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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 $2.9 million for the year ended December 31, 2010, in comparison to $1.6 million for the same period in 2009 and consisted principally of dividends and interest earned on the company's securities portfolio. The increase in investment income is primarily the result of higher interest rates associated with a high yield bond portfolio acquired in late 2009.
Statements of Operations ---------------------------------------------------------------------------- FOR THE YEARS ENDED Three months ended Twelve months ended DECEMBER 31 December 31 December 31 ------------------------------------------------------- (thousands, except per share amounts) 2010 2009 2010 2009 ---------------------------------------------------------------------------- Investment income $ 717 $ 305 $ 2,850 $ 1,598 Operating and legal expenses 43 85 132 216 ---------------------------------------------------------------------------- Net income before investment gains (losses) and taxes 674 220 2,718 1,382 Investment gains (losses) 886 - 1,224 (393) ---------------------------------------------------------------------------- Net income before taxes 1,560 220 3,942 989 Current taxes (154) (37) (692) (368) Future taxes 981 - 981 - ---------------------------------------------------------------------------- Net income $ 2,387 $ 183 $ 4,231 $ 621 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net income (loss) per common share $ 0.22 $ 0.02 $ 0.12 $ (0.21) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
The company recorded comprehensive income for the year ended December 31, 2010 of $13.2 million compared to $4.9 million in the prior year, which accrues to the preferred shares and reduced the common share deficit to $37.7 million.
Balance Sheets ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- AS AT DECEMBER 31 (thousands) 2010 2009 ---------------------------------------------------------------------------- Assets Cash and equivalents $ 5,592 $ 4,605 Securities 54,274 42,240 Interest receivables and other 1,147 572 ---------------------------------------------------------------------------- $ 61,013 $ 47,417 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Liabilities Accounts payable and other provisions 572 189 Shareholders' equity 60,441 47,228 ---------------------------------------------------------------------------- $ 61,013 $ 47,417 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- AS AT DECEMBER 31 (thousands, except per share amounts) 2010 2009 ---------------------------------------------------------------------------- Shareholders' equity $ 60,441 $ 47,228 Less: amounts attributable to preferred shares Stated value (42,160) (42,160) Unpaid dividends(1) (55,932) (52,995) ---------------------------------------------------------------------------- Common share deficit(2) $ (37,651) $ (47,927) Per common share $ (3.45) $ (4.39) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (1) Represents dividends in arrears on preferred shares that are unaccrued for GAAP 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) 369-8268
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