AUSTIN, Texas, Feb. 13, 2012 /PRNewswire/ -- The results of the 2011 Benchmarking Study of Electronic Discovery Practices for Government Agencies Survey have been released, showing that government agencies continue to face increased workload while moving more work in-house. Almost 45 percent of projects are now handled in-house, while more than 30 percent of respondents reported that their electronic discovery burden grew "exponentially" in the past year. At the same time, budget concerns seems to be diminishing, with only 15 percent of respondents reporting budgeting as a "top concern" and confidence seems to be increasing, with 60 percent reporting they are more able to respond to electronic discovery challenges.
IE Discovery commissioned the study, which this year included 75 government attorneys, records management, paralegals, FOIA and information technology (IT) personnel from government agencies. "It is encouraging to see the growth in dedicated electronic discovery staff as well as in the knowledge base of these professionals. With this as a foundation, along with continued recognition of the issues from management, these professionals will be better poised for success," said Chris May, CEO of IE Discovery. "Of course, there are challenges as work is moved to the cloud and benefits to be realized from improvements in technology use."
Survey highlights include:
- Agencies continue to face budget constraints, but it is less of a concern than last year. This year, 15 percent report budgeting as a top concern, down from 30 percent last year. The top concern is now making existing systems and processes work.
- Attorneys are more experienced and confident in their ability to manage electronic discovery. 60 percent of the respondents say they have more electronic discovery experience than just one year ago and are more confident in their ability to respond to electronic discovery challenges.
- Management and IT understand and support the needs of electronic discovery attorneys. Over 70 percent say that they have a working relationship with their IT departments. Only 13 percent feel that getting buy-in from management is a top concern.
- Government lawyers are handling discovery workloads themselves. Almost 45 percent of electronic discovery projects are handled in-house; only 20 percent of the work is outsourced.
- Litigation hold and collection processes remain manual. Government agencies have no standard approach to impose and manage litigation holds, and rely mainly on labor-intensive manual processes.
- More big cases. More than 30 percent say that their electronic discovery burden grew exponentially in the past year.
- Agencies are adopting cloud computing platforms. For the first time, agencies report moving data to the cloud.
The 2011 Benchmarking Study of Electronic Discovery Practices for Government Agencies is part of IE Discovery's ongoing efforts to provide information and expertise to government discovery professionals. That initiative also includes the company's annual Symposium for Government Agencies, which will take place on May 10, 2012.
An executive summary of survey results can be found at http://www.iediscovery.com/services/government/survey.aspx. For additional information about the survey or the symposium, please contact IE Discovery Government Programs at 703-527-2700 ext. 3035.
About IE Discovery, Inc.
IE Discovery provides comprehensive litigation support and discovery management services to government agencies, corporate law departments and outside counsel who routinely manage complex, information–intensive litigation. Utilizing technological and legal expertise, IE Discovery helps clients improve their productivity and cost efficiency. IE Discovery is based in Austin, Texas, with offices in Los Angeles, CA, Columbia, SC, and Washington, D.C. For additional information, visit www.iediscovery.com.
Contact Information:Craig FosterIE Discovery, Inc.Tel.: 512.498.7442E-mail: cfoster@iediscovery.com
SOURCE IE Discovery, Inc.
FORT WORTH, Texas--(BUSINESS WIRE)-- Compass Bank (the "Trustee") as Trustee of the San Juan Basin Royalty Trust (NYSE: SJT) (the "Trust"), today announced the capital project plan for 2012 as delivered to it by Burlington Resources Oil & Gas Company LP ("Burlington"). Capital expenditures for 2012 for properties subject to the Trust’s royalty interest are estimated to be $20.8 million. Of the $20.8 million, approximately $5 million will be attributable to the capital budgets for 2011 and prior years.
The principal asset of the Trust is a 75% net overriding royalty interest carved out of certain oil and gas leasehold and royalty interests in properties now owned by Burlington (the “Underlying Properties”) located in the San Juan Basin and more particularly in San Juan, Rio Arriba and Sandoval counties of northwestern New Mexico. Burlington is the operator of the majority of the Underlying Properties.
