The Canadian Press

Pacific & Western Credit Corp. (TSX:PWC) said Thursday its fourth-quarter and full-year loss narrowed as it saw revenues move into positive territory.

The loss for the period ended Oct. 31 was $2.1 million or 15 cents a share compared with a loss of $15.8 million or $1.16 a share in the same prior-year period.

Net income for the quarter would have been about $168,000 or a penny a share prior to recording general provisions for credit losses.

Revenues for the quarter totalled $3.5 million versus a negative $11.9 million a year ago when the company was hit by a string of one-time charges, including an $11.3-million writedown of its investment in Discovery Air Inc.

For all of last year, the company lost $9.9 million or 74 cents a share compared with a loss of $20.1 million or $1.49 a share in 2008. It booked total revenues of $5.6 million versus a negative $6.1 million the previous year.

At the end of October, the company had total assets of $1.4 billion versus $1.5 billion a year ago.

“We are starting the new fiscal year in very good shape,” said president and chief executive David Taylor.

“We have a record high level of regulatory capital, considerable capacity for growth, a very low cost of funds and a relatively trouble free loan and lease portfolio,” Taylor added.

“The liquidity crisis has reduced competition and increased profit margins significantly. The opportunity for growth in profitability of our specialized bank has never been better.”

Pacific & Western owns Pacific & Western Bank of Canada, Arctic Financial Ltd., PW Capital Inc., Pacific & Western Public Sector Financing Corp. and Versabanq Innovations Inc.

It provides commercial lending, public and corporate lending and vendor support.

Shares of the company traded 10 cents higher at $3.60 Thursday on the Toronto Stock Exchange.