Equus Announces Third Quarter Net Asset Value
November 14 2011 - 6:35PM
Marketwired
Equus Total Return, Inc. (NYSE: EQS) (the
"Fund" or "Equus") reports net assets as of September 30, 2011, of
$38.97 million, a decrease of $2.46 million since June 30, 2011.
Net assets per share decreased to $3.69 as of September 30, 2011
from $3.92 as of June 30, 2011. Comparative data is summarized
below (in thousands, except per share amounts):
As of the Quarter
Ended 9/30/2011 6/30/2011 3/31/2011 12/31/2010 9/30/2010
---------- ---------- ---------- ----------- ---------
Net assets $38,970 $41,432 $36,333 $38,051 $31,474
Shares outstanding 10,562 10,562 8,862 8,862 8,862
Net assets per
share $3.69 $3.92 $4.10 $4.29 $3.55
The overall decline in net asset value during the third quarter
of 2011 resulted principally from the decrease in the fair values
of the following portfolio holdings:
- Spectrum Management, LLC ("Spectrum").
The Fund made its initial investment in Spectrum in 1999. The fair
value of this investment declined from $1.77 million to $0.98
million due to a decrease in the operating results of the
company.
- Sovereign Business Forms, Inc.
("Sovereign"). The Fund made its initial investment in
Sovereign in 1996. The fair value of this investment declined from
$7.10 million to $6.65 million due to adverse market conditions in
Sovereign's industry sector during the quarter.
- Orco Germany, S.A. ("Orco Germany"). The
Fund acquired 8,890 Orco Germany bonds in the second quarter of
2011. The fair value of these bonds declined from $5.75 million to
$5.36 million as a result of changes in the U.S. Dollar-Euro
exchange rate as at September 30, 2011.
The net asset value of the Fund was further reduced during the
third quarter due to a net investment loss of $0.89 million.
Contributing to the net investment loss were expenses relating to
the Fund's continuing efforts to dispose of underperforming
investments, as well as non-recurring litigation expenses.
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.
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
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