Burlington’s announced 2012 plan for the Underlying Properties includes 383 projects. Approximately $12.4 million of the $20.8 million budget is allocable to 21 new wells, including 9 wells scheduled to be dually completed in the Mesaverde and Dakota formations and 12 wells that are planned to be completed in all three of the Mesaverde, Mancos Shale and Dakota formations. Approximately $3.4 million will be spent on recompletions and miscellaneous facilities projects. Of the $5 million attributable to the budgets for prior years, approximately $3 million is allocable to 20 new wells and the $2 million balance will be applied to miscellaneous capital projects such as workovers and operated facility projects. Burlington mentioned that it will continue its program of horizontal drilling in 2012 with three to four horizontal wells projected. Burlington reports that based on its actual capital requirements, the pace of regulatory approvals, the mix of projects and swings in the price of natural gas, the actual capital expenditures for 2012 could range from $5 million to $35 million.
Capital expenditures of $21 million were included in calculating royalty income paid to the Trust in calendar year 2011. Approximately $15.1 million covered 251 projects budgeted for 2011, including the drilling of 23 new wells operated by Burlington and no new wells operated by third parties. Approximately $11.9 million of those costs were incurred in new drilling activity. The balance of the expenditures was attributable to the workover of existing wells and the maintenance and improvement of production facilities.
The capital expenditures reported by Burlington in calculating royalty income for 2011 included approximately $5.9 million attributable to the capital budgets for prior years. This occurs because capital expenditures are deducted in calculating royalty income in the month they are accrued, and projects within a given year's budget often extend into subsequent years. Further, Burlington's accounting period for capital expenditures runs through November 30 of each calendar year, such that capital expenditures incurred in December of each year are actually accounted for as part of the following year's capital expenditures. Also, for wells not operated by Burlington, Burlington's share of capital expenditures may not actually be paid by it until the year or years after those expenses were incurred by the operator.
Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.
San Juan Basin Royalty TrustCompass BankLee Ann Anderson, Vice President & Senior Trust Officer, 866-809-4553orKaye Wilke, Investor Relations, 866-809-4553Fax: 817-735-0936Website: www.sjbrt.comE-mail: sjt@bbvacompass.com
Source: San Juan Basin Royalty Trust
TOKYO--(BUSINESS WIRE)-- Mitsubishi Electric Corporation (TOKYO:6503) announced today that Mitsubishi Elevator Asia Co., Ltd., its elevator/escalator manufacturing operation in Thailand, recently surpassed an historic milestone with the production of its 100,000th elevator/escalator unit. The company, which produces and distributes elevators and escalators to 80 countries worldwide, plays a leading role in Mitsubishi Electric's global production system.
To meet the growing global demand for elevators and escalators, Mitsubishi Electric plans to expand production in Thailand mainly for the NEXIEZ series, which was launched in 2010 as the company's global flagship elevator series.
Mitsubishi Elevator Asia began production in 1992 and reached the milestones of 10,000 units in 1997 and 20,000 in 2001. It began manufacturing machine-room-less elevators in 2002, inclined moving walks the next year and elevators with a permanent-magnet gearless machine in 2005. After reaching 50,000 units in January 2007, the company has seen production accelerate as a result of increasing global demand. Mitsubishi Elevator Asia celebrated its 20th anniversary last year.
About Mitsubishi ElectricWith over 90 years of experience in providing reliable, high-quality products to both corporate clients and general consumers all over the world, Mitsubishi Electric Corporation (TOKYO:6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. The company recorded consolidated group sales of 3,645.3 billion yen (US$ 43.9 billion*) in the fiscal year ended March 31, 2011. For more information visit http://www.MitsubishiElectric.com*At an exchange rate of 83 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2011
Mitsubishi Electric CorporationCustomer Inquiries:Overseas Marketing Division, Building Systems GroupTel: +81-3-3218-3583bod.inquiry@rk.MitsubishiElectric.co.jphttp://www.mitsubishi-elevator.comorMedia Contact:Yurika Fujimoto, +81-3-3218-3380Public Relations Divisionprd.gnews@nk.MitsubishiElectric.co.jphttp://www.MitsubishiElectric.com/news/
Source: Mitsubishi Electric Corporation
EDISON, N.J., Feb. 13, 2012 /PRNewswire-iReach/ -- Apps4Rent, a Microsoft Gold Certified Partner and a leading provider of hosted services such as Hosted Exchange 2010, Microsoft SharePoint hosting, Virtual Servers and Hosted Desktops, proudly announces the launch of its low cost Microsoft Exchange alternative—a business email hosting solution called MobileSyncMail based on SmarterTools' SmarterMail platform.
