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Share Name | Share Symbol | Market | Type |
---|---|---|---|
West Street Capital Corp. | TSXV:WSC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
West Street Capital Corporation (TSX VENTURE:WSC)(TSX VENTURE:WSC.PR.A) ("West Street" or the "company") reported net income before taxes for the three months ended June 30, 2007 of $594 thousand, compared to $678 thousand during the same period in 2006. After providing for unpaid preferred share dividend obligations that accumulated during the three months ended June 30, 2007, the net loss per common share was $0.01, compared with a net loss of $nil per common share during the same period last year. Dividends, interest and other income totalled $837 thousand for the three months ended June 30, 2007, which increased by $179 thousand over the prior year and consists principally of dividends and interest earned on the company's securities portfolio. Statement of Operations --------------------------------------------------------------------------- Three months ended Six months ended June 30 June 30 (unaudited) $thousands, except per share amounts 2007 2006 2007 2006 --------------------------------------------------------------------------- Investment income and other $ 837 $ 658 $ 1,432 $ 1,230 Operating and legal expenses 118 70 182 153 --------------------------------------------------------------------------- Net income before investment gains 719 588 1,250 1,077 Investment gains - 138 - 317 --------------------------------------------------------------------------- Net income before taxes 719 726 1,250 1,394 Income tax expense 125 48 97 185 --------------------------------------------------------------------------- Net income $ 594 $ 678 $ 1,153 $ 1,209 --------------------------------------------------------------------------- Net loss per common share $ (0.01) $ - $ (0.03) $ (0.02) --------------------------------------------------------------------------- Balance Sheet --------------------------------------------------------------------------- (unaudited) $thousands, except per share amount June 30, 2007 December 31 2006 --------------------------------------------------------------------------- Assets Cash and equivalents $ 11,601 $ 10,518 Securities(1) 35,336 33,421 Interest receivable and other 227 258 --------------------------------------------------------------------------- $ 47,164 $ 44,197 --------------------------------------------------------------------------- Liabilities Accounts payable and provisions $ 258 $ 239 Shareholders' equity(3) 46,906 43,958 --------------------------------------------------------------------------- $ 47,164 $ 44,197 --------------------------------------------------------------------------- Attributable to each Class A Preferred Share, Series E(3) $ 28.00 $ 26.24 --------------------------------------------------------------------------- --------------------------------------------------------------------------- (1) The carrying value of securities as at December 31, 2006 was based on historical book value. As a result of the change in accounting standards which took affect January 1, 2007, securities are carried at market value in the company's financial statements as at June 30, 2007. (2) No carrying value has been assigned to $287.3 million of capital losses in the company's financial statements as there is not sufficient certainty of utilization. (3) Shareholders' Equity --------------------------------------------------------------------------- June 30 Per Preferred $thousands, except per share amounts 2007 Share --------------------------------------------------------------------------- Book value of net assets and liabilities $ 46,906 $ 28.00 --------------------------------------------------------------------------- Less amounts attributed to preferred shares Redemption value 41,887 25.00 Unaccrued dividends in arrears 46,162 27.56 --------------------------------------------------------------------------- 88,049 52.56 --------------------------------------------------------------------------- Common share deficit $ (41,143) $ (24.56) --------------------------------------------------------------------------- --------------------------------------------------------------------------- As a result of cumulative dividends in arrears, the tangible net book value of the company currently accrues entirely to the preferred shares. The above preferred share information is based on 1,675,465 preferred shares currently issued and outstanding. 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.
1 Year West Street Capital Corp. Chart |
1 Month West Street Capital Corp. Chart |
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