Western Investment Company Files Q1 Financial Results

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company Files Q1 Financial ResultsHigh River, Alberta--(Newsfile Corp. - May 30, 2022) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\")  announces that it has filed its Q1 Financial Statements and MD&A on SEDAR.In a message to shareholders, WICC CEO Scott Tannas provided the following commentary: \"Our Q1 results met our overall expectations as we progress toward what we expect to be a breakout year for growth and profitability. Our Q1 seasonal operating loss is within budget and historical norms on a combined basis.Portfolio Report- Fortress Insurance Company remains on track to achieve their revenue goals for 2022, including more than doubling their sales over 2021. Fortress celebrated its first $1 Million revenue month in March, and followed that milestone with a $2 million sales month in April. The claims ratio stands at a healthy 30% on a trailing 12 month basis. Fortress' investment portfolio of high-quality bonds and equities is 'marked to market', and has been impacted as a result of recent drops in market values. At this point in 2022, Fortress is off to a good start operationally, and with expectations that its investment portfolio will stand the test of current market instability. - GlassMasters used their quiet time in Q1 to prepare for a busy spring and summer windshield repair and replacement season. While the inventory supply and shipping challenges continue, GlassMasters now has sufficient inventory in their warehouses to deliver on rising demand. Early spring sales numbers show that GlassMasters is running ahead of budget. - Ocean Sales completed Q1 ahead of budget, with good sales activity across their online, big box retail, and TV home shopping channels. The return of public exhibitions and consumer shows is also now contributing to revenues, with a full schedule of summer and fall events. - Sales and profitability at Foothills Creamery are behind budget, but the team is working to recover the lost ground with a busy Q2 and Q3. The order book is growing, and ice cream inventory is now at healthy levels which should allow for Foothills to respond to demand during the 2022 season.- Golden Health Care is slightly behind budget in Q1, largely the result of a slight increase in vacancies at some of the facilities. While revenue is stable, profitabi...

More updates from Western Investment Company Of Canada Limited