West Street Announces First Quarter Results
01 June 2011 - 8:40AM
Marketwired
West Street Capital Corporation ("West Street" or the "company")
(TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) reported net income for
the quarter ended March 31, 2011 of $0.6 million compared to $0.5
million in the comparative quarter in 2010. After providing for
unpaid preferred share dividend obligations of $0.7 million (2010 -
$0.7 million), the net loss per common share was $0.01 compared
with a net loss of $0.02 per common share during the period ended
March 31, 2010.
Dividends, interest and other income totalled $0.8 million for
the period ended March 31, 2011, in comparison to $0.7 million in
the same period in 2010 and consisted principally of dividends and
interest earned on the company's securities portfolio. The increase
in investment income is primarily the result of additional
securities acquired during 2010 and 2011.
Statements of Operations
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THREE MONTHS ENDED MARCH 31
(thousands, except per share amounts) 2011 2010
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Investment income $ 809 $ 681
Operating and legal expenses 18 26
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Net income before investment losses and taxes 791 655
Investment losses (236) -
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Net income before taxes 555 655
Current taxes (337) (178)
Future taxes 405 -
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Net income $ 623 $ 477
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Net loss per common share $ (0.01) $ (0.02)
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The company recorded comprehensive income for the quarter ended March 31,
2011 of $3.1 million compared to $1.2 million in the comparative period in
2010, which accrued to the preferred shares and reduced the common share
deficit to $35.3 million.
Balance Sheets
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(unaudited) March 31, December 31,
(thousands) 2011 2010
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Assets
Cash and equivalents $ 3,513 $ 5,592
Securities 60,221 54,274
Interest receivable and other 712 1,147
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$ 64,446 $ 61,013
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Liabilities
Accounts payable and other provisions $ 922 $ 572
Shareholders' equity 63,524 60,441
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$ 64,446 $ 61,013
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March 31, December 31,
(thousands, except per share amounts) 2011 2010
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Shareholders' equity $ 63,524 $ 60,441
Less: amounts attributable to preferred shares
Stated value (42,160) (42,160)
Unpaid dividends(1) (56,666) (55,932)
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Common share deficit(2) $ (35,302) $ (37,651)
Per common share $ (3.23) $ (3.45)
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(1) Represents dividends in arrears on preferred shares that are unaccrued
for IFRS purposes.
(2) The above table presents the significant common share deficit resulting
from the net book value of the company being attributed to the preferred
shares.
Contacts: West Street Capital Corporation Sachin G. Shah
President (416) 363-9491
West Street Capital Corp. (TSXV:WSC)
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