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

West Street Capital Corporation

April 20, 2012 16:38 ET

West Street Announces 2011 Results

TORONTO, ONTARIO--(Marketwire - April 20, 2012) - West Street Capital Corporation (TSX VENTURE:WSC)(TSX VENTURE:WSC.PR.A) ("West Street" or the "company") reported net income for the year ended December 31, 2011 of $3.6 million compared to $4.2 million in 2010. After providing for unpaid preferred share dividend obligations of $2.9 million (2010 - $2.9 million) that accumulated during the year, net income per common share was $0.06 for the year ended December 31, 2011 compared to $0.12 per common share in 2010. The financial results are reported under International Financial Reporting Standards.

STATEMENTS OF OPERATIONS
For the years ended December 31 Three months ended
December 31
Twelve months ended
December 31
(Thousands, except per share amounts) 2011 2010 2011 2010
Investment income $ 730 $ 706 $ 3,050 $ 2,829
Operating and legal expenses (25 ) (43 ) (118 ) (132 )
705 663 2,932 2,697
Foreign currency revaluation 533 11 824 21
Investment gains - 886 203 1,224
Net income before taxes 1,238 1,560 3,959 3,942
Current taxes 126 (154 ) (266 ) (692 )
Deferred taxes 882 981 (76 ) 981
Net income $ 2,246 $ 2,387 $ 3,617 $ 4,231
Net income per share $ 0.14 $ 0.15 $ 0.06 $ 0.12

Comprehensive income, which includes both net income and other comprehensive loss, for the year ended December 31, 2011 totalled $3.1 million compared to $13.2 million in the prior year, which decreased the common share deficit to $37.5 million. The company recorded a loss of $0.5 million (2010 - income of $9.0 million) in other comprehensive loss during the year as a result of declines in the fair value of the securities portfolio.

STATEMENTS OF FINANCIAL POSITION
As at December 31
(Thousands) 2011 2010
Assets
Cash and cash equivalents $ 5,078 $ 5,592
Securities 57,922 54,274
Interest receivable and other 617 1,147
$ 63,617 $ 61,013
Liabilities
Accounts payable and other provisions 101 572
Equity 63,516 60,441
$ 63,617 $ 61,013
As at December 31
(Thousands, except per share amount) 2011 2010
Equity $ 63,516 $ 60,441
Less: amounts attributable to preferred shares
Stated value (42,160 ) (42,160 )
Unpaid dividends1 (58,869 ) (55,932 )
Common share deficit2 $ (37,513 ) $ (37,651 )
Per common share $ (3.43 ) $ (3.45 )
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

Contact Information

  • West Street Capital Corporation
    Sachin G. Shah
    President
    (416) 369-8268