Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

Clairvest Reports Fiscal 2013 Third Quarter Results

TORONTO, ONTARIO -- (Marketwire) -- 02/11/13 -- Clairvest Group Inc. (TSX:CVG) today reported results for the third quarter ended December 31, 2012. (All figures are in Canadian dollars unless otherwise stated)

Highlights


--  December 31, 2012 book value was $339.0 million or $22.41 per share
    versus $21.86 per share at September 30, 2012. Non-restricted cash or
    near cash represented 35.5% of the December 31, 2012 book value, or
    $7.95 per share 
--  Net income for the quarter and for the nine months was $8.4 million or
    $0.55 per share and $25.7 million or $1.70 per share respectively 
--  Rivers Casino, a gaming entertainment complex located in Des Plaines,
    Illinois, completed a financing and paid a distribution to its owners.
    Clairvest, CEP IV and CEP IV-A received a combined US$39.3 million from
    this distribution against their US$37.4 million original investment 
--  Subsequent to quarter end, Clairvest and CEP III realized a combined $81
    million through the sale of PEER 1, a global online IT infrastructure
    provider 
--  Subsequent to quarter end, Clairvest, CEP IV and CEP IV-A invested a
    combined $39.5 million in CRS, an equipment rental company based in
    Ontario, Canada 
--  Subsequent to quarter end, Centaur Gaming, which owns and operates the
    Hoosier Park Racing & Casino in Indianapolis, Indiana, received all
    necessary regulatory approvals to proceed with its acquisition of
    Indiana Grand Casino and Indiana Downs racetrack 
--  Subject to the approval of the Toronto Stock Exchange, Clairvest's Board
    of Directors approved a new normal course issuer bid

Clairvest's book value was $339.0 million or $22.41 per share at December 31, 2012, compared with $21.86 per share at September 30, 2012. The increase in book value per share was attributable to net income for the quarter of $8.4 million, or $0.55 per share. During the quarter, Clairvest recorded $6.4 million in pre-tax net unrealized gains and $4.7 million in pre-tax distributions, interest, dividends and fees from its corporate investment portfolio.

During the quarter, Rivers Casino completed a financing and paid a distribution to its owners. Clairvest, Clairvest Equity Partners IV Limited Partnership ("CEP IV") and Clairvest Equity Partners IV-A Limited Partnership CEP IV-A ("CEP IV-A") received US$10.5 million, US$24.8 million and US$4.0 million respectively from this distribution. Rivers Casino commenced operations in July 2011, and to December 31, 2012 it has made pre-tax distributions totaling 1.5 times invested capital to its owners.

As previously announced, during the quarter ended December 31, 2012, Clairvest entered into an agreement to tender all of the common shares of PEER 1 Network Enterprises Inc. ("PEER 1") held by Clairvest and Clairvest Equity Partners III Limited Partnership ("CEP III") to a takeover bid made by Cogeco Cable Inc. at a price of $3.85 in cash per share. Subsequent to quarter end the takeover bid was completed. On the initial combined investment of $25.2 million, Clairvest and CEP III generated a pre-tax return of 3.2 times invested capital, or a 40% IRR, over the life of this investment. Consistent with its ownership percentage, on closing Clairvest realized $19.9 million on a $6.3 million investment for a $13.6 million gain, $13.5 million of which had been recognized in income to December 31, 2012.

Also as previously announced, subsequent to quarter end, Clairvest, CEP IV and CEP IV-A invested a combined $39.5 million for a 51.9% ownership interest in CRS Contractors Rental Supply Limited Partnership ("CRS"), a leading provider of construction equipment rental and related merchandise across 21 locations in Ontario, Canada. Clairvest's portion of the investment was $10.6 million for a 13.9% ownership interest in CRS.

"We are realizing the rewards of our focused domain approach and the team's discipline in sourcing best in class companies that are led by superior management teams. The financial return achieved on our sale of PEER 1 is a tribute to our partners' efforts and our team's focus on the growing IT infrastructure industry. In addition, Clairvest's active domain research in the rental services domain resulted in a new exciting opportunity that builds on our current interest in the equipment rental sector," said Ken Rotman, Co-Chief Executive Officer and Managing Director of Clairvest.

Also as previously announced, subsequent to quarter end, Centaur Gaming received all necessary regulatory approvals to proceed with its acquisition of Indiana Grand Casino and Indiana Downs racetrack. The closing of this acquisition is subject to review of the final financing terms.

Subject to the approval of the Toronto Stock Exchange, Clairvest's Board of Directors has approved a new normal course issuer bid to purchase up to 756,204 common shares on the Toronto Stock Exchange during the 12-month period commencing March 6, 2013.

Summary of Financial Results - Unaudited


----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial Performance Measures              Quarters ended Nine months ended
                                               December 31       December 31
                                          ----------------------------------
                                              2012    2011     2012     2011
----------------------------------------------------------------------------
($000's, except per share amounts)               $       $        $        $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net realized gains (losses) on corporate                                    
 investments                                     -     (54)     (14)     501
----------------------------------------------------------------------------
Net changes in unrealized gains on                                          
 corporate investments                       6,449  13,282   13,870   10,186
----------------------------------------------------------------------------
Net income                                   8,419  17,592   25,675   17,068
----------------------------------------------------------------------------
Basic net income per share                    0.55    1.14     1.70     1.11
----------------------------------------------------------------------------
Fully diluted net income per share            0.55    1.12     1.67     1.09
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial Condition Measures                              December     March
                                                              2012      2012
----------------------------------------------------------------------------
($000's, except per share amounts)                               $         $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                                               364,042   338,424
----------------------------------------------------------------------------
Total cash, cash equivalents and temporary                                  
 investments(1)                                            120,312    97,553
----------------------------------------------------------------------------
Total corporate investments                                193,424   187,876
----------------------------------------------------------------------------
Total liabilities                                           25,050    21,997
----------------------------------------------------------------------------
Book value                                                 338,992   316,427
----------------------------------------------------------------------------
Book value per share                                         22.41     20.93
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1)  Excludes restricted cash and temporary investments                     

Clairvest's third 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.

@ThingsExpo Stories
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...