TORONTO, ONTARIO--(Marketwired - April 26, 2013) - West Street Capital Corporation ("West Street" or the "company") (TSX VENTURE:WSC)(TSX VENTURE:WSC.PR.A) reported net income for the year ended December 31, 2012 of $5.9 million compared to $3.6 million in 2011. After providing for unpaid preferred share dividend obligations of $2.9 million (2011 - $2.9 million) that accumulated during the year, net income per common share was $0.27 for the year ended December 31, 2012 compared to $0.06 per common share in 2011.
STATEMENTS OF OPERATIONS
For the years ended December 31 | Three months ended December 31 |
Twelve months ended December 31 |
||||||||||
(Thousands, except per share amounts) | 2012 | 2011 | 2012 | 2011 | ||||||||
Investment income | $ | 1,240 | $ | 730 | $ | 3,443 | $ | 3,050 | ||||
Operating and legal expenses | (34 | ) | (25 | ) | (135 | ) | (118 | ) | ||||
1,206 | 705 | 3,308 | 2,932 | |||||||||
Foreign currency revaluation | 42 | 533 | (131 | ) | 824 | |||||||
Investment gains | - | - | - | 203 | ||||||||
Net income before taxes | 1,248 | 1,238 | 3,177 | 3,959 | ||||||||
Current taxes | (146 | ) | 126 | 19 | (266 | ) | ||||||
Deferred taxes | 355 | 882 | 2,711 | (76 | ) | |||||||
Net income | $ | 1,457 | $ | 2,246 | $ | 5,907 | $ | 3,617 | ||||
Net income per share | $ | 0.06 | $ | 0.14 | $ | 0.27 | $ | 0.06 |
Comprehensive income, which includes both net income and other comprehensive income, totalled $23.7 million for the year ended December 31, 2012 compared to $3.1 million in the prior year, which decreased the common share deficit to $16.8 million. The company recorded other comprehensive income of $17.8 million (2011 - loss of $0.5 million) during the year as a result of an increase in the fair value of the securities portfolio of $20.5 million offset by $2.7 million of deferred income taxes.
STATEMENTS OF FINANCIAL POSITION
As at December 31 | |||||||
(Thousands) | 2012 | 2011 | |||||
Assets | |||||||
Cash and cash equivalents | $ | 6,206 | $ | 5,078 | |||
Securities | 80,300 | 57,922 | |||||
Interest receivable and other | 833 | 617 | |||||
$ | 87,339 | $ | 63,617 | ||||
Liabilities | |||||||
Accounts payable and other liabilities | 165 | 101 | |||||
Equity | 87,174 | 63,516 | |||||
$ | 87,339 | $ | 63,617 | ||||
As at December 31 | |||||||
(Thousands, except per share amount) | 2012 | 2011 | |||||
Equity | $ | 87,174 | $ | 63,516 | |||
Less: amounts attributable to preferred shares | |||||||
Stated value | (42,160 | ) | (42,160 | ) | |||
Unpaid dividends(1) | (61,806 | ) | (58,869 | ) | |||
Common share deficit(2) | $ | (16,792 | ) | $ | (37,513 | ) | |
Per common share | $ | (1.54 | ) | $ | (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 |
Contact Information:
Sachin G. Shah
President
(416) 363-9491