West Street Capital Corporation

TSX VENTURE : WSC
TSX VENTURE : WSC.PR.A


West Street Capital Corporation

April 26, 2013 16:38 ET

West Street Announces 2012 Results

TORONTO, ONTARIO--(Marketwired - April 26, 2013) - West Street Capital Corporation ("West Street" or the "company") (TSX VENTURE:WSC)(TSX VENTURE:WSC.PR.A) reported net income for the year ended December 31, 2012 of $5.9 million compared to $3.6 million in 2011. After providing for unpaid preferred share dividend obligations of $2.9 million (2011 - $2.9 million) that accumulated during the year, net income per common share was $0.27 for the year ended December 31, 2012 compared to $0.06 per common share in 2011.

STATEMENTS OF OPERATIONS

For the years ended December 31 Three months ended
December 31
Twelve months ended
December 31
(Thousands, except per share amounts) 2012 2011 2012 2011
Investment income $ 1,240 $ 730 $ 3,443 $ 3,050
Operating and legal expenses (34 ) (25 ) (135 ) (118 )
1,206 705 3,308 2,932
Foreign currency revaluation 42 533 (131 ) 824
Investment gains - - - 203
Net income before taxes 1,248 1,238 3,177 3,959
Current taxes (146 ) 126 19 (266 )
Deferred taxes 355 882 2,711 (76 )
Net income $ 1,457 $ 2,246 $ 5,907 $ 3,617
Net income per share $ 0.06 $ 0.14 $ 0.27 $ 0.06

Comprehensive income, which includes both net income and other comprehensive income, totalled $23.7 million for the year ended December 31, 2012 compared to $3.1 million in the prior year, which decreased the common share deficit to $16.8 million. The company recorded other comprehensive income of $17.8 million (2011 - loss of $0.5 million) during the year as a result of an increase in the fair value of the securities portfolio of $20.5 million offset by $2.7 million of deferred income taxes.

STATEMENTS OF FINANCIAL POSITION

As at December 31
(Thousands) 2012 2011
Assets
Cash and cash equivalents $ 6,206 $ 5,078
Securities 80,300 57,922
Interest receivable and other 833 617
$ 87,339 $ 63,617
Liabilities
Accounts payable and other liabilities 165 101
Equity 87,174 63,516
$ 87,339 $ 63,617
As at December 31
(Thousands, except per share amount) 2012 2011
Equity $ 87,174 $ 63,516
Less: amounts attributable to preferred shares
Stated value (42,160 ) (42,160 )
Unpaid dividends(1) (61,806 ) (58,869 )
Common share deficit(2) $ (16,792 ) $ (37,513 )
Per common share $ (1.54 ) $ (3.43 )
(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) 363-9491