Western Investment Company Files Q3 Statements and Reports Net Income of $331,655 for the Quarter, $554,478 Year to Date

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[{"type":"text","content":"Western Investment Company Files Q3 Statements and Reports Net Income of $331,655 for the Quarter, $554,478 Year to DateHigh River, Alberta--(Newsfile Corp. - November 30, 2021) - 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: \"Our portfolio companies managed to provide us with a 9% increase in investment income in the third quarter compared to the same period in 2020. While each of our five companies are still navigating unique challenges, all reported an improving operating environment and growing demand for their products and services.Portfolio Report- Strong Growth at Fortress Insurance continues. Gross Written Premiums in the first 9 months of 2021 are at $3.69 million, compared to $659,000 this time last year. The trailing 12 month claims ratio was 49.5% exiting the traditionally heavy summer season for claims. Management continues to pursue new opportunities in the insurance market in Western Canada, with a plan to expand to Ontario in the coming months. - As we reported in Q2, GlassMasters enjoyed a great start to their traditional spring/ summer windshield replacement season, setting record high sales in June. In Q3, the momentum continued, providing YTD increases in sales (18%) , EBITDA (8%) and net income (34%). The unusually warm weather in October and November has extended the peak sales period beyond the traditional summer months and well into Q4. GlassMasters' inventory strategy provided a significant advantage this season, and the management team is already executing on a similar plan for 2022 to ensure a healthy supply of auto glass from overseas suppliers. With its newly opened Regina location already operating in the black, the GlassMasters team is scouting additional expansion opportunities for the coming year.- Ocean Sales continues its remarkable pandemic recovery with strong sales growth from their online channel and in their partnership with a big box retailer. In addition, sales were recorded in Q3 through a home shopping TV channel pilot project that shows early promise - another example of innovation and determination by the Ocean Sales team to succeed. They also report that their largest pre-pandemic...

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