West Street Announces Third Quarter Results
November 29 2010 - 3:31PM
Marketwired
West Street Capital Corporation ("West Street" or the "company")
(TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) reported net income for
the three months ended September 30, 2010 of $0.7 million compared
to $0.3 million for the same period in 2009. After providing for
unpaid preferred share dividend obligations of $0.7 million (2009 -
$0.7 million), net loss per common share was $nil compared with a
net loss of $0.04 per common share during the same period in the
prior year.
The total return to shareholders, including changes in the
market value of the company's security portfolio, was $1.9 million
for the three months ended September 30, 2010 (2009 - $2.3 million)
which included net income of $0.7 million and other comprehensive
income of $1.2 million. A total of $0.7 million accrued to the
preferred shareholders through their cumulative dividend
entitlement and as a result, the deficit attributable to the
company's common shares decreased by $1.2 million to $47.7
million.
Interest, dividends and other income totalled $0.7 million for
the three months ended September 30, 2010, in comparison to $0.4
million in the same period in 2009 and consisted principally of
interest and dividends 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. Net
income for the three months ended September 30, 2010 also included
a disposition gain of $0.2 million (2009 - $nil).
Statements of Operations
----------------------------------------------------------------------------
Three months ended Nine months ended
(Unaudited) September 30 September 30
(Thousands, except per share
amounts) 2010 2009 2010 2009
----------------------------------------------------------------------------
Investment income $ 707 $ 360 $ 2,133 $ 1,293
Operating expenses (20) (24) (89) (131)
----------------------------------------------------------------------------
Net income before investment
gains (losses) and taxes 687 336 2,044 1,162
Investment gains (losses) 195 - 338 (393)
----------------------------------------------------------------------------
Net income before taxes 882 336 2,382 769
Current taxes (175) (76) (538) (331)
----------------------------------------------------------------------------
Net income $ 707 $ 260 $ 1,844 $ 438
----------------------------------------------------------------------------
Net loss per common share $ 0.00 $ (0.04) $ (0.03) $ (0.16)
----------------------------------------------------------------------------
Statements of Total Return
----------------------------------------------------------------------------
Three months ended Nine months ended
(Unaudited) September 30 September 30
(Thousands) 2010 2009 2010 2009
----------------------------------------------------------------------------
Net income $ 707 $ 260 $ 1,844 $ 438
Unrealized gain on securities 1,203 2,043 602 4,679
----------------------------------------------------------------------------
Total return $ 1,910 $ 2,303 $ 2,446 $ 5,117
----------------------------------------------------------------------------
Balance Sheets
----------------------------------------------------------------------------
(unaudited)
September 30, December 31,
(Thousands) 2010 2009
----------------------------------------------------------------------------
Assets
Cash and equivalents $ 5,796 $ 4,605
Securities 43,244 42,240
Interest receivables and other 1,049 572
----------------------------------------------------------------------------
$ 50,089 $ 47,417
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
Accounts payable and other provisions 415 $ 189
Shareholders' Equity 49,674 47,228
----------------------------------------------------------------------------
$ 50,089 $ 47,417
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Thousands, except per share amounts) September December 31,
30, 2010 2009
----------------------------------------------------------------------------
Shareholders' Equity $ 49,674 $ 47,228
Less: amounts attributable to preferred
shares
Stated value (42,160) (42,160)
Unpaid dividends(1) (55,197) (52,995)
----------------------------------------------------------------------------
Common share deficit(2) $ (47,683) $ (47,927)
Per common share $ (4.36) $ (4.39)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Represents 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 Sachin G. Shah
President (416) 369-8268
West Street Capital Corp. (TSXV:WSC)
Historical Stock Chart
From May 2024 to Jun 2024
West Street Capital Corp. (TSXV:WSC)
Historical Stock Chart
From Jun 2023 to Jun 2024