West Street Announces First Quarter Results
29 May 2010 - 7:17AM
Marketwired
West Street Capital Corporation ("West Street" or the "company")
(TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) reported net income for
the period ended March 31, 2010 of $0.5 million compared to $0.4
million in 2009. After providing for unpaid preferred share
dividend obligations of $0.7 million (2009 - $0.7 million), the net
loss per common share was $0.02 compared with a net loss of $0.03
per common share during the period ended March 31, 2009.
The total return to shareholders, including changes in the
market value of the company's investment portfolio, was $1.2
million (2009 - loss of $23 thousand) of which $0.7 million accrued
to the preferred shareholders through their cumulative dividend
entitlement and $0.5 million reduced the deficit attributable to
the company's common shares.
Dividends, interest and other income totalled $0.7 million for
the period ended March 31, 2010, in comparison to $0.5 million in
the same period in 2009 and consist principally of dividends and
interest earned on the company's securities portfolio. The increase
in investment income is primarily the result of the investment of
cash balances into a higher yielding U.S. dollar bond portfolio in
the fourth quarter of 2009.
Statements of Operations
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THREE MONTHS ENDED MARCH 31
(thousands, except per share amounts) 2010 2009
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Investment income $ 696 $ 521
Operating and legal expenses 41 35
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Net income before taxes 655 486
Current taxes 178 106
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Net income $ 477 $ 380
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Net loss per common share $ (0.02) $ (0.03)
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Statements of Total Return
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THREE MONTHS ENDED MARCH 31
(thousands) 2010 2009
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Net income $ 477 $ 380
Unrealized gain (loss) on securities 715 (403)
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Total return $ 1,192 $ (23)
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Balance Sheets
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(unaudited)
March 31, December 31,
(thousands) 2010 2009
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Assets
Cash and equivalents $ 4,827 $ 4,605
Securities 42,400 42,240
Interest receivables and other 1,250 572
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$ 48,477 $ 47,417
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Liabilities
Accounts payable and other provisions $ 57 $ 189
Shareholders' Equity 48,420 47,228
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$ 48,477 $ 47,417
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March 31, December 31,
(thousands, except per share amounts) 2010 2009
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Shareholders' Equity $ 48,420 $ 47,228
Less: amounts attributable to preferred shares
Stated value (42,160) (42,160)
Unpaid dividends(1) (53,729) (52,995)
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Common share deficit(2) $ (47,469) $ (47,927)
Per common share $ (4.34) $ (4.39)
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(1) Represents cumulative dividends in arrears on preferred shares that are
not recorded in the financial statements.
(2) The above table presents the common share deficit.
Contacts: West Street Capital Corporation Brian D. Lawson
President (416) 359-8625
West Street Capital Corp. (TSXV:WSC)
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