Western Investment Company of Canada Reports Improved Financial Result with Revenue Gains in 2022 and Expects Q1 2023 Results to be Released on May 26

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company of Canada Reports Improved Financial Result with Revenue Gains in 2022 and Expects Q1 2023 Results to be Released on May 26High River, Alberta--(Newsfile Corp. - May 19, 2023) - The Western Investment Company of Canada Limited (TSXV: WI) (\"Western\" or the \"Company\") announces that it has filed its 2022 year-end financial statements, MD&A, and annual information form on SEDAR.WICC reported a $215,376 loss for 2022, an improvement from the 2021 loss of $707,244. Western also filed restated financials statements for the years-ended December 31, 2021 and 2020. The restatement accounted for prior year errors discovered during the audit including an overstatement of the deferred tax asset at Ocean Sales which reduced our investment in associates and retained earnings. This resulted in a decrease of our investment in Ocean Sales to nil, with no equity income or loss recognized in 2020 and 2021. The restatement also included a milk rebate overpayment at Foothills Creamery reducing our 2020 equity income by $148,779. Please see note 4 to the restated financial statements, for further details.In a message to shareholders, Western CEO, Scott Tannas, said: \"Sales at Fortress, Ocean Sales and GlassMasters grew significantly in 2022. Overall sales at our portfolio companies topped $95 million on a combined basis, compared to $91 million in 2021. The big challenge in the year was input cost inflation and investment market conditions at Fortress, which masked the progress they made toward long term profitability there. Western is experiencing a better 2023 which is expected to be evidenced in the Q1 2023 results which will be released shortly.2022 Portfolio Report- Fortress Insurance Company tripled its gross premiums written over 2021, finishing at $17 million. The claims ratio for 2022 at 41% remains below the industry average. Shafeen Mawani and his team have brought Fortress to profitability in underwriting and operations, and investment income is expected to improve in 2023 after last year's mark to market losses. 2023 sales growth targets would see Fortress reach $24 million, and reflects how our nimble, innovative insurance company is on track.- GlassMasters Autoglass posted record sales, profit and cashflow in 2022. Roger Tulk and his team made some smart inventory buying decisions that paid off hands...

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