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West Street Announces Third Quarter Results

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:
West Street Capital Corporation
Sachin G. Shah
President
(416) 359-8625

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