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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
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Three months Nine months
ended ended
September 30 September 30
(Thousands, except per share amounts) 2012 2011 2012 2011
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Investment income $ 737 $ 729 $ 2,203 $ 2,320
Operating expenses (33) (23) (101) (93)
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704 706 2,102 2,227
Foreign currency revaluation 25 255 (173) 291
Investment gains - - - 203
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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)
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Net income (loss) $ 1,600 $ (637) $ 4,450 $ 1,371
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Net income (loss) per share $ 0.08 $ (0.13) $ 0.21 $ 0.12
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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
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(Unaudited)
September 30, December 31,
(Thousands) 2012 2011
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Assets
Cash and equivalents $ 7,113 $ 5,078
Securities 74,485 57,922
Interest receivable and other 1,181 617
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$ 82,779 $ 63,617
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Liabilities
Accounts payable and other liabilities 27 101
Equity 82,752 63,516
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$ 82,779 $ 63,617
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September 30, December 31,
(Thousands, except per share amount) 2012 2011
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Equity $ 82,752 $ 63,516
Less: amounts attributable to preferred
shares
Stated value (42,160) (42,160)
Unpaid dividends(1) (61,071) (58,869)
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Common share deficit(2) $ (20,479) $ (37,513)
Per common share $ (1.87) $ (3.43)
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(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
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