"We are pleased to partner with SmarterTools to provide their SmarterMail mail server as part of the MobileSyncMail offering," said Wade Dube, business manager at Apps4Rent. "The advantages of MobileSyncMail are its low monthly cost and its compatibility with Exchange ActiveSync technology, which has become the preferred technology for mobile synchronization. As smart wireless devices gain popularity, the ability to read email instantly, accept a calendar event and track tasks from a mobile device while syncing with the server is a boon."
MobileSyncMail is a cost-effective hosted email solution available for just $1.95/mailbox/month, yet includes features similar to those found in Microsoft Exchange. MobileSyncMail plans include 5 GB mailboxes, free Exchange ActiveSync technology for synchronization of calendars, contacts, tasks, and email between Exchange ActiveSync enabled servers and devices, POP3/IMAP/SMTP protocols, Outlook-like webmail, a web-based control panel, and compatibility with Research in Motion's BlackBerry devices.
Apps4Rent's MobileSyncMail features a user-friendly webmail interface, consolidation with other email services, anti-virus and anti-spam tools, large attachment capability, 5 GB storage space, SyncML and WebDAV support, and compatibility with Microsoft Outlook 2010, 2007, 2003, Apple Mail, Entourage, and Thunderbird mail clients. MobileSyncMail servers are housed in multiple SAS Certified data centers, with cluster configuration for reliability, 24x7 monitoring and system administration, migration assistance, and world class 24x7x365 support via chat, email and phone.
About SmarterTools
Founded in 2003, SmarterTools Inc. is an information technology management software company based in Phoenix, Arizona. SmarterTools builds a Windows mail server, customer service software, and business analytics software that simplify and automate the day-to-day IT operations of businesses and hosting environments in over 100 countries. More information is available at www.smartertools.com.
About Apps4Rent
Apps4Rent, a Microsoft Gold Certified Partner and a BlackBerry Alliance Member provides premium applications hosting services such as Hosted Exchange 2010, SharePoint, Virtual Dedicated Servers, and Virtual Desktop hosting. Apps4Rent has experience serving over 10,000 businesses in 50+ countries, providing 24/7 support through phone, email, and chat. More information is available at http://www.apps4rent.com
Media Contact: Wade Dubey of Apps4Rent LLC, +1-866-716-2040, wade@apps4rent.comNews distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Apps4Rent LLC
LEAWOOD, Kan.--(BUSINESS WIRE)-- Tortoise Capital Resources Corp. (NYSE: TTO) today announced its financial results for the fiscal year ended Nov. 30, 2011, in its Annual Report on Form 10-K filed Feb. 13, 2012.
Recent Highlights
- First quarter distribution of $0.11 with guidance of no less than $0.44 for 2012
- Retained Corridor InfraTrust Management, LLC as primary manager
- Financials have transitioned to focus on book value rather than net asset value
Business and Investment Outlook
Our objective is to provide stockholders with an attractive risk-adjusted total return, with an emphasis on distributions and distribution growth. We invest primarily in the U.S. energy infrastructure sector. We historically were limited primarily to investing in securities of privately-held companies operating in the U.S. energy infrastructure sector. We believe the U.S. energy infrastructure sector offers significant opportunities for investment in real property assets. We believe that we can acquire these assets while also satisfying the income requirements for qualification as a real estate investment trust (“REIT”). We believe that becoming qualified and electing REIT status is in the best interests of our stockholders because a REIT can provide tax-efficient exposure to the energy infrastructure sector.
If we find sufficient suitable REIT-qualifying investments during 2012 and satisfy the REIT requirements throughout 2012, we expect to make an election to be treated as a REIT for tax purposes for 2012.
Annual Performance Review
Our stock price increased approximately 7.1 percent this year, closing at $7.80 on Nov. 30, 2011 compared to $7.28 on Nov. 30, 2010. This contributed to a total investment return based on market value and assuming reinvestment of distributions of approximately 12.6 percent for the year ended Nov. 30, 2011. The fair value of our investment securities, excluding cash equivalents, was approximately $68.9 million at Nov. 30, 2011, with approximately $41.9 million in private securities and approximately $27.0 million in publicly-traded securities.
