Western files Q2 Statements and MD&A on SEDAR - Quarterly Net Income up 215% to $382,000

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western files Q2 Statements and MD&A on SEDAR - Quarterly Net Income up 215% to $382,000 High River, Alberta--(Newsfile Corp. - August 26, 2019) - The Western Investment Company of Canada Limited (TSXV:WI) (\"WICC\") confirms its financial statements and MD&A for the quarter and six months ended June 30, 2019 are available for viewing on SEDAR. In a message to shareholders, CEO Scott Tannas provided the following commentary: \"We are pleased with the overall result of the first half of 2019. While we have two retail focused businesses facing some headwinds, we more than made up the difference with stellar contributions from our food and insurance businesses, and steady income from our senior care investment.Overall, our year to date net income came in at $329,161 -up significantly from last year, with our operations providing NPIO net income of $ 164,012 - we discuss the significance of this figure in our MD&A. In addition to the income from operations, we had an immediate investment gain of $230,358 at Fortress Insurance related to the incentive purchase price we paid in recognition of our value added activities. Portfolio Company ReportsIn the Second Quarter, Ocean Sales continued to struggle with suppressed sales arising from their partnership in the USA and Canada with a leading global retailer. While some new product testing underway in both Canada and the USA is showing some very promising results, Ocean's management continues to monitor this portion of their business very closely. Q3 is by far the busiest for Ocean sales with multiple shows, exhibitions and fairs across North America in full swing. 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 a mixed quarter given the seasonality of their business with sales rising into the peak summer season. Sales are ahead of last year overall, but down slightly on a same store basis. Increased labour costs and exchange rates have put pressure on margins. The new store in Saskatoon is nearing profitability while other newer stores continue to develop. GlassMasters' opportunity for sales and profits has increased correspondingly with the additional capacity going into a busy Q2 and Q3, and management are working to maximize the opportunity.Foothills Creamery had an enorm...

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