SYS-CON MEDIA Authors: Elizabeth White, Liz McMillan, Pat Romanski, Esmeralda Swartz, AppDynamics Blog

News Feed Item

Clairvest Reports Fiscal 2013 Second Quarter Results

TORONTO, ONTARIO -- (Marketwire) -- 11/13/12 -- Clairvest Group Inc. (TSX:CVG) today reported results for the second quarter ended September 30, 2012. (All figures are in Canadian dollars unless otherwise stated)

Highlights


--  September 30, 2012 book value was $330.6 million or $21.86 per share
    versus $21.35 per share at June 30, 2012. Non-restricted cash or near
    cash represented 30.6% of the September 30, 2012 book value, or $6.69
    per share 
--  Net income for the quarter and for the six months was $7.6 million or
    $0.51 per share and $17.3 million or $1.14 per share respectively 
--  Clairvest advanced a US$7.9 million promissory note to Centaur, operator
    of the Hoosier Park Racing & Casino in Indianapolis, Indiana, in support
    of a potential acquisition being made by Centaur 
--  Clairvest paid an annual ordinary dividend of $1.5 million, or $0.10 per
    share, and a special dividend of $1.7 million, or $0.1093 per share,
    which in aggregate represent 1% of the March 31, 2012 book value 

Clairvest's book value was $330.6 million or $21.86 per share at September 30, 2012, compared with $21.35 per share at June 30, 2012. The increase in book value per share was attributable to net income for the quarter of $7.6 million, or $0.51 per share. During the quarter, Clairvest recorded $4.2 million in pre-tax unrealized gains and $4.4 million in pre-tax distributions, interest, dividends and fees from its corporate investment portfolio.

"We continue to be very pleased with the progress of our corporate investment portfolio. Our team is highly engaged in our chosen industries and we are applying our domain-based approach to identify superior investment opportunities," said Jeff Parr, Co-Chief Executive Officer and Managing Director of Clairvest.

During the quarter, Clairvest advanced a US$7.9 million promissory note to Centaur, LLC ("Centaur") in support of a potential acquisition being made by Centaur. The promissory note has a stated interest rate of 3.41% per annum and is repayable no later than April 1, 2013.

Clairvest paid an annual ordinary dividend of $0.10 per share and a special dividend of $0.1093 per share, such that in aggregate, the dividends totaled to $0.2093 and represent 1% of the March 31, 2012 book value. Both dividends were paid on July 26, 2012 to common shareholders of record as of July 9, 2012 and are eligible dividends for Canadian income tax purposes.

Summary of Financial Results - Unaudited


----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial Performance Measures         Quarters ended      Six months ended 
                                         September 30          September 30 
                                   -----------------------------------------
                                        2012     2011        2012      2011 
----------------------------------------------------------------------------
($000's, except per share amounts)         $        $           $         $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net realized gains (losses) on                                              
 corporate investments                     -      (22)        (14)      555 
----------------------------------------------------------------------------
Net changes in unrealized gains                                             
 (losses) on corporate investments     4,232   (3,979)      7,421    (3,096)
----------------------------------------------------------------------------
Net income (loss)                      7,647   (1,778)     17,256      (524)
----------------------------------------------------------------------------
Basic net income (loss) per share       0.51    (0.11)       1.14     (0.03)
----------------------------------------------------------------------------
Fully diluted net income (loss) per                                         
 share                                  0.50    (0.11)       1.12     (0.03)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial Condition Measures                        September          March
                                                         2012           2012
----------------------------------------------------------------------------
($000's, except per share amounts)                          $              $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                                          353,285        338,424
----------------------------------------------------------------------------
Total cash, cash equivalents and temporary                                  
 investments(1)                                       101,123         97,553
----------------------------------------------------------------------------
Total corporate investments                           195,344        187,876
----------------------------------------------------------------------------
Total liabilities                                      22,712         21,997
----------------------------------------------------------------------------
Book value                                            330,573        316,427
----------------------------------------------------------------------------
Book value per share                                    21.86          20.93
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) Excludes restricted cash and temporary investments

Clairvest's second quarter fiscal 2013 financial statements and MD&A are available on the SEDAR website at www.sedar.com and on the Clairvest website at www.clairvest.com.

About Clairvest

Clairvest Group Inc. is a private equity investor which invests its own capital, and that of third parties through the Clairvest Equity Partners ("CEP") limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.

