDT Reads: 3,367
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Apr. 25, 2017 05:00 AM EDT Reads: 254
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 25, 2017 05:00 AM EDT Reads: 861
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls ...
Apr. 25, 2017 04:30 AM EDT Reads: 3,024
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, 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. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Apr. 25, 2017 04:30 AM EDT Reads: 2,017