West Street Announces Fourth Quarter Results
April 21 2011 - 5:29PM
Marketwired
West Street Capital Corporation ("West Street" or the "company")
(TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) reported net income for
the year ended December 31, 2010 of $4.2 million compared to $0.6
million in 2009. After providing for unpaid preferred share
dividend obligations of $2.9 million (2009 - $2.9 million), net
income per common share was $0.12 for the year ended December 31,
2010 compared to a net loss of $0.21 per common share in 2009.
Dividends, interest and other income totalled $2.9 million for
the year ended December 31, 2010, in comparison to $1.6 million for
the same period in 2009 and consisted principally of dividends and
interest earned on the company's securities portfolio. The increase
in investment income is primarily the result of higher interest
rates associated with a high yield bond portfolio acquired in late
2009.
Statements of Operations
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FOR THE YEARS ENDED Three months ended Twelve months ended
DECEMBER 31 December 31 December 31
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(thousands, except
per share amounts) 2010 2009 2010 2009
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Investment income $ 717 $ 305 $ 2,850 $ 1,598
Operating and legal
expenses 43 85 132 216
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Net income before
investment gains
(losses) and taxes 674 220 2,718 1,382
Investment gains
(losses) 886 - 1,224 (393)
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Net income before
taxes 1,560 220 3,942 989
Current taxes (154) (37) (692) (368)
Future taxes 981 - 981 -
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Net income $ 2,387 $ 183 $ 4,231 $ 621
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Net income (loss) per
common share $ 0.22 $ 0.02 $ 0.12 $ (0.21)
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The company recorded comprehensive income for the year ended
December 31, 2010 of $13.2 million compared to $4.9 million in the
prior year, which accrues to the preferred shares and reduced the
common share deficit to $37.7 million.
Balance Sheets
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AS AT DECEMBER 31 (thousands) 2010 2009
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Assets
Cash and equivalents $ 5,592 $ 4,605
Securities 54,274 42,240
Interest receivables and other 1,147 572
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$ 61,013 $ 47,417
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Liabilities
Accounts payable and other provisions 572 189
Shareholders' equity 60,441 47,228
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$ 61,013 $ 47,417
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AS AT DECEMBER 31 (thousands, except per
share amounts) 2010 2009
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Shareholders' equity $ 60,441 $ 47,228
Less: amounts attributable to preferred
shares
Stated value (42,160) (42,160)
Unpaid dividends(1) (55,932) (52,995)
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Common share deficit(2) $ (37,651) $ (47,927)
Per common share $ (3.45) $ (4.39)
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(1) Represents dividends in arrears on preferred shares that are unaccrued
for GAAP 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) 369-8268
West Street Capital Corp. (TSXV:WSC)
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