TORONTO, ONTARIO--(Marketwire - Nov. 26, 2012) - West Street Capital Corporation (TSX VENTURE:WSC)(TSX VENTURE:WSC.PR.A) ("West Street" or the "company") reported net income for the quarter ended September 30, 2012 of $1.6 million compared to a net loss of $0.6 million in the comparative quarter in 2011. After providing for unpaid preferred share dividend obligations of $0.7 million (2011 - $0.7 million) that accumulated during the quarter, net income per common share was $0.08 (2011 - loss of $0.13).
| STATEMENTS OF OPERATIONS |
|
| |
|
| |
|
Three months ended
September 30 |
|
|
Nine months ended
September 30 |
|
| (Thousands, except per share amounts) |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
| Investment income |
$ |
737 |
|
$ |
729 |
|
$ |
2,203 |
|
$ |
2,320 |
|
| Operating expenses |
|
(33 |
) |
|
(23 |
) |
|
(101 |
) |
|
(93 |
) |
| |
|
704 |
|
|
706 |
|
|
2,102 |
|
|
2,227 |
|
| Foreign currency revaluation |
|
25 |
|
|
255 |
|
|
(173 |
) |
|
291 |
|
| Investment gains |
|
- |
|
|
- |
|
|
- |
|
|
203 |
|
| Net income before taxes |
|
729 |
|
|
961 |
|
|
1,929 |
|
|
2,721 |
|
| Current tax recovery (expense) |
|
154 |
|
|
118 |
|
|
165 |
|
|
(392 |
) |
| Deferred tax recovery (expense) |
|
717 |
|
|
(1,716 |
) |
|
2,356 |
|
|
(958 |
) |
| Net income (loss) |
$ |
1,600 |
|
$ |
(637 |
) |
$ |
4,450 |
|
$ |
1,371 |
|
| Net income (loss) per share |
$ |
0.08 |
|
$ |
(0.13 |
) |
$ |
0.21 |
|
$ |
0.12 |
|
Comprehensive income, which includes both net income and other comprehensive income, for the three months ended September 30, 2012 totalled $5.6 million compared to a loss of $14.4 million in the comparative period in 2011, which reduced the common share deficit to $20.5 million. The company recorded an unrealized gain of $4.0 million (2011 - loss of $13.8 million) as a result of increases in the fair value of the securities portfolio which is recorded in other comprehensive income.
| STATEMENTS OF FINANCIAL POSITION |
|
| |
|
| |
|
(Unaudited)
September 30, |
|
|
December 31, |
|
| (Thousands) |
|
2012 |
|
|
2011 |
|
| Assets |
|
|
|
|
|
|
| |
|
Cash and equivalents |
$ |
7,113 |
|
$ |
5,078 |
|
| |
|
Securities |
|
74,485 |
|
|
57,922 |
|
| |
|
Interest receivable and other |
|
1,181 |
|
|
617 |
|
| |
$ |
82,779 |
|
$ |
63,617 |
|
| Liabilities |
|
|
|
|
|
|
| |
|
Accounts payable and other liabilities |
|
27 |
|
|
101 |
|
| Equity |
|
82,752 |
|
|
63,516 |
|
| |
$ |
82,779 |
|
$ |
63,617 |
|
| |
|
|
|
|
|
|
| |
|
September 30, |
|
|
December 31, |
|
| (Thousands, except per share amount) |
|
2012 |
|
|
2011 |
|
| Equity |
$ |
82,752 |
|
$ |
63,516 |
|
| Less: amounts attributable to preferred shares |
|
|
|
|
|
|
| |
|
Stated value |
|
(42,160 |
) |
|
(42,160 |
) |
| |
|
Unpaid dividends1 |
|
(61,071 |
) |
|
(58,869 |
) |
| Common share deficit2 |
$ |
(20,479 |
) |
$ |
(37,513 |
) |
| Per common share |
$ |
(1.87 |
) |
$ |
(3.43 |
) |
| 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 |