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

West Street Capital Corporation

August 12, 2005 13:20 ET

West Street Announces Quarterly Earnings and Settlement of Litigation

TORONTO, ONTARIO--(CCNMatthews - Aug. 12, 2005) - West Street Capital Corporation (TSX:WSC) (TSX:WSC.PR.A) today reported net income of $0.3 million for the three months ended June 30, 2005, compared to $0.2 million in 2004. After providing for unpaid and unaccrued preferred share dividend obligations that accumulated during the quarter, the net loss per common share was $0.04 compared with a net loss per common share of $0.05 during the same period last year.

The Company has reached an agreement to settle outstanding litigation for payment to West Street of $3 million. The agreement is subject to court approval. A settlement approval hearing date has not yet been scheduled.



Statement of Operations
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Three months ended Six months ended
June 30 June 30
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(unaudited)
$thousands, except per share
amounts 2005 2004 2005 2004
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Investment income
Dividends, interest and other $ 614 $ 626 $ 1,241 $ 1,289
Disposition gains - - - 1,090
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614 626 1,241 2,379

Expenses
Operating 157 121 255 270
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Net income before taxes 457 505 986 2,109

Future income taxes 139 269 202 404
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Net income $ 318 $ 236 $ 784 $ 1,705
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Net income (loss) per common
share $ (0.04) $ (0.05) $ (0.06) $ 0.02
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Balance Sheets
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(unaudited)
June 30, December 31,
$thousands, except per share amounts 2005 2004
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Assets
Cash and equivalents $ 12,169 $ 11,412
Securities 26,398 26,331
Loans and other receivables 233 71
Future income tax asset 543 745
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$ 39,343 $ 38,559
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Shareholders' equity $ 39,343 $ 38,559
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Book value of net assets per preferred share $ 23.48 $ 23.01
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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