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:
Sachin G. Shah
President
(416) 369-8268