Clairvest Reports Fiscal 2014 Second Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/12/13 -- Clairvest Group Inc. (TSX: CVG) today reported results for the quarter ended September 30, 2013. (All figures are in Canadian dollars unless otherwise stated)
Highlights
Clairvest's book value was $364.8 million or $24.11 per share at September 30, 2013, compared with $23.14 per share at June 30, 2013. The increase in book value per share was attributable to net income for the quarter of $14.7 million, or $0.97 per share.
As previously announced, Clairvest and its managed funds invested a combined $15.0 million for a 93.7% ownership interest in Cieslok Media Ltd. ("Cieslok Media"), a leading Canadian outdoor advertising firm, operating predominantly large format digital and static billboards throughout major cities in Canada. Clairvest's portion of the investment was $4.0 million for a 25.1% ownership interest in Cieslok Media.
During the quarter ended September 30, 2013, Clairvest and its managed funds funded a combined US$7.0 million of their US$20.0 million commitment to invest in the Meadowlands, which operates North America's premier standardbred horse racing track located in East Rutherford, New Jersey. The investment was made in the form of secured convertible debentures. Clairvest's portion of the investment at September 30, 2013 was US$1.9 million against its US$5.4 million commitment to the Meadowlands. The remaining commitment was funded in full subsequent to quarter end.
"Our recent investment in Ceislok Media is an exciting platform investment in the outdoor media space in Canada," said Jeff Parr, Co-Chief Executive Officer and Managing Director of Clairvest. "We continue to evolve our industry focus based on in depth industry research. This allows our team to uncover many interesting opportunities, thanks to a disciplined top down deal origination strategy."
Also during the quarter, Clairvest realized its investment in Landauer Metropolitan Inc. Clairvest realized a loss of $5.1 million, all of which had previously been recognized as unrealized losses.
Summary of Financial Results - Unaudited
Clairvest's second quarter fiscal 2014 financial statements and MD&A are available on the SEDAR website at and on the Clairvest website at .
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.
Contacts:
Clairvest Group Inc.
Maria Klyuev
Director, Investor Relations and Marketing
(416) 925-9270
(416) 925-5753 (FAX)
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Datum: 12.11.2013 - 22:28 Uhr
Sprache: Deutsch
News-ID 315682
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