West Street Announces Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/28/11 -- West Street Capital Corporation (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A)("West Street" or the "company") reported a net loss for the quarter ended September 30, 2011 of $0.6 million compared to net income of $0.7 million in the comparative quarter in 2010. After providing for unpaid preferred share dividend obligations of $0.7 million (2010 - $0.7 million), net loss per common share was $0.13 compared with $nil per common share during the period ended September 30, 2010.
Dividends, interest and other income totalled $1.0 million for the period ended September 30, 2011, in comparison to $0.7 million in the same period in 2010 and consisted principally of dividends and interest earned on the company's securities portfolio. Included in the net loss for the quarter is a deferred tax expense of $1.7 million which reflects the derecognition of deferred tax assets as a result of a significant decline in the fair value of the securities portfolio.
Comprehensive loss, which includes both net loss and comprehensive loss, for the quarter ended September 30, 2011 totalled $14.4 million compared to comprehensive income of $1.9 million in the comparative period of 2010, which increased the common share deficit to $47.5 million. The company recorded a loss of $13.8 million (2010 - income of $1.2 million) in other comprehensive income during the current quarter as a result of declines in the fair values of the securities portfolio.
(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) 363-9491
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Datum: 28.11.2011 - 21:32 Uhr
Sprache: Deutsch
News-ID 91665
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Town:
TORONTO, ONTARIO
Kategorie:
Investment Services & Trading
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