Survey Shows Government Agencies Bringing More Electronic Discovery In-house as Confidence Continues to Grow Feb 13, 2012 09:07PM

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.


San Juan Basin Royalty Trust Announces 2012 Capital Plan Feb 13, 2012 09:05PM

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


Mitsubishi Electric's Thailand Factory Outputs 100,000th Elevator/Escalator Feb 13, 2012 09:00PM

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


Apps4Rent Launches a Low Cost Alternative to MS Exchange Hosting Based on SmarterMail Feb 13, 2012 08:47PM

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


Tortoise Capital Resources Corp. Releases Fiscal 2011 Financial Results Feb 13, 2012 08:34PM

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


More Press Releases

View Older Stories

Feb 13, 2012 08:22PM New Aesthetic TV Channel Launches With Gala Party at L'Ermitage Hotel in Beverly Hills
Feb 13, 2012 08:20PM Cresud S.A.C.I.F. y A. Announces Results for Six-Month Period of FY 2012 Ended December 31, 2011
Feb 13, 2012 08:15PM Get 12X Points at Red Hawk Casino on Presidents Day
Feb 13, 2012 08:15PM HP Introduces Thin Clients With Unprecedented Security, Exceptional Flexibility and Performance
Feb 13, 2012 08:14PM Red Hawk Casino Awards $48,076 Nickel Slot Jackpot
Feb 13, 2012 08:11PM IRSA Inversiones y Representaciones Sociedad Anonima Announces Results for the Six-Month Period of FY 2012 Ended December 31, 2011
Feb 13, 2012 08:09PM Local SEO Industry Expert Founds Argent Media Search Marketing Agency in Dallas
Feb 13, 2012 08:08PM Statement by U.S. Conference of Mayors President Los Angeles Mayor Antonio Villaraigosa on President Obama's FY 2013 Budget
Feb 13, 2012 08:00PM Cabot Microelectronics Corporation Declares Special Cash Dividend of $15 Per Share, or Approximately $345 Million in Total, After Closing on Secured Credit Facility
Feb 13, 2012 08:01PM Madonna World Tour 2012 Includes Instant Sell Outs in Berlin, Amsterdam, New York City's Yankee Stadium, Philadelphia, Boston, Los Angeles, San Jose, Seattle, Washington, Toronto, Ottawa and Vanc
Feb 13, 2012 07:59PM Minister Raitt Congratulates Air Canada and the Canadian Airline Dispatchers Association on Reaching a Tentative Agreement
Feb 13, 2012 08:00PM Honeywell Takes Air China to New Heights
Feb 13, 2012 08:00PM Stewart Title Ltd. Appoints Ciaran Westland as General Manager of its Australian Operations
Feb 13, 2012 08:00PM bebe stores, inc. to Host Analyst and Investor Day Event
Feb 13, 2012 08:00PM Fluidigm Introduces Access Array™ Barcode Library for Ion Torrent Personal Genome Machine (PGM) Sequencer
Feb 13, 2012 08:00PM Samson Oil & Gas Operational Advisory
Feb 13, 2012 08:00PM Fairmont Beijing Hotel Offers China's Finest Accommodations
Feb 13, 2012 08:00PM Fairmont Beijing Hotel Offers China's Finest Accommodations
Feb 13, 2012 07:55PM In the New Egypt, It's "Punish the Victim and Crush the Innocent"
Feb 13, 2012 07:53PM PSP, Inc. Ranked 24th Largest Software Developer by Puget Sound Business Journal
Feb 13, 2012 07:45PM Music's Biggest Night® a Huge Hit Across Online, Mobile and Social Platforms
Feb 13, 2012 07:44PM Minister Raitt Encouraged by Tentative Collective Agreement Between Air Canada and the CAW-Canada
Feb 13, 2012 07:41PM Chesapeake Energy Corporation Announces Pricing of Offering Of $1.3 Billion of Senior Notes Due 2019
Feb 13, 2012 07:38PM API-PA Commends State Leadership on Natural Gas Development
Feb 13, 2012 07:38PM Cyberset, a Full-Service Internet Marketing Company with a Reputation for Personalized Service
Feb 13, 2012 07:38PM Alliance Hails President's Robust Energy Efficiency Budget Request
Feb 13, 2012 07:36PM Pain Relief Found Naturally with Thermal-Aid Products
Feb 13, 2012 07:33PM Global Indemnity plc Reports Fourth Quarter 2011 Financial Results
Feb 13, 2012 07:31PM Hunter Bay Minerals plc Receives Proceeds of $837,466 on Exercise of Warrants and Grants Stock Options
Feb 13, 2012 07:31PM Hunter Bay Minerals plc Receives Proceeds of $837,466 on Exercise of Warrants and Grants Stock Options
Feb 13, 2012 07:31PM Western Positioning for the Future with First Step in Capital Plan
Feb 13, 2012 07:31PM Western Positioning for the Future with First Step in Capital Plan
Feb 13, 2012 07:30PM AHF Launches Hershey Boycott over HIV/AIDS Discrimination with Valentine’s Press Conference
Feb 13, 2012 07:30PM Bridgepoint Education Schedules Fourth Quarter 2011 Earnings Conference Call for March 6, 2012
Feb 13, 2012 07:26PM Obama Budget Proposal a Big Net Plus for Environment
Feb 13, 2012 07:25PM U.S. FDA Grants Priority Review for Truvada® for Reducing the Risk of Acquiring HIV Infection
Feb 13, 2012 07:23PM UCLA Anderson Launches TED Takeover
Feb 13, 2012 07:22PM Steel Excel and BNS Enter Into Preliminary Discussions
Feb 13, 2012 07:21PM Fiscal 2013 Administration Budget Proposal Supports Aspects Of Seaports Agenda
Feb 13, 2012 07:19PM Reminder: Public Voting for PR Newswire's Earned Media Awards Program, 'The Earnies,' Ends Tomorrow, Tuesday, February 14th
Feb 13, 2012 07:18PM Veterans Groups Pleased with President's Budget But Note Deficiencies
Feb 13, 2012 07:16PM Storage.com Announces the Release of Its New Storage Unit Size Calculator
Feb 13, 2012 07:15PM Endeavour Announces Pricing of $500 Million Offering of Senior Notes
Feb 13, 2012 07:15PM New Access Array™ Target-Specific Multiplexing Capability Allows up to 480 Amplicons Per Sample for Targeted Resequencing
Feb 13, 2012 07:08PM Pratt & Whitney Canada Expands Customer Service Capabilities in Asia
Feb 13, 2012 07:09PM Molina Healthcare of Ohio Receives "Commendable" NCQA Status
Feb 13, 2012 07:02PM President’s Budget Shreds Hope for Low-Income Americans
Feb 13, 2012 07:00PM Pratt & Whitney Canada Expands Customer Service Capabilities in Asia
Feb 13, 2012 07:00PM Pratt & Whitney Canada Signs an Engine Fleet Enhancement Program With Air New Zealand
Feb 13, 2012 07:00PM Lockheed Martin Offers On-Demand Intelligence, Surveillance & Reconnaissance Service
View Older Stories