Western Investment Company Files Second Quarter Financial Statements and Reports, Record Net Income of $ 699,499 for Quarter, with All Five Issuers Contributing to Profits
High River, Alberta – (Newsfile Corp. – August 27, 2021) – The Western Investment Company of Canada Limited (TSXV: WI) (“WICC” or “Western”) announces that it has filed its second quarter financial statements and its MD&A on SEDAR which can be viewed on Western’s SEDAR profile at https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00038001.
WICC CEO Scott Tannas provides the following comment:
“The companies in our portfolio experienced significant revenue and earnings growth in the second quarter, with each of our five companies in the dark and setting second quarter sales records.
– The growth rate at Fortress insurance continues to accelerate, with gross written premiums in the quarter up 2,800% year-over-year and 125% year-over-year. Gross written premiums in the first six months amounted to $ 2.28 million and are on the rise. The 12-month loss ratio was 28%. Fortress Insurance made a small profit in the second quarter, several quarters ahead of plan. Management is moving quickly to seize opportunities in the insurance market in Western Canada. We are honored to work with some of the best insurance brokers in the business, and their support of a small, agile regional insurance provider has resulted in exponential quarterly growth. CEO Shafeen Mawani and his team are working hard to build on the early successes of Fortress Insurance.
– TO Master glassmakers, Roger Tulk and his team got off to a great start to their traditional spring / summer windshield replacement season, setting record sales in June. Roger reports that strong consumer demand continued into July and August. GlassMasters’ inventory strategy provided a significant advantage this season, as less well-stocked competitors were unable to meet demand and remained vulnerable to an ever-recovering product supply chain.
– Ocean sales continues its pandemic recovery with strong sales growth from their online channel and their partnership with a big box retailer. As a result, Ocean Sales contributed to the bottom line, further emphasizing the resilience of people and the business. While major public events are not yet back to normal, Ocean Sales participates in a number of fairs and exhibitions throughout the summer and fall, and they expect this channel be busy and fully productive again in 2022.
– Q2 results improved significantly at The creamery of the buttresses. Seasonal ice cream sales have got off to a good start and previous issues with retail butter prices have largely been resolved. Newly appointed CEO Bill McKenzie moved quickly in the first few months of his tenure to understand the issues and opportunities and take decisive action to support the 100+ team members who produce, sell and distribute the products. High quality dairy products from Foothills Creamery. There is still a lot of work to be done to ensure that Foothills Creamery achieves its full potential, but after a few quarters of struggles there is strong evidence that this business is back on track.
– Gold health care continued to achieve steady and gradual growth in revenue and net income compared to the same quarter last year and reported high occupancy in the three nursing homes for the elderly in which we have an investment. CEO Heather Haupstein and her team continue to be praised for their performance in 100% patient recovery during the pandemic. As the public / private debate on elderly care begins to take shape, Golden Heath Care is a shining example of excellence.
Earlier this year, we announced our ambition to achieve the best year-end financial result in Western’s five years of operation. We believe we are on the right track to achieve our goal. The economy and the markets for our goods and services continue to develop. We have strong teams who are successfully developing their businesses. We are confident in our ability to cope with any turbulence we may encounter in the coming months and will continue to focus on seizing opportunities.
I look forward to providing progress reports in the coming weeks. “
About The Western Investment Company of Canada Limited
Western is a unique, publicly traded private equity firm founded by a group of successful businessmen from Western Canada. Western shares trade on the TSX Venture Exchange under the symbol WI.
For more information about Western, please visit their website at www.winv.ca.
CONTACT INFORMATION – The Western Investment Company of Canada Limited
Scott Tannas President and CEO (403) 652-2663 email@example.com
This press release may contain certain forward-looking information and statements, including, without limitation, statements relating to future plans, acquisitions, financings and performance. Statements containing the words “believe”, “intends”, “expects”, “plans”, “research” and “anticipates” and any other word with a similar meaning are forward-looking. All statements included in this document involve various risks and uncertainties as they relate to future events and circumstances beyond the control of Western. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of the assumptions used in developing this forward-looking information and a description of the risk factors that could cause actual results to differ materially from forward-looking information can be found in Western’s disclosure documents on the SEDAR website at address www.sedar.com. All forward-looking statements are made as of the date of this press release and Western does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94728