Welcome!

News Feed Item

Equus Announces 2013 Year-End Net Asset Value

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.

About Equus

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.

Contact:

Patricia Baronowski
Pristine Advisers, LLC
(631) 756-2486

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...