Changes in Financial Reporting
As a result of the withdrawal of our prior election to be regulated as a BDC, we are no longer regulated by the 1940 Act. Our prospective reporting will conform to the format more commonly used by REITs. The most visible resulting change in our reporting will be the decreased emphasis on fair value based NAV to traditional historical cost based accounting of book value. This reporting does not change the strategy of holding our private investments until an attractive liquidity opportunity is presented.
In line with our intent and the change in our business during the fourth quarter 2011, book value per share is shown in place of NAV, and reflects the impact of consolidating the operations of Mowood as opposed to reporting it at fair value as in the prior periods presented. Net asset value and book value per share is generally determined as of the last day in the relevant period and therefore may not reflect the net asset value or book value per share on the date of the high and low sales prices. The net asset values and book value shown are based on outstanding shares at the end of each period.
Amounts previously reported as revenue in prior periods is now reflected below Income (Loss) from Operations. Investment income as presented in our 2010 10-K is now reflected in the line items “Distributions and income from investments, net” and “other Income.” As we do not plan to make additional investments in securities (other than short term, highly liquid investments to be held pending acquisition of real property assets) and intend to liquidate our securities portfolio in an orderly manner, this presentation is consistent with our intentions to invest in real property assets which can be leased.
Liquidity and Capital Resources
We entered into a 180-day rolling evergreen margin loan facility with Bank of America, N.A. on Nov. 30, 2011. The terms of the agreement provide for a $10,000,000 facility that is secured by certain of our assets. Outstanding balances generally will accrue interest at a variable rate equal to one-month LIBOR plus 0.75 percent and unused portions of the facility will accrue a fee equal to an annual rate of 0.25 percent.
On Jan. 25, 2012, we filed an amendment to our shelf registration statement on Form S-3 with the Securities and Exchange Commission. When effective, the universal shelf registration will allow us to prudently raise additional capital. We expect to have greater flexibility in issuing securities with common equity participation features (such as warrants and convertible notes) and/or additional classes of stock (such as convertible preferred) in order to facilitate capital formation now that we are no longer subject to the restrictions of the 1940 Act.
We also hold publicly listed MLPs, which can be liquidated in order to fund future acquisitions. We expect to hold our private investments until a natural liquidity event is presented to each company.
Private Company Update
High Sierra Energy, LP and High Sierra Energy, GP’s (High Sierra) fair value increased approximately $4.2 million since Nov. 30, 2010. High Sierra did not make cash distributions to its LP and GP unit holders during our first two fiscal quarters of the year. In the third quarter, High Sierra returned to paying cash distributions at $0.15 per unit and increased the per unit payout to $0.30 in our fourth quarter. In the coming year, we expect High Sierra to maintain its current level of cash distributions with modest room for growth.
In June 2011, we purchased an 8.2 percent ownership interest in Magnetar MLP Investment, LP (Magnetar MLP) for net consideration of $9.9 million. The Magnetar MLP investment represented an indirect investment into Lightfoot Capital Partners, LP (Lightfoot). In October 2011, Magnetar MLP sold a substantial portion of its interest in Lightfoot to provide liquidity to certain original investors in the fund. As part of their transaction we received direct ownership interests in Lightfoot (6.72 percent) and Lightfoot Capital Partners GP LLC (1.52 percent). The decrease in value since Aug. 31, 2011 (approximately $500,000) was due in large part to the anticipated expenses of potential acquisitions and capital market events in the coming year. The addition of the LNG facility and Lightfoot’s existing refined product storage assets should provide for growing distributions in the future.
VantaCore Partners LP’s (VantaCore) fair value decreased approximately $7.2 million since Nov. 30, 2010. VantaCore was unable to meet its minimum quarterly cash distribution (MQD) throughout this past year. Common and preferred unit holders elected to receive a small percentage of the MQD in cash with the remainder paid in newly issued preferred units. Although VantaCore has done a better job of meeting expectations, we continue to lower our EBITDA expectations for 2012 due to the economic outlook in the territories, which contributed to the reduction in fair value for VantaCore, particularly in the fourth quarter. We do believe that the fair value of VantaCore will ultimately increase as the construction and housing markets improve. Until that time, VantaCore continues to look for small acquisitions and operational improvements at its existing facilities.
