Western Investment Company Files Second Quarter Statements and Reports Strong Revenue and Net Income Growth

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company Files Second Quarter Statements and Reports Strong Revenue and Net Income GrowthHigh River, Alberta--(Newsfile Corp. - August 16, 2023) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\") announces that it has filed its second quarter financial statements and MD&A on SEDAR+ (www.sedarplus.ca).Year-to-date net income of $581,444 is the best result in Western's six-year operating history. The third quarter is traditionally Western's strongest, owing to seasonal activities of three of Western's five investee companies.In a message to shareholders, WICC CEO Scott Tannas provided the following commentary: \"Investment income from our portfolio companies improved by $1.6 million compared to the first half of 2022. This welcome result was driven by a substantial turnaround at Foothills Creamery, and continued growth at Fortress Insurance and GlassMasters Autoglass. Double digit sales growth at all three companies was achieved, but it's the strengthening profit margins that are most noteworthy.\"Portfolio Report- Growth at Fortress Insurance continues and the company is now consistently profitable after just two years of operations. Gross Written Premiums (GWP) in the first 6 months of 2023 are at $11 million, compared to $7.3 million this time last year. The trailing 12-month claims ratio is 39%, an improvement over last year's 43%. Management continues to pursue new growth opportunities in the insurance market in Western Canada and is on track to hit their year end GWP goal of $23 million. Strong investment income also helped Fortress as equity markets regained values over the first half of 2023.- GlassMasters is on a roll. First half revenue is up 23%. EBITDA is up 62% over this time last year. The GlassMasters team continue to drive growth through same store sales increases and expansion of their network of locations. The wholesale business is also growing its sales to automotive industry customers. New locations in North Battleford, SK, and Okotoks, AB are operating now and a new wholesale facility in Kelowna, BC will open in the fourth quarter. - Ocean Sales continues to build its sales channels for their unique household product lineup. With a first half sales result 3.8% above 2022, the company is now in its crucial summer exhibition and fair season with Oce...

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