Western Investment Company files third quarter statements, reports net income of $ 331,655 for the quarter, $ 554,478 year-to-date


High River, Alberta – (Newsfile Corp. – November 30, 2021) – The Western Investment Company of Canada Limited (TSXV: WI) (“WICC” or “Western”) announces that it has filed its third quarter financial statements and its MD&A on SEDAR.

In a message to shareholders, WICC CEO Scott Tannas commented:

“The companies in our portfolio were able to provide us with a 9% increase in investment income in the third quarter compared to the same period in 2020. While each of our five companies still face unique challenges, all reported an improvement in the operating environment and growing demand for their products and services.

Portfolio report

– Strong growth at Fortress insurance keep on going. Gross written premiums in the first 9 months of 2021 amount to $ 3.69 million, compared to $ 659,000 at the same time last year. The loss ratio for the last 12 months was 49.5% at the end of the summer season traditionally loaded with claims. Management continues to seek new opportunities in the insurance market in Western Canada, with an expansion plan in Ontario in the coming months.

– As we reported in T2, GlassMasters got off to a good start to their traditional spring / summer windshield replacement season, setting record sales in June. In the third quarter, momentum continued, with cumulative increases in sales (18%), EBITDA (8%) and net income (34%). The unusually warm weather in October and November extended the peak sales period beyond the traditional summer months and into the fourth quarter. GlassMasters’ inventory strategy has provided a significant advantage this season, and the management team is already executing a similar plan for 2022 to ensure a healthy supply of automotive glass from overseas suppliers. With its new Regina location already operating in the dark, the GlassMasters team is looking for additional expansion opportunities for the coming year.

Ocean sales Continues its remarkable recovery in the event of a pandemic with strong growth in sales from their online channel and their partnership with a big box retailer. In addition, sales were recorded in the third quarter thanks to a very promising home shopping channel pilot project – another example of innovation and the determination of the Ocean Sales team to succeed. They also report that their largest pre-pandemic sales channel – shows and mainstream exhibitions – begins to return in the fourth quarter with an almost normal schedule of events developing into 2022. Ocean Sales made solid profit in the third quarter with net income of $ 280,693 compared to a loss of $ 301,382 in the third quarter of 2020.

– Q3 results to The creamery of the buttresses were lower than expected due to supply chain issues with key ingredients, production delays and some one-time restructuring charges. In the third quarter, Foothills Creamery earned $ 186,913, down 28% from the previous year. Margins improved as unprofitable private label butter contracts were closed. Seasonal ice cream sales got off to a good start in the second quarter, but were reduced in the third quarter due to stockouts. It was frustrating for the team as there was a good backlog for Foothills products throughout the summer. CEO Bill McKenzie, who has now been in his role for 6 months, has identified a number of issues that need to be addressed in the coming months to ensure Foothills can meet the growing demand for its frozen dairy products in 2022 and beyond. beyond, while creating its own brand. butter sales. While we and our Foothills owner partners remain confident that the business is on the right track, there is still work to be done to regularly achieve higher levels of income and profitability.

-Till now in 2021, Gold health care recorded growth in revenue (3.9%) and net profit (19.6%) compared to the same period last year thanks to the improvement in occupancy and efficiency of the three homes for seniors in whom we have an investment. Golden’s team worked tirelessly throughout the recent ‘fourth wave’ and were able to maintain their remarkable performance of 100% patient recovery throughout the Covid 19 pandemic.

Outlook

Earlier this year, we announced our ambition to achieve the best year-end financial result in the five years of operating our business. We continue to strive to achieve our goal. We have strong teams running our five businesses. The business environment is improving despite some short-term challenges. We remain confident in our ability to move forward towards increasing growth and profitability as the economy continues to normalize.

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 western Canadian businessmen dedicated to establishing and maintaining successful western businesses. Canadian and help them develop. Western shares trade on the TSX Venture Exchange under the symbol WI.

For more information on 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 stannas@winv.ca

Advisory

This press release may contain certain forward-looking information and statements, including, without limitation, statements relating to future plans, acquisitions, financings and returns. 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 such forward-looking information and a description of the risk factors that may 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/105811


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