Our independent valuation firm prepared a positive assurance valuation of our Mowood equity investment as of Nov. 30, 2011 even though the valuation is unaudited and not used as the carrying value in the consolidated financial statements. The valuation increased slightly from that which was reported last quarter. In 2012 we expect Mowood to meet and slightly exceed 2011 EBITDA. Mowood has a revolving note payable with a financial institution with a maximum borrowing base of $1,250,000. Borrowings on the note are secured by all of Mowood’s assets. Interest accrues at LIBOR, plus a 400 percent margin (4.25 percent at Nov. 30, 2011), is payable monthly, with all outstanding principal and accrued interest payable on October 29, 2012. There are no outstanding borrowings under this agreement at Nov. 30, 2011. The agreement contains various restrictive covenants, with the most significant relating to minimum consolidated fixed charge ratio, the incidence of additional indebtedness, member distributions, extension of guaranties, future investments in other subsidiaries and change in ownership.
Our Manager
We are externally managed by Corridor InfraTrust Management, LLC (formerly Corridor Energy, LLC) (“Corridor”). Corridor is an asset manager specializing in financing the acquisition or development of infrastructure real property assets. Corridor assists us in identifying infrastructure real property asset investments that can be leased to businesses that make goods, provide services or own assets other than securities, and is generally responsible for our day-to-day operations.
Tortoise Capital Advisors, L.L.C., a registered investment adviser (“TCA”), provides us certain securities focused investment services necessary to evaluate, monitor and liquidate our remaining securities portfolio and also provides us with certain operational (i.e. non-investment) services. Corridor compensates TCA for the securities focused investments and services TCA provides to us.
Earnings Call
Tortoise Capital Resources Corp. will host a conference call at 1:00 p.m. CST on Tuesday, Feb. 14, 2012 to discuss its financial results for the fiscal year. Please dial-in to the call at 877-407-9210 approximately five to 10 minutes prior to the scheduled start time.
The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.
A replay of the call will be available until 11:59 p.m. CST Feb. 29, 2012, by dialing 877-660-6853. The ID # for playback is 286 and the Conference ID # is 388587. A replay of the webcast will also be available on Tortoise’s website at www.tortoiseadvisors.com through Feb. 14, 2013.
About Tortoise Capital Resources Corp.
Tortoise Capital Resources Corp. (NYSE: TTO) is an energy infrastructure asset financing company that provides capital to pipeline, storage and power transmission operators. TTO’s portfolio includes companies and real assets with long-term, stable cash flows, limited commodity price sensitivity, and growth opportunities. TTO is managed by Corridor InfraTrust Management, LLC.
About Corridor InfraTrust Management
Corridor InfraTrust Management, LLC is an asset manager specializing in financing the acquisition or development of real property infrastructure assets. Corridor is Manager of Tortoise Capital Resources Corp, (NYSE: TTO). Corridor is an affiliate of Tortoise Capital Advisors, L.L.C., an investment manager specializing in listed energy infrastructure investments with approximately $7.8 billion of assets under management as of Jan. 31, 2012. For more information, visit Corridor’s website at www.corridortrust.com.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Forward-Looking Statement
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the company and Corridor InfraTrust Management, LLC believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the company and Corridor InfraTrust Management, LLC do not assume a duty to update this forward-looking statement. Any distribution paid in the future to our stockholders will depend on the actual performance of the company, its costs of leverage and other operating expenses and will be subject to the approval of the company's Board and compliance with leverage covenants.
