Equus II Incorporated Announces First Quarter Net Asset Value
May 13 2004 - 6:43PM
PR Newswire (US)
Equus II Incorporated Announces First Quarter Net Asset Value
HOUSTON, May 13 /PRNewswire-FirstCall/ -- Equus II Incorporated
reports net assets as of March 31, 2004 of $69.7 million, or $10.54
per share. Comparative data is summarized below: 3/31/04 12/31/03
3/31/03 ------- -------- ------- Net assets $69,717,748 $71,538,554
$79,714,005 Shares Outstanding 6,615,173 6,615,173 6,233,021 Net
assets per share $10.54 $10.81 $12.79 Net assets per share
decreased approximately 2.5% from year-end and approximately 12%
from the comparable period a year ago, after considering the 2003
dividend. The decline in net assets from year-end was primarily due
to a write down in the portfolio value of Container Acquisition,
Inc., a shipping container and storage company, which continues to
be adversely affected by dislocations in the shipping container
market. The primary decreases in net assets from a year ago were
the portfolio valuations of Doane Petcare Enterprises, Inc. and
Turfgrass America, Inc., each of which declined by over $4 million.
Doane's performance has been negatively impacted by record soybean
costs, which are a major ingredient in its pet food products.
Turfgrass has now been recapitalized with a cash infusion by a new
investor and its operations are showing some improvement. "We have
spent the last several quarters revaluing our asset portfolio and
repositioning the Company for growth," stated Sam P. Douglass,
Chairman and Chief Executive Officer of Equus. "As previously
reported, the Fund has repaid all of its debt through the sale of
Strategic Holdings, Inc. In addition, we received a cash dividend
of $3.525 million from Champion Window in the first quarter and we
negotiated a new line of credit for $6.5 million. We now have
available cash, which will allow the Fund to consider strategic
investment opportunities." Equus II is a business development
company and seeks to generate current distributions of net
investment income and long-term capital gains by making
equity-oriented investments in small to medium-sized privately
owned companies. The current portfolio consists of investments in
15 businesses in various industries and 2 venture capital firms.
Information on Equus II Incorporated and other Equus entities may
be obtained on the Internet. Our home page address is
http://www.equuscap.com/ . "Safe Harbor" Statement Under the
Private Securities Litigation Reform Act of 1995: This press
release contains certain forward-looking statements which involve
known and unknown risks, uncertainties or other factors not under
the Company's control which may cause the actual results,
performance or achievement of the Company to be materially
different from the results, performance or other expectations
implied by these forward-looking statements. These factors include,
but are not limited to, those disclosed in the Company's periodic
filings with the Securities and Exchange Commission. CONTACT: HANK
NICODEMUS (713) 529-0900 DATASOURCE: Equus II Incorporated CONTACT:
Hank Nicodemus of Equus II Incorporated, +1-713-529-0900 Web site:
http://www.equuscap.com/
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