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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 $0.6 million for the three months ended September 30, 2008, in comparison to $0.9 million in the same period in 2007 and consists principally of dividends and interest earned on the company's securities portfolio.
The company and its major shareholder are considering alternatives that would be intended to provide liquidity to preferred shareholders and simplify the company's capital structure.
Statement of Operations --------------------------------------------------------------------------- Three months ended Nine months ended September 30 September 30 --------------------------------------------------------------------------- (unaudited) $thousands, except per share amounts 2008 2007 2008 2007 --------------------------------------------------------------------------- Investment income Dividends, interest and other $ 643 $ 918 $ 2,002 $ 2,350 Expenses Operating 20 28 115 210 --------------------------------------------------------------------------- Net income before tax 623 890 1,887 2,140 Current tax expense 157 210 538 427 Future tax expense - 142 137 22 --------------------------------------------------------------------------- Net income $ 466 $ 538 $ 1,212 $ 1,691 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Net loss per common share $(0.03) $(0.02) $ (0.09) $ (0.05) --------------------------------------------------------------------------- --------------------------------------------------------------------------- Balance Sheet --------------------------------------------------------------------------- $thousands, except per (unaudited) share amount September 30, 2008 December 31, 2007 --------------------------------------------------------------------------- Assets Cash and equivalents $ 17,042 $ 16,190 Securities 27,640 30,460 Interest receivable and other 323 117 --------------------------------------------------------------------------- $ 45,005 $ 46,767 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Liabilities Accounts payable and provisions $ 388 $ 532 Shareholders' equity(1) 44,617 46,235 --------------------------------------------------------------------------- $ 45,005 $ 46,767 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Attributable to each Class E Preferred Share, Series 1(1) $ 26.58 $ 27.55 --------------------------------------------------------------------------- --------------------------------------------------------------------------- (1) Shareholders' Equity ----------------------------------------------------------------------- $thousands, except per share September 30 Per Preferred amounts 2008 Share ----------------------------------------------------------------------- Shareholders' equity $ 44,617 $ 26.58 ----------------------------------------------------------------------- Less amounts attributed to preferred shares Redemption value 41,887 24.96 Unaccrued dividends in arrears 49,827 29.68 ----------------------------------------------------------------------- 91,714 54.64 ----------------------------------------------------------------------- Common share deficit $ (47,097) $ (28.06) ----------------------------------------------------------------------- ----------------------------------------------------------------------- As a result of cumulative dividends in arrears, the tangible net book value of the company currently accrues entirely to the preferred shares. Based on 1,678,465 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.
Contacts: West Street Capital Corporation Brian D. Lawson President (416) 359-8625
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