|
Tortoise Capital Resources Corporation |
||||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||||
| November 30, 2011 | November 30, 2010 | |||||||||||||
| Assets | ||||||||||||||
| Trading securities, at fair value |
$ |
27,037,642 |
$ |
20,806,821 | ||||||||||
| Other equity securities, at fair value | 41,856,730 | 72,929,409 | ||||||||||||
| Leased property, net of accumulated depreciation of $294,309 | 13,832,540 | - | ||||||||||||
| Cash and cash equivalents | 2,793,326 | 1,466,193 | ||||||||||||
| Property and equipment, net of accumulated depreciation of $1,483,616 | 3,842,675 | - | ||||||||||||
| Escrow receivable | 1,677,052 | - | ||||||||||||
| Accounts receivable | 1,402,955 | - | ||||||||||||
| Intangible lease asset, net of accumulated amortization of $121,641 | 973,130 | - | ||||||||||||
| Lease receivable | 474,152 | - | ||||||||||||
| Prepaid expenses | 140,017 | 25,023 | ||||||||||||
| Receivable for Adviser expense reimbursement | 121,962 | 109,145 | ||||||||||||
| Interest receivable | - | 42,778 | ||||||||||||
| Deferred tax asset | 27,536 | 656,743 | ||||||||||||
| Other assets | 107,679 | 5,281 | ||||||||||||
| Total Assets | 94,287,396 | 96,041,393 | ||||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||
| Liabilities | ||||||||||||||
| Management fees payable to Adviser | 365,885 | 327,436 | ||||||||||||
| Accounts payable | 597,157 | - | ||||||||||||
| Long-term debt | 2,279,883 | - | ||||||||||||
| Lease obligation | 107,550 | - | ||||||||||||
| Accrued expenses and other liabilities | 510,608 | 234,784 | ||||||||||||
| Total Liabilities | 3,861,083 | 562,220 | ||||||||||||
| Stockholders' Equity | ||||||||||||||
| Warrants, no par value; 945,594 issued and outstanding | ||||||||||||||
| at November 30, 2011 and November 30, 2010 | ||||||||||||||
| (5,000,000 authorized) | $ | 1,370,700 | $ | 1,370,700 | ||||||||||
| Capital stock, non-convertible, $0.001 par value; 9,176,889 shares issued | ||||||||||||||
| and outstanding at November 30, 2011 and 9,146,506 shares issued | ||||||||||||||
| and outstanding at November 30, 2010 (100,000,000 shares authorized) | 9,177 | 9,147 | ||||||||||||
| Additional paid-in capital | 95,682,738 | 98,444,952 | ||||||||||||
| Accumulated deficit | (6,636,302 | ) | (4,345,626 | ) | ||||||||||
| Total Stockholders' Equity | $ | 90,426,313 | $ | 95,479,173 | ||||||||||
| Total Liabilities and Stockholders' Equity | $ | 94,287,396 | $ | 96,041,393 | ||||||||||
| Book value per share (total stockholders' equity divided by shares outstanding) | $ | 9.85 | $ | 10.44 | ||||||||||
| Tortoise Capital Resources Corporation | |||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
|
Year EndedNovember 30,2011 |
Year EndedNovember 30,2010 |
Year EndedNovember 30,2009 |
|||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Sales Revenue | $ | 2,161,723 | $ | - | $ | - | |||||||||||||||
| Lease income | 1,063,740 | - | - | ||||||||||||||||||
| Total Revenue | 3,225,463 | - | - | ||||||||||||||||||
| Expenses | |||||||||||||||||||||
| Cost of sales | 1,689,374 | - | - | ||||||||||||||||||
| Management fees, net of expense reimbursements | 968,163 | 925,820 | 1,126,327 | ||||||||||||||||||
| Asset acquisition expense | 638,185 | - | - | ||||||||||||||||||
| Professional fees | 548,759 | 590,486 | 553,856 | ||||||||||||||||||
| Depreciation expense | 364,254 | - | - | ||||||||||||||||||
| Operating expenses | 196,775 | - | - | ||||||||||||||||||
| Directors' fees | 70,192 | 92,053 | 90,257 | ||||||||||||||||||
| Interest expense | 36,508 | 45,619 | 627,707 | ||||||||||||||||||
| Other expenses | 183,674 | 244,398 | 267,666 | ||||||||||||||||||
