Equus Total Return, Inc. Announces Fiscal Year 2008 Financial Results
March 31 2009 - 7:16PM
PR Newswire (US)
HOUSTON, March 31 /PRNewswire-FirstCall/ -- Equus Total Return,
Inc. (NYSE:EQS) (the "Fund" or "Equus") today reported total net
assets of $78.4 million, representing a decrease in net assets of
22% before payment of cash dividends of $2.1 million during the
year. Comparative data is summarized below (in thousands, except
per share amounts): For the Quarter Ended 12/31/2008 9/30/2008
6/30/2008 3/31/2008 12/31/2007 ---------- --------- ---------
--------- ---------- Net assets $78,435 $94,235 $102,976 $103,661
$103,216 Shares outstanding 8,565 8,261 8,581 8,496 8,401 Net
assets per share $9.16 $11.41 $12.00 $12.20 $12.29 Dividend per
share $0.158 $0.158 $0.158 $0.158 $0.125 NAV DECREASE. The net
asset value of the Fund decreased from $103.2 million at December
31, 2007 to $78.4 million at December 31, 2008. Net capital gains
of $0.9 million were realized from the sale or disposition of
portfolio companies and dividends totaling $5.3 million, or $0.58
per share (in cash or shares, as elected), were declared quarterly
during 2008. The Fund paid $2.1 million in cash dividends and
issued 587,899 additional shares of stock. The decline in net asset
value resulted primarily from the decrease in the estimated fair
values of Creekstone Florida Holdings, LLC, Infinia Corporation and
Nickent Golf, Inc. NEW AND FOLLOW-ON INVESTMENTS. The Fund invested
$8.1 million in four new portfolio companies and made follow-on
investments of $11.3 million in six portfolio companies for a total
of $19.4 million in 2008. The new investments made during 2008
included 1848 Capital Partners LLC, London Bridge Entertainment
LLC, Metic Group plc and Trulite, Inc. LIQUIDITY. The Fund held
$8.6 million in cash at December 31, 2008, of which $4.2 million
has been allocated for follow-on investment commitments. On August
13, 2008, the Fund secured a new revolving line of credit with
Amegy Bank of Texas for $7.5 million for follow-on investments.
Kenneth I. Denos, Chief Executive Officer and President, commented,
"The private equity industry has endured a particularly difficult
year in 2008. However, we believe Equus has stood strong relative
to the market generally, as well as the index of private equity
funds, due to adherence to our investment philosophy, increased
efforts on behalf of the Fund to assist portfolio companies,
prudent investment management, and careful maintenance of the
Fund's access to liquidity. Notwithstanding the present
macroeconomic circumstances, we believe that Equus is well
positioned to grow and progress in 2009 in a manner consistent with
the foundation we have established over the past several years."
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/
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