6. Investments in Affiliates
We periodically review indicators of the fair value of our investments in affiliate companies in order to assess whether available facts or circumstances, both internally and externally, may suggest an other than temporary decline in the fair value of the investment. There were no indications of other than temporary declines in the fair value of investments in affiliates as of January 31, 2013 and 2012, respectively. Our investments in affiliates under the cost method of accounting are as follows:
| January 31, | ||||||||
| 2013 | 2012 | |||||||
| (Amounts in thousands) | ||||||||
| Minerva | 1,000 | 1,000 | ||||||
| Visible World | 551 | 551 | ||||||
| Other investments | 1,400 | 1,462 | ||||||
| Total investments in affiliates | $ | 2,951 | $ | 3,013 | ||||
Minerva Networks, Inc. As of January 31, 2013, we owned 1,333,334 shares of preferred stock representing 2.9% of the total capital stock of Minerva Networks, Inc. (“Minerva”), a California based company specializing in software products for the telecommunications and television markets. The preferred shares are convertible to 1,333,334 shares of common stock under certain conditions as defined in the Stock Purchase Agreement. We account for this investment under the cost method of accounting.
Visible World. We own less than 5% of the common and preferred stock of Visible World and we account for this investment under the cost method of accounting. For fiscal years 2012 and 2011, we recognized revenues of approximately $11,000 and $0.5 million respectively, from Visible World. We did not recognize any revenue from Visible World in fiscal 2013.
Casa Systems, Inc. On April 26, 2010, we sold our entire equity investment in Casa Systems, Inc., a Massachusetts based company that specializes in VOD products for the telecommunications and television markets, for $34.1 million realizing a pre-tax profit of $25.2 million, which is recorded in gain on sale of investment in affiliates on our consolidated statements of operations and comprehensive income (loss) for fiscal 2011.
InSite One. In the fourth quarter of fiscal 2011, we sold our entire equity investment in InSite One for $4.6 million in cash realizing a pre-tax profit of $1.9 million, which is recorded in gain on sale of investment in affiliates on our consolidated statements of operations and comprehensive income (loss) for fiscal 2011. In fiscal 2013, we recorded an additional $0.9 million gain on sale of Insite One, as we received additional funds that were previously held in escrow by the buyers of Insite One.