West Street Announces Third Quarter Results
November 28 2011 - 3:32PM
Marketwired
West Street Capital Corporation (TSX VENTURE:WSC)(TSX
VENTURE:WSC.PR.A)("West Street" or the "company") reported a net
loss for the quarter ended September 30, 2011 of $0.6 million
compared to net income of $0.7 million in the comparative quarter
in 2010. After providing for unpaid preferred share dividend
obligations of $0.7 million (2010 - $0.7 million), net loss per
common share was $0.13 compared with $nil per common share during
the period ended September 30, 2010.
Dividends, interest and other income totalled $1.0 million for
the period ended September 30, 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. Included
in the net loss for the quarter is a deferred tax expense of $1.7
million which reflects the derecognition of deferred tax assets as
a result of a significant decline in the fair value of the
securities portfolio.
Statements of Operations
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Three months ended Nine months ended
(unaudited) September 30 September 30
(thousands, except per share
amounts) 2011 2010 2011 2010
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Investment income $ 984 $ 707 $ 2,611 $ 2,133
Operating and legal expenses 23 20 93 89
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Net income before investment
gains and taxes 961 687 2,518 2,044
Investment gains - 195 203 338
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Net income before taxes 961 882 2,721 2,382
Current taxes 118 (175) (392) (538)
Future taxes (1,716) - (958) -
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Net (loss) income $ (637) $ 707 $ 1,371 $ 1,844
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Net (loss) income per common
share $ (0.13) $ - $ (0.08) $ (0.12)
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Comprehensive loss, which includes both net loss and
comprehensive loss, for the quarter ended September 30, 2011
totalled $14.4 million compared to comprehensive income of $1.9
million in the comparative period of 2010, which increased the
common share deficit to $47.5 million. The company recorded a loss
of $13.8 million (2010 - income of $1.2 million) in other
comprehensive income during the current quarter as a result of
declines in the fair values of the securities portfolio.
Balance Sheets
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(unaudited)
September 30, December 31,
(thousands) 2011 2010
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Assets
Cash and equivalents $ 3,881 $ 5,592
Securities 48,859 54,274
Interest receivable and other 566 1,147
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$ 53,306 $ 61,013
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Liabilities
Accounts payable and other provisions $ 552 $ 572
Shareholders' equity 52,754 60,441
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$ 53,306 $ 61,013
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September 30, December 31,
(thousands, except per share amounts) 2011 2010
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Shareholders' equity $ 52,754 $ 60,441
Less: amounts attributable to preferred shares
Stated value (42,160) (42,160)
Unpaid dividends(1) (58,135) (55,932)
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Common share deficit(2) $ (47,541) $ (37,651)
Per common share $ (4.35) $ (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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