Equus Total Return, Inc. Announces Year-End Total Net Asset Increase
April 02 2007 - 6:17PM
PR Newswire (US)
HOUSTON, April 2 /PRNewswire-FirstCall/ -- Equus Total Return, Inc.
(NYSE:EQS) (the "Fund") today reported total net assets of $93.2
million, representing an increase of $0.63 million in 2006. Due to
two dividend payments in the amounts of $2.50 and $0.125, total net
assets per share decreased by 9%. Comparative data is summarized
below: December 31, 2006 December 31, 2005 -----------------
----------------- Net assets $93,235,863 $92,602,338 Shares
outstanding 8,164,249 7,376,592 Dividend per share $2.625 $0.00 Net
assets per share $11.42 $12.55 The increase in net assets was the
result of improved portfolio performance. Spectrum Management, LLC,
Sovereign Business Forms, Inc., ConGlobal Industries, Inc. and The
Drilltec Corporation, four of the Fund's largest portfolio
holdings, have increased valuations in the aggregate amount of
approximately $9.8 million or 52% from year-end 2005. These
investments represent 67% of the Fund's investments in portfolio
securities at fair value. Significant dividend payments were made,
resulting principally from the sale of Champion Window Holdings,
Inc. and the recently adopted managed distribution policy. The Fund
also completed two new investments in 2006. A commitment of up to
$11.1 million was made to RP&C International Investments LLC,
for preferred equity or subordinated debt in entities to acquire
nursing and residential care homes in the United Kingdom and/or
Germany. An investment was also made in HealthSPAC, LLC, a
California-based company in the business of incubating Special
Purpose Acquisition Companies focused on healthcare opportunities.
The Fund also made nine follow-on investments in existing portfolio
companies. Interests in Jones Industrial Holdings, Inc., and
Equicom, Inc. were sold. The Fund had no outstanding debt and $51
million in cash and short-term investments at year-end. Of this
amount, $35 million has been identified for potential future
investments under consideration. Anthony Moore, Co-Chairman, Chief
Executive Officer and President of Equus, commented, "We are
pleased with the overall performance of the Fund for the year."
"The Fund's performance for the year is demonstrative of the
ongoing strategy to provide enhanced value with current income
realization," commented Sam P. Douglass, Co-Chairman of Equus. "We
believe the Fund is in an excellent position for continued growth."
Equus Total Return, Inc. 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 Equus Total Return,
Inc. may be obtained from Equus' website at
http://www.equuscap.com/ . This press release may contain certain
forward-looking statements regarding future circumstances. These
forward-looking statements are based upon the Company'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 Company's filings with the Securities and Exchange Commission.
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. The Company
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 Company or any
other person that the events or circumstances described in such
statements are material. CONTACT: Brett Chiles (713) 529-0900
DATASOURCE: Equus Total Return, Inc. CONTACT: Brett Chiles of Equus
Total Return, Inc., +1-713-529-0900 Web site:
http://www.equuscap.com/
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