Western Investment Company Files Q2 Financial Results

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company Files Q2 Financial ResultsHigh River, Alberta--(Newsfile Corp. - August 30, 2022) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\") announces that it has filed its Q2 financial statements and MD&A on SEDAR.In a message to shareholders, WICC CEO Scott Tannas provided the following commentary: \"With $138,204 of net income earned in Q2, our results are behind plan, primarily due to mark to market losses in the investment portfolio at Fortress Insurance, and lower than expected sales and margins at Foothills Creamery. The Fortress situation is correcting itself as investment values have risen through July and August. Foothills has enjoyed an increase in July / August business that should mitigate some of the Q2 shortfall in Q3. All other businesses are at or exceeding budget targets. On a combined basis, we continue to make progress toward what we expect to be a strong second half of 2022, and the completion of a solid year for growth and profitability. Portfolio Report- Fortress Insurance Company achieved their second consecutive quarterly operating profit in Q2. Sales in Q2 rose to $4.9 million - triple the amount from the same time last year. The claims ratio stands at a respectable 43% on a trailing 12 month basis. Fortress' investment portfolio of high quality bonds and equities is \"marked to market\", and was impacted by the market downturn in the first half of the year. July and August market values have risen, so we expect to recover theses losses as Fortress's business maintains its trajectory. - GlassMasters had strong spring sales growth and is experiencing unprecedented revenue for both July and August. While inventory supply and shipping challenges suppressed margins in Q2, most of the backlogged orders have arrived, allowing GlassMasters to capitalize on the summer season demand, and they have sufficient inventory on hand for the remainder of the 2022 season. GlassMasters is running ahead of budget. - Ocean Sales completed Q2 on target, with strong sales 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, and July and August Fair and Exhibition sales have exceeded expectations. As of Q2, Ocean Sales is on budget, with strong momentum for Q3...

More updates from Western Investment Company Of Canada Limited