Forward-looking Statements

This news release contains forward-looking statements with respect to Clairvest Group Inc., its subsidiaries, its CEP limited partnerships and their investments. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clairvest, its subsidiaries, its CEP limited partnerships and their investments to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general and economic business conditions and regulatory risks. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Hardware will never be more valuable than on the day it hits your loading dock. Each day new servers are not deployed to production the business is losing money. While Moore's Law is typically cited to explain the exponential density growth of chips, a critical consequence of this is rapid depreciation of servers. The hardware for clustered systems (e.g., Hadoop, OpenStack) tends to be significant capital expenses. In his session at Big Data Expo, Mason Katz, CTO and co-founder of StackIQ, disc...
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
"We are the top stocking distributor for HP renew products in North America. We can only sell to U.S. authorized partners and resellers for HP," explained Miguel Diazdelcastillo Jr., Sales Executive at Creative Business Solutions, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Puppet Labs on Wednesday released the DevOps Salary Report, based on salary data gathered from Puppet Labs' industry-recognized State of DevOps Report. The data confirms that market demand for DevOps skills is growing, and that DevOps engineers are among the highest paid IT practitioners today. That's because IT organizations today are grappling with how to be more agile and responsive to the business, while maintaining the stability of their infrastructure. DevOps practices, such as continuous ...
Software Defined Storage provides many benefits for customers including agility, flexibility, faster adoption of new technology and cost effectiveness. However, for IT organizations it can be challenging and complex to build your Enterprise Grade Storage from software. In his session at Cloud Expo, Paul Turner, CMO at Cloudian, looked at the new Original Design Manufacturer (ODM) market and how it is changing the storage world. Now Software Defined Storage companies can build Enterprise grade ...
AppDynamics, the application intelligence leader for software-defined businesses, announced the general availability of the AppDynamics Fall '14 Release. Serving the combined needs of IT and business teams across the enterprise, the latest release provides a comprehensive view across all aspects of digital performance in ultra large scale deployments. AppDynamics delivers Application Intelligence by building out advanced capabilities across the key areas of analytics, unified monitoring and D...
IBM and Docker, Inc. have announced a strategic partnership that enables enterprises to more efficiently, quickly and cost effectively build and run the next generation of applications on the IBM Cloud and on prem via the Docker open platform for distributed applications. Enterprises can use the combination of IBM and Docker to create and manage a new generation of portable distributed applications that are rapidly composed of discrete interoperable Docker containers, have a dynamic lifecycle, a...
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
The cloud is becoming the de-facto way for enterprises to leverage common infrastructure while innovating and one of the biggest obstacles facing public cloud computing is security. In his session at 15th Cloud Expo, Jeff Aliber, a global marketing executive at Verizon, discussed how the best place for web security is in the cloud. Benefits include: Functions as the first layer of defense Easy operation –CNAME change Implement an integrated solution Best architecture for addressing network-l...
Vormetric on Wednesday announced the results of its 2015 Insider Threat Report (ITR), conducted online on their behalf by Harris Poll and in conjunction with analyst firm Ovum in fall 2014 among 818 IT decision makers in various countries, including 408 in the United States. The report details striking findings around how U.S. and international enterprises perceive security threats, the types of employees considered most dangerous, environments at the greatest risk for data loss and the steps or...
CodeFutures has announced Dan Lynn as its new CEO. Lynn assumes the role from Founder Cory Isaacson, who has joined RMS and will now serve as chairman of CodeFutures. Lynn brings more than 14 years of advanced technology and business success experience, and will help CodeFutures build on its industry leadership around its Agile Big Data initiatives. His technical expertise will be invaluable in advancing CodeFutures’ AgilData platform and new processes for streamlining and gaining value from gro...
In this scenarios approach Joe Thykattil, Technology Architect & Sales at TimeWarner / Navisite, presented examples that will allow business-savvy professionals to make informed decisions based on a sound business model. This model covered the technology options in detail as well as a financial analysis. The TCO (Total Cost of Ownership) and ROI (Return on Investment) demonstrated how to start, develop and formulate a business case that will allow both small and large scale projects to achieve...
IBM has announced a new strategic technology services agreement with Anthem, Inc., a health benefits company in the U.S. IBM has been selected to provide operational services for Anthem's mainframe and data center server and storage infrastructure for the next five years. Among the benefits of the relationship, Anthem has the ability to leverage IBM Cloud solutions that will help increase the ease, availability and speed of adding infrastructure to support new business requirements.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Media announced that Cisco, a worldwide leader in IT that helps companies seize the opportunities of tomorrow, has launched a new ad campaign in Cloud Computing Journal. The ad campaign, a webcast titled 'Is Your Data Center Ready for the Application Economy?', focuses on the latest data center networking technologies, including SDN or ACI, and how customers are using SDN and ACI in their organizations to achieve business agility. The Cisco webcast is available on-demand.