Equus Total Return, Inc. Announces Year-End Net Asset Increase of 10.7%
March 31 2008 - 5:43PM
PR Newswire (US)
HOUSTON, March 31 /PRNewswire-FirstCall/ -- Equus Total Return,
Inc. (NYSE:EQS) (the "Fund" or "Equus") today reported total net
assets of $103.2 million, representing an increase in net assets of
10.7% after payment of cash dividends of $2.2 million during the
year. Comparative data is summarized below (in thousands, except
per share amounts): December 31, 2007 December 31, 2006
----------------- ----------------- Net assets $103,216 $93,236
Shares outstanding 8,401 8,164 Dividend per share $0.50 $2.625 Net
assets per share $12.29 $11.42 NAV INCREASE. The net asset value of
the Fund increased from approximately $93 million at the end of
2006 to approximately $103.2 million at December 31, 2007. Net
capital gains of $5.3 million were realized from the sale or
disposition of portfolio companies. Dividends totaling $4.1
million, or $0.50 per share (in cash or shares, as elected), were
declared quarterly during 2007. The primary increase in net assets
was due to the write-up of the Fund's investment in Infinia
Corporation, a solar technology company, of approximately $17.7
million, which increased the Fund's net asset value by $2.11 per
share. REVISED DISTRIBUTION POLICY. In February 2008, the Fund
revised its managed distribution policy to one which seeks to make
quarterly distributions at an annualized rate equal to 10% of the
Fund's market value of $6.31 at December 31, 2007. NEW INVESTMENTS.
New investments totaling $21.1 million were made in alternative
energy, media, entertainment and leisure sectors. These are
represented by Infinia Corporation, Equus Media Development
Company, LLC, Big Apple Entertainment Partners LLC and Nickent
Golf, Inc. The Fund also made eight follow-on investments in
existing portfolio companies. The Fund held approximately $31.0
million in cash at December 31, 2007, of which $17.3 million has
been allocated for follow-on investment commitments. $10.6 million
has been invested during the first quarter of 2008. Kenneth I.
Denos, Chief Executive Officer and President, commented, "We are
pleased to report that Equus achieved the objectives of providing
dividend income and capital appreciation to our shareholders in
2007. We strive to create shareholder value by identifying and
making investments that are consistent with these objectives and
are representative of our 'twenty-first century trends' investment
philosophy." 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 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 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 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 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/
Copyright
Equus Total Return (NYSE:EQS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Equus Total Return (NYSE:EQS)
Historical Stock Chart
From Jul 2023 to Jul 2024