West Street Capital Corporation
TSX : WSC.PR.A
TSX : WSC

West Street Capital Corporation

May 12, 2005 17:36 ET

West Street Capital Corporation Announces 2005 First Quarter Results

TORONTO, ONTARIO--(CCNMatthews - May 12, 2005) - West Street Capital Corporation (TSX:WSC)(TSX:WSC.PR.A) today reported net income of $0.5 million for the three months ended March 31, 2005, compared to $1.5 million in 2004. The 2004 results were higher due to disposition gains on the sale of investments. After providing for unpaid and unaccrued preferred share dividend obligations that accumulated during the quarter, the net loss per common share was $0.02 compared with net income per common share of $0.07 during the same period last year.



Statement of Operations
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Three months ended
March 31
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(UNAUDITED
$THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2005 2004
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Investment income
Dividends, interest and other $ 627 $ 663
Disposition gains - 1,090
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627 1,753

Expenses
Operating 98 149
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Net income before taxes 529 1,604

Income taxes (63) (135)
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Net income $ 466 $ 1,469
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Net income (loss) per common share $ (0.02) $ 0.07
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This news release contains forward-looking statements concerning the Company's business and operations. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.

Contact Information

  • West Street Capital Corporation
    Brian D. Lawson
    President and Chief Executive Officer
    (416) 359-8625