Clairvest Group Inc.
TSX : CVG

August 13, 2013 16:53 ET

Clairvest Reports Fiscal 2014 First Quarter Results

TORONTO, ONTARIO--(Marketwired - Aug. 13, 2013) - Clairvest Group Inc. (TSX:CVG) today reported results for the quarter ended June 30, 2013. (All figures are in Canadian dollars unless otherwise stated)

Highlights

  • June 30, 2013 book value was $350.1 million or $23.14 per share versus $23.12 per share at March 31, 2013. Cash or near cash represented 53.0% of the June 30, 2013 book value, or $12.26 per share
  • Net income for the quarter was $3.7 million or $0.25 per share
  • Clairvest and its managed funds invested a combined US$15.0 million in County Waste of Virginia, a private regional solid waste management company based in West Point, Virginia
  • Subsequent to quarter end, Clairvest paid an annual ordinary dividend of $1.5 million, or $0.10 per share, and a special dividend of $2.0 million, or $0.1312 per share, which in aggregate represents 1% of the March 31, 2013 book value

Clairvest's book value was $350.1 million or $23.14 per share at June 30, 2013, compared with $23.12 per share at March 31, 2013. The increase in book value per share was primarily attributable to net income for the quarter of $3.7 million, or $0.25 per share, net of dividends declared totaling $3.5 million, or $0.2312 per share which represent 1% of the March 31, 2013 book value. The dividends comprised of an annual ordinary dividend of $0.10 per share and a special dividend of $0.1312 per share, were paid on July 26, 2013 to common shareholders of record as of July 9, 2013 and are eligible dividends for Canadian income tax purposes.

As previously announced, Clairvest and its managed funds invested a combined US$15.0 million for a 46.9% ownership interest in County Waste of Virginia, LLC ("County Waste"), a private regional solid waste management company based in West Point, Virginia. Clairvest's portion of the investment was US$4.1 million for a 12.5% ownership in County Waste.

"County Waste is our third deal in the solid waste management industry, a core domain for Clairvest since 2005. This investment is a meaningful example of our ability to source quality opportunities resulting from a proactive and domain focused investment approach," said Ken Rotman, Co-Chief Executive Officer and Managing Director of Clairvest. "Our industry expertise allows us to respond quickly and decisively to investment opportunities which is important in an increasingly competitive market."

Summary of Financial Results - Unaudited

Financial Performance Measures Quarters ended
June 30
2013 2012
($000's, except per share amounts) $ $
Net realized gains (losses) on corporate investments - (14)
Net changes in unrealized gains on corporate investments 1,457 3,189
Net income 3,725 9,560
Basic net income per share 0.25 0.63
Fully diluted net income per share 0.24 0.62
Financial Condition Measures June
2013
March
2013
($000's, except per share amounts) $ $
Total assets 385,138 378,936
Total cash, cash equivalents and temporary investments(1) 185,602 174,513
Total corporate investments 184,130 176,390
Total liabilities 35,011 29,248
Book value 350,127 349,688
Book value per share 23.14 23.12

(1) Excludes restricted temporary investments.

Clairvest's first quarter fiscal 2014 financial statements and MD&A are available on the SEDAR website at www.sedar.com and on the Clairvest website at www.clairvest.com.

About Clairvest

Clairvest Group Inc. is a private equity investor which invests its own capital, and that of third parties through the Clairvest Equity Partners ("CEP") limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.

Forward-looking Statements

This news release contains forward-looking statements with respect to Clairvest Group Inc., its subsidiaries, its CEP limited partnerships and their investments. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clairvest, its subsidiaries, its CEP limited partnerships and their investments to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general and economic business conditions and regulatory risks. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

www.clairvest.com

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