Western Investment Company Files Q3 Financial Results

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company Files Q3 Financial ResultsHigh River, Alberta--(Newsfile Corp. - November 29, 2022) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\") announces that it has filed its Q3 financial statements and MD&A on SEDAR.In a message to shareholders, WICC CEO Scott Tannas provided the following commentary: \"We are pleased to report net income for the third quarter of $441,789 which represents a 33% improvement over the same period last year. All five companies in our portfolio contributed net income in Q3. Portfolio Report- Fortress Insurance Company achieved its third consecutive quarterly operating profit. Sales continue to grow with Year-to-Date Gross Written Premiums standing at $11.5 million - compared to $3.7 million in 2021. The trailing 12-month claims ratio is steady at 35%, well inside the industry's top quartile. 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. With investment income flat in Q3, Fortress was nonetheless able to produce a profit purely through its underwriting activities which is rare for an insurer of this size and stage of development. Further evidence of the value we are building at Fortress came with the recent closing of a $5.3 million equity raise, bringing strategic partners into the company to provide future growth and development opportunities. - GlassMasters achieved record sales and EBITDA in Q3. Inventory concerns and shipping challenges have cleared over the past few months with the majority of supply chain backlogged orders now arrived and in GlassMasters' warehouses. With strong operations and robust same store sales growth, GlassMasters continues to look for future expansion opportunities. Construction is underway on a new distribution warehouse in Kelowna, its first in BC, scheduled to open in Q2 of 2023. - Ocean Sales completed a profitable Q3 with its exhibition and fair activities more or less back on line, after two summers of Covid curtailments. Sales in this channel were encouraging with larger fairs in the USA showing particularly strong results. Sales across its online, TV home shopping, and big box retail channels were steady. - Q3 saw some financial improvement at Foothills Creamery. The planned shi...

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