Click here to close now.

Welcome!

.NET Authors: Liz McMillan, PagerDuty Blog, Jackie Kahle, Esmeralda Swartz, Kyle Samani

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
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Aria Systems, the leading innovator in recurring revenue, has been named “Bronze Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Proven by the world’s most demanding enterprises, including AAA NCNU, Constant Contact, Falck, Hootsuite, Pitney Bowes, Telekom Denmark, and VMware, Aria helps enterprises grow their recurring revenue businesses. With Aria’s end-to-end active monetization platform, global brands can get to market faster with a wider variety of products and services, while maximizin...
Sonus Networks introduced the Sonus WebRTC Services Solution, a virtualized Web Real-Time Communications (WebRTC) offer, purpose-built for the Cloud. The WebRTC Services Solution provides signaling from WebRTC-to-WebRTC applications and interworking from WebRTC-to-Session Initiation Protocol (SIP), delivering advanced real-time communications capabilities on mobile applications and on websites, which are accessible via a browser.
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and sim...
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Media announced today that 9 out of 10 " most read" DevOps articles are published by @DevOpsSummit Blog. Launched in October 2014, @DevOpsSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce softw...
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE