DALLAS, Jan. 29, 2008 (PRIME NEWSWIRE) -- Capital Southwest Corporation (Nasdaq:CSWC) today reported net assets at December 31, 2007 of $541,924,018, equivalent to $139.34 per share. Comparative annual data is summarized below:
December 31, 2007 December 31, 2006
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(as restated)
Net assets $541,924,018 $703,039,495
Shares outstanding 3,889,151 3,886,051
Net assets per share $139.34 $180.91
Assuming reinvestment of all dividends and tax credits on retained long-term capital gains, the December 31, 2007 net asset value was 22.6% below the December 31, 2006 net asset value of $180.91 per share, and 25.1% below the March 31, 2007 net asset value of $186.75 per share.
The decline in net asset value during the nine months ended December 31, 2007 was primarily due to a major decrease in the value placed on our investment in 9,317,310 shares of Heelys, Inc. (Nasdaq:HLYS), which dropped from $21.00 to $4.00 -- a total of $158,394,760, equivalent to $40.73 per Capital Southwest share.
Capital Southwest Corporation, founded in 1961, is a venture capital business development investment company headquartered in Dallas, Texas.