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


New Aesthetic TV Channel Launches With Gala Party at L'Ermitage Hotel in Beverly Hills Feb 13, 2012 08:22PM

BEVERLY HILLS, Calif., Feb. 13, 2012 (GLOBE NEWSWIRE) -- To announce the new online lifestyle channel Aesthetic TV (ATV), global progressive media group Medical Insight, Inc. will hold an exclusive launch party at Beverly Hills' L'Ermitage Hotel February 18, 2012. Hosted by Dr. Andrew Ordon, facial and reconstructive surgery expert on syndicated talk show The Doctors, this VIP event will give media, industry executives and key opinion leaders in the field a chance to preview what will be the first of its kind one-stop resource for the best and most up to date information on aesthetic treatments and products around the world.

"As the epicenter of aesthetic medicine, Beverly Hills was the ideal choice to launch Aesthetic TV. We are excited to celebrate MII's newest venture, amongst friends and colleagues at L'Ermitage," said Michael Moretti, founder of Medical Insight, Inc. and executive producer of Aesthetic TV. "Our partners and sponsors have an increasing demand for cost-effective and metric-driven consumer facing media platforms. With ATV we have created the solution via original content, interactive, customized webisodes, branded messaging and dynamic online marketing that can be accessed anytime, anywhere."

The first series of episodes feature new skin lightener elure™ and eTwo laser treatment from Syneron (Nasdaq: ELOS), a Laser360 procedure from Alma Lasers, a roundup of the newest home-use aesthetic devices from Palomar Medical (Nasdaq: PMTI), Radiancy, Quasar®, Solta (Nasdaq: SLTM), LightStim® International, Carol Cole, Inc., HairMax-Lexington International, Syneron Beauty and TRIA , Exilis body shaping, an introduction to Merz Aesthetics' new cosmetic neurotoxin, Xeomin, and discussions of the global aesthetic market with Mr. Moretti.

ATV produces original content designed to inform, entertain and engage specific targeted audience groups across multiple digital media channels with proprietary, state-of-the-art online and mobile delivery platforms set to debut to the public in the first quarter 2012. Visit http://www.aesthetictv.com for details on airdates, distribution, sponsorship and advertising programs.

About Medical Insight, Inc.

Medical Insight, Inc., a progressive media company specializing in medical aesthetics, produces the leading digital media trade publications and live events in this sector. Founded by Michael Moretti in 1993, MII collects and reports industry data on procedure volume and revenues, product sales, new product introductions, market forecasts and trend analysis.

For information on research services offered by MII, please visit www.MiiNews.com, Facebook or Twitter.

Media Contact: Ben Cooke / LUCID Public Relations / (310) 859-4600 x.101 / ben@lucidpublicrelations.com / Facebook / Twitter

Source: Medical Insight, Inc.


Cresud S.A.C.I.F. y A. Announces Results for Six-Month Period of FY 2012 Ended December 31, 2011 Feb 13, 2012 08:20PM

BUENOS AIRES, Argentina, Feb. 13, 2012 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the first six-month period of FY 2012 Ended December 31, 2011

HIGHLIGHTS

  • Crop production grew by 813.3% compared to the first six months of fiscal year 2011, reaching 800.7 thousand tons, thanks to the consolidation of our subsidiary BrasilAgro and the late harvesting of part of our corn plantations in our Argentine farms.
  • Beef cattle production grew 49.2% compared to the same period of the previous fiscal year, generating a 121.8% increase in production income. Operating income from this business fell 98.4%, because holding results were ARS 42.3 million lower. This was caused by the fact that during this semester, prices grew at a smaller pace than in the same period of the previous fiscal year.
  • As concerns milk production, we have continued to observe productivity increases thanks to the consolidation of production in our "El Tigre" dairy facility. During this semester, our milking herd generated 22.8 liters per milking cow per day, 15.9% higher than during the same semester of the previous fiscal year.
  • Operating income totaled ARS 404.4 million, a 12.5% increase compared to the same semester of the previous fiscal year. This increase was motivated mainly by the good results recorded in the real estate segment (22.6% higher) and in crop production, which generated operating income for ARS 18.0 million compared to a loss of ARS 26.0 million during the same period of the previous fiscal year.
  • Net income for the period was ARS 41.5 million, compared to ARS 107.0 million for the first six months of the previous fiscal year. This was caused mainly by a net financial loss of ARS 300.8 million, compared to ARS 121.1 million in the same period of the previous fiscal year. The main reason for this decrease was a net loss from exchange rate differences, due to the depreciation of the exchange rate that affects our liabilities denominated in dollars, for ARS 100.3 million (vs. ARS 13.9 million), and a net loss from other financial assets for ARS 31.7 million (vs. a net income of ARS 9.9 million) mostly due to the revaluation at market values of certain financial assets held by our subsidiary IRSA. In the quarter ended December 31, 2011, these assets generated positive results.
  • During this fiscal year we will continue to develop new agricultural areas, as we have done during the past years. We expect to add nearly 28,500 new hectares in the whole region, 19,800 of which will be developed in Brazil in six of the farms we own in that country. In Argentina, we will add 7,850 hectares in our "Los Pozos" and "La Suiza" farms and the farm we have in concession. Moreover, we will add 750 new hectares in Paraguay and 100 hectares in Bolivia.
  • During this quarter, the core agricultural region of Argentina experienced severe drought conditions caused by La Nina. This is expected to cause losses in the production of corn and soybean at national level. Fortunately, during the last weeks prior to the publication of this release it has rained in the region, attenuating the above mentioned consequences.
  • The company foresaw this weather effect and postponed planting, applying specific processes aimed at mitigating its impact. Although most of Cresud's production portfolio is located in marginal areas that are far from the region affected by the drought and have recorded good rainfall levels, we expect that in view of their location, the farms leased from third parties will be affected by this phenomenon. Should the current conditions subsist, we expect that the impact of this drought will not generate a reduction in crop production higher than 10%. This fall might be compensated by an increase in prices during the quarter.
  • On October 31, 2011, our General Shareholders' Meeting resolved to pay a cash dividend of ARS 63.8 million, equivalent to ARS 0.138 per share, or a dividend yield of 2.62% as of the date it was announced. The dividend was made available to the shareholders during the month of November.

