Western Investment Company Files First Quarter Financial Results with an $804,000 Positive Swing in Net Income from Prior Year on Strengthening Margins at Foothills Creamery and Increased Profits at Fortress Insurance

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[{"type":"text","content":"Western Investment Company Files First Quarter Financial Results with an $804,000 Positive Swing in Net Income from Prior Year on Strengthening Margins at Foothills Creamery and Increased Profits at Fortress InsuranceHigh River, Alberta--(Newsfile Corp. - May 26, 2023) - The Western Investment Company of Canada Limited (TSXV: WI) (\"Western\") announces that it has filed its financial statements and MD&A for the first quarter ending March 31, 2023 on SEDAR.In a message to shareholders, Western CEO Scott Tannas provided the following commentary: \"Our strong first quarter results featured much improved performance at Foothills Creamery combined with continuing sales and profit growth at Fortress Insurance, GlassMasters and Ocean Sales Group. This is the best first quarter result in Western's history, providing positive momentum as we move into our traditionally stronger second and third quarters.Portfolio Report- Fortress Insurance Company saw its gross written premiums grow by 58% over 2022. The claims ratio stands at 44% on a trailing 12- month basis. Fortress' investment portfolio of high-quality bonds and equities improved in value, with investment income returning to more normal levels compared to a tough first quarter for their investments last year. Overall net income at Fortress in Q1 was $274,000, compared to a loss of $257,000 in the same period last year.- GlassMasters was busier than usual in Q1, which is its seasonally lowest quarter. Sales were up 25% over Q1/22. Management expects a very busy spring and summer season, reporting that revenues continue to track strongly in April and May. Having had success with inventory management last year, the company is well stocked and ready to meet rising demand. GlassMasters is executing on expansion this year, with three new locations (Okotoks, AB; Kelowna, BC; and North Battleford, SK) coming online. - Ocean Sales completed Q1 with much stronger sales and profit results over the same time last year, with balanced sales activity across their exhibition, online, TV home shopping, and big box retail channels. The public exhibitions and consumer show channel continues to regain strength post -pandemic, and the team is looking forward to a busy schedule of summer and fall events. - Sales and profitability at Foothills Creamery are on budget, providing evidence that all the ef...

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