|
 |
 |
Comments
Did you read today's front page stories & breaking news?
SYS-CON.TV
|
From the Wires
West Street Announces Third Quarter Results
By: Marketwired .
Nov. 26, 2012 05:29 PM
TORONTO, ONTARIO -- (Marketwire) -- 11/26/12 -- 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 Nine months
ended ended
September 30 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 dividends(1) (61,071) (58,869)
----------------------------------------------------------------------------
Common share deficit(2) $ (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
Contacts:
SOA World Latest Stories
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
|
SYS-CON Featured Whitepapers
Most Read This Week |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
| | | | | | | | |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| SYS-CON MEDIA: | | | | |
| SYS-CON EVENTS: | | | | | |
| INTERNATIONAL SITES: | | | | | | | | | | |
 |
Terms of Use & Our Privacy Statement  About Newsfeeds / Video Feeds |
| Copyright ©1994-2008 SYS-CON Publications, Inc. All Rights Reserved. All marks are trademarks of SYS-CON Media. |
| Reproduction in whole or in part in any form or medium without express written permission of SYS-CON Publications, Inc. is prohibited. |
.gif)
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your custom...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Mana...
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your custom...
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing c...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used t...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood pract...
