West Street Announces Fourth Quarter Results

TORONTO, ONTARIO -- (Marketwire) -- 04/21/11 -- 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, 2010 of $4.2 million compared to $0.6 million in 2009. After providing for unpaid preferred share dividend obligations of $2.9 million (2009 - $2.9 million), net income per common share was $0.12 for the year ended December 31, 2010 compared to a net loss of $0.21 per common share in 2009.

Dividends, interest and other income totalled $2.9 million for the year ended December 31, 2010, in comparison to $1.6 million for the same period in 2009 and consisted principally of dividends and interest earned on the company's securities portfolio. The increase in investment income is primarily the result of higher interest rates associated with a high yield bond portfolio acquired in late 2009.


                          Statements of Operations
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FOR THE YEARS ENDED          Three months ended         Twelve months ended
 DECEMBER 31                        December 31                 December 31
                     -------------------------------------------------------
(thousands, except
 per share amounts)          2010          2009          2010          2009
----------------------------------------------------------------------------
Investment income     $       717   $       305   $     2,850   $     1,598
Operating and legal
 expenses                      43            85           132           216
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Net income before
 investment gains
 (losses) and taxes           674           220         2,718         1,382
Investment gains
 (losses)                     886             -         1,224          (393)
----------------------------------------------------------------------------
Net income before
 taxes                      1,560           220         3,942           989
Current taxes                (154)          (37)         (692)         (368)
Future taxes                  981             -           981             -
----------------------------------------------------------------------------
Net income            $     2,387   $       183   $     4,231   $       621
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income (loss) per
 common share         $      0.22   $      0.02   $      0.12   $     (0.21)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The company recorded comprehensive income for the year ended December 31, 2010 of $13.2 million compared to $4.9 million in the prior year, which accrues to the preferred shares and reduced the common share deficit to $37.7 million.


                               Balance Sheets
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AS AT DECEMBER 31 (thousands)                          2010            2009
----------------------------------------------------------------------------
Assets
 Cash and equivalents                         $       5,592   $       4,605
 Securities                                          54,274          42,240
 Interest receivables and other                       1,147             572
----------------------------------------------------------------------------
                                              $      61,013   $      47,417
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
 Accounts payable and other provisions                  572             189
Shareholders' equity                                 60,441          47,228
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                                              $      61,013   $      47,417
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AS AT DECEMBER 31 (thousands, except per
share amounts)                                         2010            2009
----------------------------------------------------------------------------
Shareholders' equity                          $      60,441   $      47,228
Less: amounts attributable to preferred
 shares
 Stated value                                       (42,160)        (42,160)
 Unpaid dividends(1)                                (55,932)        (52,995)
----------------------------------------------------------------------------
Common share deficit(2)                       $     (37,651)  $     (47,927)
 Per common share                             $       (3.45)  $       (4.39)
----------------------------------------------------------------------------
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(1)  Represents dividends in arrears on preferred shares that are unaccrued
     for GAAP 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) 369-8268

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