West Street Capital Corporation

West Street Capital Corporation

March 11, 2005 11:17 ET

West Street Capital Corporation Announces 2004 Year End Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: WEST STREET CAPITAL CORPORATION

TSX SYMBOL: WSC
TSX SYMBOL: WSC.PR.A

MARCH 11, 2005 - 11:17 ET

West Street Capital Corporation Announces 2004 Year
End Results

TORONTO, ONTARIO--(CCNMatthews - March 11, 2005) - West Street Capital
Corporation (TSX:WSC)(TSX:WSC.PR.A) today reported net income of $4.0
million for the year ended December 31, 2004, compared to $3.9 million
in 2003. After providing for unpaid and unaccrued preferred share
dividend obligations that accumulated during the year, the net income
per common share was $0.10 in 2004 compared with $0.09 per share in 2003.



Consolidated 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 2004 2003 2004 2003
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Investment income
Dividends, interest
and other $ 502 $ 458 $ 2,349 $ 2,299
Disposition gains 1,584 643 2,674 1,444
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2,086 1,101 5,023 3,743

Expenses
Operating 105 112 477 558
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Net income before taxes 1,981 989 4,546 3,185

Income taxes (96) 737 (544) 737
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Net income $ 1,885 $ 1,726 $ 4,002 $ 3,922
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Net income per common share $ 0.11 $ 0.09 $ 0.10 $ 0.09
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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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    West Street Capital Corporation
    Brian D. Lawson
    President and Chief Executive Officer
    (416) 359-8625