The Western Investment Company of Canada Announces Filing of Q1 2017 Financial Statements and Provides Update to Shareholders

Calgary, Alberta (May 30, 2017)


Q1 2017 Financial Results


The Western Investment Company of Canada Limited (“Western” or the “Company”) (TSX Venture: WI) is pleased to announce results for the first quarter ending March 31, 2017 (“Q1 2017”). All results are presented in Canadian dollars. Readers should refer to the Q1 2017 management discussion and analysis and condensed interim consolidated financial statements for complete information, which are available on SEDAR at


Western’s financial results for March 31, 2017 and comparable period of the prior year are presented below. Western’s management uses two important measures to assess the performance of Western and its portfolio companies; Net Income (Loss) and Net Income (Loss) Normalized for Portfolio Investment Operations (“NPIO”). The latter removes any non-recurring acquisition costs that cannot be amortized and are fully expensed. Western management believes NPIO provides an accurate measure of profitability for the Company’s ongoing operations. During the next two to three years, as Western builds its portfolio, the NPIO measurement will be featured in any presentation and discussion of financial goals and results.


  Three months ended
Mar 31, 2016
In C$000s except for per share amounts Three Months ended

Mar 31, 2017

Revenue $25.0
GlassMasters Net Income1 $11.3
Operating Expenses ($124.4) ($655.6)
Net Income (Loss) ($88.1) ($655.6)
Earnings (Loss) per Share:    
     Basic ($0.00) ($0.12)
     Diluted ($0.00) ($0.12)
Net Income (Loss) NPIO ($88.1) ($655.6)
Earnings (Loss) per Share NPIO:    
     Basic2 ($0.00) ($0.12)
     Diluted3 ($0.00) ($0.12)


1 Represents Western proportionate net income in GlassMasters

2 Defined as Net Income (Loss) NPIO divided by the number of basic shares outstanding for the quarter

3 Defined as Net Income (Loss) NPIO divided by the number of diluted shares outstanding for the quarter


In Q1 2017, there is no difference between Net Income and Net Income NPIO as all acquisition costs associated with the acquisition of the assets of GlassMasters Autoglass Ltd. and ARG Wholesale Ltd.  (“GlassMasters”) were fully expensed in fiscal 2016.  Western’s management believes these numbers will differ in the future as further acquisitions are made.


Western acquired its 50.1% interest in GlassMasters on December 16, 2016. GlassMasters’ business is seasonal and peaks during Q2 and Q3 during the summer driving months and reduces in Q1 and Q4 of the calendar year. Based on the seasonality of GlassMasters’ operations, readers are cautioned not to weigh quarterly financial data equally for all quarters.


During Q1 2017, GlassMasters’ revenue and EBITDA increased 6% and 3% compared to the same period last year, largely as a result of increased volume and a moderately stronger Alberta economy. GlassMasters’ management continues to work on its expansion plans with a new northern Alberta warehouse and additional retail locations slated for the second half of this fiscal year.


Corporate Outlook


Western is actively marketing its investment strategy across Western Canada to seek out opportunities. As a result, the Company now has a robust pipeline of potential transactions in targeted verticals to review and assess. Scott Tannas, CEO of Western comments: “At this time we have multiple acquisition projects at various stages of analysis and / or negotiation. We are determined to remain disciplined in our approach. When we make an investment, it is for the long run.” Western will continue to keep shareholders apprised of its progress.


Deal of the Year Award


Last month, Western’s management was proud to learn that its 2016 GlassMasters transaction was the winner of the prestigious “Deal of the Year” award by the Private Capital Markets Association based in Toronto. The award is early recognition of Western’s ability to execute leading transactions in the market. For more information, please visit


Executive Appointment


The Company’s Board has confirmed Shafeen Mawani as Chief Operating Officer. Chairman Jim Dinning commented: “Shafeen has ably served as Advisor to our Board and CEO since July 2016 and has been instrumental in the progress and development of Western. With over 10 years of experience in investment banking and capital markets, an MBA from the Richard Ivey School of Business and a CFA designation, Shafeen brings an important set of skills and experience to the management team as they work to execute Western’s ambitious strategic plan.”


In keeping with “Western Sensibility” principles, Shafeen will continue to work on an hourly consulting basis, allowing Western to control costs while maintaining scalability when required.


Shareholder’s Annual Shareholders Meeting and Town Hall


Shareholders are cordially invited to participate in person or by phone in the Company’s annual shareholder meeting with Scott Tannas and Western’s management team where they will present the highlights of the 2016 financial year, provide a progress update, discuss Western’s strategic goals for 2017 and answer questions from shareholders. The details of the meeting are as follows:

Wednesday, June 19, 2017, 2:00 p.m. Mountain Time

Burstall Winger and Zammit LLP located at 333 7 Ave SW Suite 1600, Calgary, AB.

Conference Line: 1-800-806-5484

Conference ID: 2282386


A recording of the call will be available for one week following the conference call by dialing 1-800-408-3053; passcode: 9010601. Thereafter, a recording of the call will be available on Western’s website.


About Western (


Western’s strategy is to create a diversified portfolio of established Western Canadian businesses and create value through the identification and long-term ownership of companies with sustained cash flows and strong potential for organic growth.



The Western Investment Company of Canada Limited
Scott Tannas
President and Chief Executive Officer
(403) 652-2663

Not for distribution to United States news wire services or dissemination in the United States.


This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the differences between future Net Income and Net Income NPIO and future seasonality of GlassMasters’ operations. Statements containing the words: ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’ and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western’s control. 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 assumptions used to develop such forward-looking information and a description of 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 Any forward-looking statements are made as of the date of this news release and Western does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Description of Non-IFRS Measures

The Company uses accounting principles that are accepted in Canada under the International Financial Reporting Standards (“IFRS“). Certain supplementary measures in this document do not have any standardized meaning as prescribed by IFRS, including the non-IFRS measures “Net Income (Loss) Normalized for Portfolio Investment Operations” and “Earnings Per Share Normalized for Portfolio Investment Operations”. The Company’s method of calculating these non-IFRS measures may differ from other issuers, and therefore may not be comparable to similar measures presented by other reporting issuers. These non-IFRS financial measures are included because management uses this information to analyze operating performance. Readers are cautioned that these non-IFRS financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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.

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