Media Coverage

Public Files: Waterside Capital Corp.

Compiled by Michael Schwartz and Mary Worrell, Inside Business, February 25, 2008

Waterside Capital Corp.
• The company reported financial results for the six months ending Dec. 31with an increase in stockholders’ equity of $161,000 or $0.08 per share compared to a decrease of $1.7 million or $0.89 per share at the end of 2006. The company said its per share performance was calculated using weighted average shares outstanding of more than 1.9 million. The company said it prepaid $5.3 million of its debt to the Small Business Administration to help reduce interest expense and improve operating performance. At year’s end, Waterside’s loans and investments had a fair value of $21.6 million compared with $21.2 million reported on June 30. For the six months ended Dec. 31, the company said it originated $5.1 million in new investments and received proceeds of $3.8 million from the sale of investments and principal collected on notes receivable and debt securities. This compared to the company’s funding of $1.8 million in new investments for the six months ended Dec. 31, 2006, and receiving proceeds from the sale of investments, principal collected on debt securities, and proceeds from collection of notes receivable of $3 million.