TORONTO, ONTARIO -- (Marketwire) -- 05/28/12 -- West Street Capital Corporation (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) ("West Street" or the "company") reported net income for the quarter ended March 31, 2012 of $1.5 million compared to $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 $0.07 for the three months ended March 31, 2012 compared to a net loss of $0.01 per common share in 2011.
STATEMENTS OF OPERATIONS
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Three months ended March 31
(Thousands, except per share amounts) 2012 2011
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Investment income $ 731 $ 821
Operating and legal expenses (23) (18)
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708 803
Foreign currency revaluation (40) (12)
Investment losses - (236)
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Net income before taxes 668 555
Current tax recovery (expense) 3 (337)
Deferred tax recovery 805 405
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Net income $ 1,476 $ 623
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Net income per share $ 0.07 $ (0.01)
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Comprehensive income, which includes both net income and other comprehensive income, for the three months ended March 31, 2012 totalled $7.1 million compared to $3.1 million in the comparative period in 2011, which reduced the common share deficit to $31.1 million. The company recorded an unrealized gain of $5.6 million (2011 - $2.5 million) in other comprehensive income during the quarter as a result of increases in the fair value of the securities portfolio.
STATEMENTS OF FINANCIAL POSITION
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(Unaudited)
March 31, December 31,
(Thousands) 2012 2011
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Assets
Cash and cash equivalents $ 5,748 $ 5,078
Securities 64,143 57,922
Interest receivable and other 764 617
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$ 70,655 $ 63,617
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Liabilities
Accounts payable and other provisions 20 101
Equity 70,635 63,516
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$ 70,655 $ 63,617
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March 31, December 31,
(Thousands, except per share amount) 2012 2011
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Equity $ 70,635 $ 63,516
Less: amounts attributable to preferred shares
Stated value (42,160) (42,160)
Unpaid dividends(1) (59,603) (58,869)
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Common share deficit(2) $ (31,128) $ (37,513)
Per common share $ (2.85) $ (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
Contacts:
West Street Capital Corporation
Sachin G. Shah
President
(416) 359-8625
