Western Files Q1 Statements and MD&A on SEDAR

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Files Q1 Statements and MD&A on SEDAR High River, Alberta--(Newsfile Corp. - May 27, 2019) - The Western Investment Company of Canada Limited (TSXV:WI) (\"WICC\") 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.Portfolio Company ReportsOcean 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.Outloo...

More updates from Western Investment Company Of Canada Limited