Financial Highlights (In thousands of Argentine Pesos)Six-month period FY 2012 Ended December 31, 2011

Income Statement

12/31/2011

12/31/2010

Total Production Revenues

238,690

89,852

Production Results

61,478

14,815

Total Sales Revenues

1,342,920

955,871

Sales Results

552,873

491,119

Total Real Estate Sales

739,228

955,871

Real Estate Results

475,776

420,373

Gross Profit

614,351

505,934

Operating Profit

404,420

359,445

Net Income (loss)

41,508

106,971

Balance Sheet

12/31/2011

12/31/2010

 Current Assets

2,082,028

1,545,652

 Non Current Assets

7,532,717

6,299,143

Total Assets

9,614,745

7,844,795

 Current Liabilities

2,467,208

2,198,842

 Non Current Liabilities

2,921,382

2,190,179

Total Liabilities

5,388,590

4,389,021

 Minority Interest

2,092,876

1,413,009

Shareholders' Equity

2,133,279

2,042,765

About Cresud:

Cresud is a leading Argentine agricultural company with a growing presence in the Brazilian agricultural sector through its investment in BrasilAgro-Companhia Brasileira de Propriedades Agricola. Cresud is currently involved in a range of activities including crop production, cattle raising and milk production. Cresud's business model, which is being rolled out regionally in Latin America, taking into account the specific conditions of each country, focuses on the acquisition, development and exploitation of properties having attractive prospects for agricultural production and/or value appreciation and the selective disposition of such properties where appreciation has been realized.

Additionally, Cresud owns a 63.22% stake in IRSA Inversiones y Representaciones S.A., Argentina's largest, most well-diversified real estate company. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels.

A longer version of this press release with detailed information is available on the web site: http://www.cresud.com.ar.

Cresud cordially invites you to participate in its six-month period of Fiscal Year 2012 Results Conference Call on Thursday, February 16, 2012, at 9:00 a.m. Eastern Time

If you would like to participate, please call: United States:  (888) 841-3494International:  +1-(706) 758-3350

To access the webcast, click on the link below:http://webcast.mz-ir.com/publico.aspx?codplataforma=3566

SOURCE Cresud S.A.C.I.F. y A.


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Source: Red Hawk Casino


HP Introduces Thin Clients With Unprecedented Security, Exceptional Flexibility and Performance Feb 13, 2012 08:15PM

LAS VEGAS, NV -- (MARKET WIRE) -- 02/13/12 -- HP (NYSE: HPQ) today announced the powerful new HP t610 Flexible Series Thin Client and HP t510 Thin Client with industry-leading performance and security, enabling businesses to protect their data more effectively while improving employees' user experience.

The HP t510 and HP t610 come standard with dual-core CPUs and offer graphics cores that offload computing from the server to the chipset, enabling users to easily stream multimedia and work with high-definition (HD) graphics.(1) The HP t510 and HP t610 also enable the use of multiple monitors and remote connections.

Ideal for industries such as healthcare, financial services, public sector and retail, where employees must often access sensitive data, the HP t510 and HP t610 offer industry-first hard identification security as well as a broad set of tools to simplify management.

"With these new, flexible thin clients, businesses can protect their data more effectively, and they get an exceptional user experience with better graphics and video performance," said Jeff Groudan, director, Marketing, Thin Clients, HP. "We also made sure the t610 and t510 are easy to integrate and manage with a broad set of management tools."