| Total Expenses | 4,695,884 | 1,898,376 | 2,665,813 | ||||||||||||||||||
| Loss from Operations, before Income Taxes | (1,470,421 | ) | (1,898,376 | ) | (2,665,813 | ) | |||||||||||||||
| Deferred tax expense | 557,017 | 708,217 | 313,024 | ||||||||||||||||||
| Loss from Operations |
|
(913,404 | ) |
|
(1,190,159 | ) |
|
(2,352,789 | ) | ||||||||||||
| Other Income | |||||||||||||||||||||
| Net realized and unrealized gain (loss) on trading securities | 2,299,975 | (894,531 | ) | 144,723 | |||||||||||||||||
| Net realized and unrealized gain (loss) on other equity securities | 2,283,773 | 20,340,602 | 981,909 | ||||||||||||||||||
| Distributions and dividend income, net | 651,673 | 1,853,247 | 1,743,017 | ||||||||||||||||||
| Other income | 40,000 | 38,580 | 61,514 | ||||||||||||||||||
| Total Other Income, before Income Taxes |
|
5,275,421 |
|
21,337,898 |
|
2,931,163 | |||||||||||||||
| Current tax expense | (253,650 | ) | - | - | |||||||||||||||||
| Deferred tax expense | (1,186,224 | ) | (5,480,865 | ) | (567,380 | ) | |||||||||||||||
| Income tax expense, net | (1,439,874 | ) | (5,480,865 | ) | (567,380 | ) | |||||||||||||||
| Total Other Income |
|
3,835,547 |
|
15,857,033 |
|
2,363,783 | |||||||||||||||
| Net Income | $ | 2,922,143 | $ | 14,666,874 | $ | 10,994 | |||||||||||||||
| Earnings Per Common Share: | |||||||||||||||||||||
| Basic and Diluted | $ | 0.32 | $ | 1.61 | $ | 0.00 | |||||||||||||||
| Weighted Average Shares of Common Stock Outstanding: | |||||||||||||||||||||
| Basic and Diluted | 9,159,809 | 9,107,070 | 8,997,145 | ||||||||||||||||||
| Tortoise Capital Resources Corporation | ||||||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF EQUITY | ||||||||||||||||||||||||||||||
| Capital Stock | ||||||||||||||||||||||||||||||
|
Shares |
Amount | Warrants |
Additional Paid-in Capital |
Retained Earnings(AccumulatedDeficit) |
Total |
|||||||||||||||||||||||||
| Balance at December 1, 2008 | 8,962,147 | $ | 8,962 | $ | 1,370,700 | $ | 106,869,132 | $ | (19,023,494 | ) | $ | 89,225,300 | ||||||||||||||||||
| Net Income | 10,994 | 10,994 | ||||||||||||||||||||||||||||
| Distributions to stockholders sourced as return of capital | (5,582,473 | ) | (5,582,473 | ) | ||||||||||||||||||||||||||
| Reinvestment of distributions to stockholders | 115,943 | 116 | 642,648 | 642,764 | ||||||||||||||||||||||||||
| Balance at November 30, 2009 | 9,078,090 | 9,078 | 1,370,700 | 101,929,307 | (19,012,500 | ) | 84,296,585 | |||||||||||||||||||||||
| Net Income | 14,666,874 | 14,666,874 | ||||||||||||||||||||||||||||
| Distributions to stockholders sourced as return of capital | (3,915,124 | ) | (3,915,124 | ) | ||||||||||||||||||||||||||
| Reinvestment of distributions to stockholders | 68,416 | 69 | 430,769 | 430,838 | ||||||||||||||||||||||||||
| Balance at November 30, 2010 | 9,146,506 | 9,147 | 1,370,700 | 98,444,952 | (4,345,626 | ) | 95,479,173 | |||||||||||||||||||||||
| Net Income | 2,922,143 | 2,922,143 | ||||||||||||||||||||||||||||
| Distributions to stockholders sourced as return of capital | (3,755,607 | ) | (3,755,607 | ) | ||||||||||||||||||||||||||
| Reinvestment of distributions to stockholders | 30,383 | 30 | 252,212 | 252,242 | ||||||||||||||||||||||||||
| Consolidation of wholly-owned subsidiary | 741,181 | (5,212,819 | ) | (4,471,638 | ) | |||||||||||||||||||||||||
| Balance at November 30, 2011 | 9,176,889 | $ | 9,177 | $ | 1,370,700 | $ | 95,682,738 | $ | (6,636,302 | ) | $ | 90,426,313 | ||||||||||||||||||
| Tortoise Capital Resources Corporation | |||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
|
Year EndedNovember 30,2011 |
Year EndedNovember 30,2010 |
Year EndedNovember 30,2009 |
|||||||||||||
