West Street Capital Corporation
TSX VENTURE : WSC

West Street Capital Corporation

April 06, 2006 11:17 ET

West Street Announces 2005 Year End Results

TORONTO, ONTARIO--(CCNMatthews - April 6, 2006) - West Street Capital Corporation (TSX VENTURE:WSC) today reported net income of $3.1 million for the year ended December 31, 2005, compared to $4.0 million in 2004. After providing for unpaid and unaccrued preferred share dividend obligations that accumulated during the year, the net income per common share was $0.01 compared with $0.10 per share in 2004. Net income for 2005 included investment losses of $1.4 million compared to gains of $2.7 million during 2004. West Street continues to monitor the risk reward profile in order to achieve optimal returns while limiting risk. On October 14, 2005 the company reported an agreement to settle outstanding litigation with West Street shareholder, Automodular Corporation, (formerly Algonquin Mercantile Corporation), had been approved by the Superior Court of Justice. Under the settlement West Street received a payment of $3.0 million from Brookfield Asset Management Inc., a related party.



Statement of Operations
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Three months ended Year ended
December 31 December 31
(unaudited)
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$thousands, except per share amounts 2005 2004 2005 2004
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Investment income
Dividends, interest and other $ 519 $ 502 $ 2,378 $ 2,349
Operating 4 105 411 477
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Net income before investment gains
(losses) 515 397 1,967 1,872
Investment gains (losses) (1,414) 1,584 (1,414) 2,674
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Net income before taxes and other (899) 1,981 3,553 4,546
Future income taxes (101) (96) (476) (544)
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Net income before extraordinary
items (1,000) 1,885 77 4,002
Litigation settlement 3,000 - 3,000 -
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Net income $ 2,000 $ 1,885 $ 3,077 $ 4,002
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Net income (loss) before extraordinary
items per common share $(0.16) $ 0.11 $ (0.26) $ 0.10
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Net income per common share $ 0.11 $ 0.11 $ 0.01 $ 0.10
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Balance Sheets
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$thousands 2005 2004
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Assets
Cash and equivalents $ 14,843 $ 11,412
Securities 26,399 26,331
Interest receivable and other 125 71
Future income tax asset 269 745
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$ 41,636 $ 38,559
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Shareholders' equity $ 41,636 $ 38,559
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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