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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 | |
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0.00 | 0.00% | 0 | - |
West Street Capital Corporation (TSX VENTURE:WSC)(TSX VENTURE:WSC.PR.A)("West Street" or the "company") reported a net loss for the quarter ended September 30, 2011 of $0.6 million compared to net income of $0.7 million in the comparative quarter in 2010. After providing for unpaid preferred share dividend obligations of $0.7 million (2010 - $0.7 million), net loss per common share was $0.13 compared with $nil per common share during the period ended September 30, 2010.
Dividends, interest and other income totalled $1.0 million for the period ended September 30, 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. Included in the net loss for the quarter is a deferred tax expense of $1.7 million which reflects the derecognition of deferred tax assets as a result of a significant decline in the fair value of the securities portfolio.
Statements of Operations ---------------------------------------------------------------------------- Three months ended Nine months ended (unaudited) September 30 September 30 (thousands, except per share amounts) 2011 2010 2011 2010 ---------------------------------------------------------------------------- Investment income $ 984 $ 707 $ 2,611 $ 2,133 Operating and legal expenses 23 20 93 89 ---------------------------------------------------------------------------- Net income before investment gains and taxes 961 687 2,518 2,044 Investment gains - 195 203 338 ---------------------------------------------------------------------------- Net income before taxes 961 882 2,721 2,382 Current taxes 118 (175) (392) (538) Future taxes (1,716) - (958) - ---------------------------------------------------------------------------- Net (loss) income $ (637) $ 707 $ 1,371 $ 1,844 ---------------------------------------------------------------------------- Net (loss) income per common share $ (0.13) $ - $ (0.08) $ (0.12) ----------------------------------------------------------------------------
Comprehensive loss, which includes both net loss and comprehensive loss, for the quarter ended September 30, 2011 totalled $14.4 million compared to comprehensive income of $1.9 million in the comparative period of 2010, which increased the common share deficit to $47.5 million. The company recorded a loss of $13.8 million (2010 - income of $1.2 million) in other comprehensive income during the current quarter as a result of declines in the fair values of the securities portfolio.
Balance Sheets ---------------------------------------------------------------------------- (unaudited) September 30, December 31, (thousands) 2011 2010 ---------------------------------------------------------------------------- Assets Cash and equivalents $ 3,881 $ 5,592 Securities 48,859 54,274 Interest receivable and other 566 1,147 ---------------------------------------------------------------------------- $ 53,306 $ 61,013 ---------------------------------------------------------------------------- Liabilities Accounts payable and other provisions $ 552 $ 572 Shareholders' equity 52,754 60,441 ---------------------------------------------------------------------------- $ 53,306 $ 61,013 ---------------------------------------------------------------------------- September 30, December 31, (thousands, except per share amounts) 2011 2010 ---------------------------------------------------------------------------- Shareholders' equity $ 52,754 $ 60,441 Less: amounts attributable to preferred shares Stated value (42,160) (42,160) Unpaid dividends(1) (58,135) (55,932) ---------------------------------------------------------------------------- Common share deficit(2) $ (47,541) $ (37,651) Per common share $ (4.35) $ (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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