Built-in industry-first security The HP t610 is the industry's first thin client to feature both a BIOS (basic input/output system) that complies with the security recommendations of the National Institute of Standards and Technology (NIST) and an on-board Trusted Platform Module that protects access to networks under the certification requirements of the Trusted Computing Group.

These features provide hard identification security for sensitive computing environments, giving businesses a second layer of protection for company data.

Powerful new dual-core processing The HP t610 features a dual-core AMD G-series processor with integrated discrete-class AMD Radeon graphics, which at 1.65 GHz provides customers with ample power for the most rigorous remote business graphics needs. The t610 is passively cooled to help companies reduce noise in office environments, and eliminate moving parts in their end-point devices.

The AMD Accelerated Processing Unit (APU) combines a low-power CPU and a discrete-level GPU into a single integrated unit, efficiently providing high-performance multimedia content delivery and supporting DirectX11 for 3-D visual effects and accelerated graphics performance.

The AMD APU allows the HP t610 series to meet the stringent requirements of ENERGY STAR thin client qualification.(2) HP's use of more than 20 percent post-consumer recycled plastics helps the series achieve EPEAT Gold status.(3)

To enhance reliability in a broad range of operating environments, the HP t610 includes HP Active Thermal Management, which prevents the device from shutting down due to overheating -- even in the harshest of environments.

The HP t610 comes with two chassis configurations -- Standard and PLUS. The PLUS configuration offers additional legacy ports, quad-head display graphics capabilities and connectivity options supporting fiber network interface cards and enterprise-class wireless.(4)

The HP t610 supports thin client operating system software including Microsoft Windows Embedded Standard and HP ThinPro thin-client enhanced Linux. Configurations also are available that utilize HP Smart Zero Technology for zero-touch management -- an HP unique capability.

The HP t510 also features the VIA Eden X2 U4200 1GHz dual-core CPU, the highest performing processor in its class. VIA Chromotion HD 2.0 graphics enable hardware acceleration of streaming multimedia for better web browsing and remote session experiences.

The HP t510 and HP t610 ship with 2 gigabytes of RAM, which doubles the minimum amount that has previously shipped on HP thin clients.

Software management HP Easy Tools allows users to easily configure the HP t610 and HP t510 thin clients, both of which include HP's enhanced, enterprise-class remote management software, HP Device Manager.

Both the HP t510 and HPt610 allow administrators to easily simplify deployments and extend existing investments in Microsoft System Center by enabling them to manage thin clients with Windows Embedded Device Manager 2011. The newly released HP plug-in for Windows Embedded Device Manager enables customers to manage and administer a specific upgrade package or security update on the HP t510 and HPt610 and other HP Windows Embedded Standard 7-based thin clients from one convenient management tool.

"The HP t510 and t610 flexible series thin clients provide the performance and security enterprise users are looking for along with increased manageability for the system administrator," said John Doyle, director, Product Management, Windows Embedded, Microsoft. "In particular, the plug-in for Windows Embedded Device Manager 2011 enables IT professionals to manage embedded devices in a similar manner to PCs and servers through a single integrated solution, simplifying embedded device integration and management."

The HP t610 is RemoteFX certified, and both the HP t510 and HPt610 are optimized for compatibility with top virtualization software, including Citrix XenApp and XenDesktop, Microsoft RDP 7 and VMware View.

Pricing and availability(5) The HP t510 Thin Client has a starting price of $259 and the HP t610 Flexible Series Thin Client has a starting price of $399. The new devices are expected to be available in March in the Asia Pacific and Japan region, and in April in the Americas and Europe, the Middle East and Africa.

About HP HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world's largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP is available at http://www.hp.com. 

1.  HD content required to view HD images.
2.  Quad-head HP t610 configurations are not ENERGY STAR or EPEAT qualified.
3.  EPEAT Gold where HP registers products. Information about country-
    specific registration status is available at www.epeat.net.
4.  Wireless access point and internet service required and sold separately.
5.  Estimated U.S. street prices. Actual prices may vary.

AMD is a trademark of Advanced Micro Devices, Inc. Microsoft and Windows are U.S. registered trademarks of Microsoft Corporation. ENERGY STAR is a registered mark owned by the U.S. government.

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations, including execution of restructuring and integration plans; any statements concerning expected development, performance or market share relating to products and services; any statements regarding anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; the competitive pressures faced by HP's businesses; the development and transition of new products and services (and the enhancement of existing products and services) to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its customers, suppliers and partners; the protection of HP's intellectual property assets, including intellectual property licensed from third parties; integration and other risks associated with business combination and investment transactions; the hiring and retention of key employees; expectations and assumptions relating to the execution and timing of restructuring and integration plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2011 and HP's other filings with the Securities and Exchange Commission. HP assumes no obligation and does not intend to update these forward-looking statements.

2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.

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Source: HP


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