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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 | - |
Dividends, interest and other income totalled $0.8 million for the period ended March 31, 2011, in comparison to $0.7 million in the same period in 2010 and consisted principally of dividends and interest earned on the company's securities portfolio. The increase in investment income is primarily the result of additional securities acquired during 2010 and 2011.
Statements of Operations ---------------------------------------------------------------------------- THREE MONTHS ENDED MARCH 31 (thousands, except per share amounts) 2011 2010 ---------------------------------------------------------------------------- Investment income $ 809 $ 681 Operating and legal expenses 18 26 ---------------------------------------------------------------------------- Net income before investment losses and taxes 791 655 Investment losses (236) - ---------------------------------------------------------------------------- Net income before taxes 555 655 Current taxes (337) (178) Future taxes 405 - ---------------------------------------------------------------------------- Net income $ 623 $ 477 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net loss per common share $ (0.01) $ (0.02) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- The company recorded comprehensive income for the quarter ended March 31, 2011 of $3.1 million compared to $1.2 million in the comparative period in 2010, which accrued to the preferred shares and reduced the common share deficit to $35.3 million. Balance Sheets ---------------------------------------------------------------------------- (unaudited) March 31, December 31, (thousands) 2011 2010 ---------------------------------------------------------------------------- Assets Cash and equivalents $ 3,513 $ 5,592 Securities 60,221 54,274 Interest receivable and other 712 1,147 ---------------------------------------------------------------------------- $ 64,446 $ 61,013 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Liabilities Accounts payable and other provisions $ 922 $ 572 Shareholders' equity 63,524 60,441 ---------------------------------------------------------------------------- $ 64,446 $ 61,013 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- March 31, December 31, (thousands, except per share amounts) 2011 2010 ---------------------------------------------------------------------------- Shareholders' equity $ 63,524 $ 60,441 Less: amounts attributable to preferred shares Stated value (42,160) (42,160) Unpaid dividends(1) (56,666) (55,932) ---------------------------------------------------------------------------- Common share deficit(2) $ (35,302) $ (37,651) Per common share $ (3.23) $ (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.
Contacts: West Street Capital Corporation Sachin G. Shah President (416) 363-9491
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