High River, Alberta – The Western Investment Company of Canada Limited (“WICC”) (TSXV:WI) confirms its financial statements and MD&A for the quarter ended March 31, 2019 are available for viewing on SEDAR.
In a message to shareholders, CEO Scott Tannas provided the following commentary: “After expensing one-time costs related to the purchase of Fortress Insurance, we ended the first quarter with a small net loss of $53,691. This result is slightly below our expectations, but not significantly so, as the first quarter is a seasonally low quarter for two of our four operating companies.
Our first quarter operations provided WICC and its subsidiaries with a modest NPIO net income of $6,308. NPIO is a non-GAAP financial measure explained in WICC’s MD&A.
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Ocean Sales provided a modest contribution to profit, with solid sales at various shows across North America, and their event calendar for the major summer exhibition season is filling nicely. Management continues to work to improve the results from their partnership in the USA and Canada with a leading global retailer, including updating the current product offering.
Our Seniors Care homes at Golden Healthcare remained at or near full capacity and provided our expected share of earnings in the quarter.
GlassMasters had their usual quiet first quarter given the seasonality of their business. With three new stores in their network, including their newest store now open in Lethbridge, the seasonal loss for the quarter increased compared to 2018. However, GlassMasters’ opportunity for sales and profits has increased correspondingly with the additional capacity going into a busy Q2 and Q3.
In Q1, Foothills Creamery was in high production mode building summer inventory. They are on budget, with a small seasonal loss. The team has developed an impressive array of new ice cream products to complement their traditional popular offerings, including the newly acquired “Screamin Brothers” vegan ice cream line, made with coconut milk.
Our new investment in Fortress Insurance is now closed and will be reflected in Q2 results. We are making excellent progress toward the launch of expanded operations. We expect to commence writing new insurance policies in the next 30 to 45 days.
In the second quarter, GlassMasters and Foothills are entering their high seasons. Ocean Sales normally has a quiet Q2 with the summer months being their peak sales and profit quarter.
Our financial goal for 2019 is to grow our net income by at least 10% over 2018 results. We believe we are off to a good start. We look forward to reporting on our progress in the weeks and months to come.”
Invitation to All Stakeholders – Free Ice Cream and other Goodies at June 24 AGM!
WICC’s Annual General and Special Meeting will be held at Foothills Creamery on June 24, 2019 at 3pm. Ice Cream samples, a plant tour, and products and discount coupons from Ocean Sales & GlassMasters will also be provided to attendees. More details will be provided soon.
Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian business people, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. The company’s shares are traded on the TSX Venture Exchange under the symbol WI. For more information on the company, please visit its website at www.winv.ca.
The Western Investment Company of Canada Limited
President and Chief Executive Officer
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