Western Investment Company files Q3 Statements and MD&A on SEDAR - YTD Net Income at $620,000

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company files Q3 Statements and MD&A on SEDAR - YTD Net Income at $620,000High River, Alberta--(Newsfile Corp. - November 27, 2019) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\") confirms its financial statements and MD&A for the quarter and nine months ended September 30, 2019 are available for viewing on SEDAR. In a message to shareholders, CEO Scott Tannas provided the following commentary: \"We are happy to have added to year- to- date profit numbers in Q3. While we have a long way to go in Q4 to achieve our net income goal for the year, we continue to work hard to help our businesses maximize their success for this year, while planning for a significant step forward in 2020.As we reported in Q2, we have two retail focused businesses facing some headwinds, and in Q3 we supported both companies as they took actions to restructure and reduce costs in order to better position themselves in their respective markets. While this came with some short term costs, we are happy to make the investment. Our food business continued to provide strong and growing sales and profits and our seniors care facilities continue to see steady profit and growing value. Our newly licenced insurance company began selling policies in September, and continues to add new customers. So, while we had some heavy lifting to do to face certain challenges, we had our share of success in Q3.Portfolio Company ReportsIn the Third Quarter, Ocean Sales continued to realize lower than prior year sales arising from their partnership in the USA and Canada with a leading global retailer. Together with management, we have agreed to step back from the USA stores, while committing additional resources to our profitable activities in the retailer's Canadian stores. In addition, Ocean has taken steps to affect a significant reduction in overhead, putting them on a path to higher margins and profits in 2020. The summer exhibition and show season yielded modest increases in sales in the USA and eastern Canada, offset by reductions in the west, where the economy and consumer confidence remain at below normal levels. A refreshed product lineup in 2020 and a new cost structure will improve our prospects for increased sales and profits at Ocean Sales.Our Seniors Care homes at Golden Healthcare remained at or near full capacity and...

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