| Operating Activities | |||||||||||||||
| Net Income | $ | 2,922,143 | $ | 14,666,874 | $ | 10,994 | |||||||||
| Adjustments: | |||||||||||||||
| Return of capital on distributions received | 2,845,434 | 3,064,204 | 6,791,394 | ||||||||||||
| Deferred income tax expense, net | 629,207 | 4,772,648 | 254,356 | ||||||||||||
| Depreciation expense | 364,254 | - | - | ||||||||||||
| Amortization of intangible lease asset | 121,641 | - | - | ||||||||||||
| Amortization of above market debt | (94,611 | ) | - | - | |||||||||||
| Realized and unrealized (gain) loss on trading securities | (2,299,975 | ) | 894,531 | (144,723 | ) | ||||||||||
| Realized and unrealized (gain) loss on other equity securities | (2,283,773 | ) | (20,340,602 | ) | (981,909 | ) | |||||||||
| Changes in assets and liabilities: | |||||||||||||||
| (Increase) decrease in interest, dividend and distribution receivable | 42,778 | (42,774 | ) | 77,218 | |||||||||||
| Decrease in lease receivable | 237,077 | - | - | ||||||||||||
| Increase in accounts receivable | (92,473 | ) | - | - | |||||||||||
| Decrease in income tax receivable | - | - | 212,054 | ||||||||||||
| Decrease (increase) in prepaid expenses and other assets | 70,109 | (13,429 | ) | 91,004 | |||||||||||
| Increase (decrease) in management fees payable to Adviser, net of expense reimbursement | 25,632 | (30,926 | ) | (195,410 | ) | ||||||||||
| Increase in accounts payable | 236,579 | - | - | ||||||||||||
| Increase (decrease) in accrued expenses and other liabilities | 38,424 | (47,625 | ) | (79,874 | ) | ||||||||||
| Net cash provided by operating activities | $ | 2,762,446 | $ | 2,922,901 | $ | 6,035,104 | |||||||||
| Investing Activities | |||||||||||||||
| Purchases of long-term investments | (38,060,281 | ) | (10,633,882 | ) | (6,669,391 | ) | |||||||||
| Proceeds from sales of long-term investments | 53,950,583 | 15,762,612 | 24,312,558 | ||||||||||||
| Purchase of leased property | (12,250,000 | ) | - | - | |||||||||||
| Purchases of property and equipment | (1,045 | ) | |||||||||||||
| Net cash provided by investing activities | $ | 3,639,257 | $ | 5,128,730 | $ | 17,643,167 | |||||||||
| Financing Activities | |||||||||||||||
| Payments on long-term debt | (1,221,000 | ) | - | - | |||||||||||
| Payments on lease obligation | (44,816 | ) | - | - | |||||||||||
| Advances from revolving line of credit | - | - | 900,000 | ||||||||||||
| Repayments on revolving line of credit | (400,000 | ) | (4,600,000 | ) | (18,500,000 | ) | |||||||||
| Distributions paid to common stockholders | (3,503,365 | ) | (3,484,284 | ) | (4,939,797 | ) | |||||||||
| Net cash used in financing activities | $ | (5,169,181 | ) | $ | (8,084,284 | ) | $ | (22,539,797 | ) | ||||||
| Net Change in Cash and Cash Equivalents | $ | 1,232,522 | $ | (32,653 | ) | $ | 1,138,474 | ||||||||
| Consolidation of wholly-owned subsidiary | 94,611 | - | - | ||||||||||||
| Cash and Cash Equivalents at beginning of year | 1,466,193 | 1,498,846 | 360,372 | ||||||||||||
| Cash and Cash Equivalents at end of year | $ | 2,793,326 | $ | 1,466,193 | $ | 1,498,846 | |||||||||
| Supplemental Disclosure of Cash Flow Information | |||||||||||||||
| Interest paid | $ | 176,595 | $ | 66,703 | $ | 674,245 | |||||||||
| Income taxes paid | $ | 253,650 | $ | - | $ | - | |||||||||
| Non-Cash Financing Activities | |||||||||||||||
| Reinvestment of distributions by common stockholders in additional common shares | $ | 252,242 | $ | 430,838 | $ | 642,764 | |||||||||
Tortoise Capital Advisors, LLCPam Kearney, 866-362-9331Investor Relationsinfo@tortoiseadvisors.com
Source: Tortoise Capital Resources Corporation
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