Western Investment Company posts 2018 Year End Net Income of $1.13 million. Adjusted Net Income (NPIO) at $1.7 million - 6 cents per share

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[{"type":"text","content":"Western Investment Company posts 2018 Year End Net Income of $1.13 million. Adjusted Net Income (NPIO) at $1.7 million - 6 cents per shareHigh River, Alberta--(Newsfile Corp. - April 29, 2019) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\") announced today it has filed its 2018 Financial Statements and MD&A on SEDAR.In a message to shareholders, WICC CEO Scott Tannas reported:\"We are pleased with our progress in 2018. Our four foundation companies are all profitable, with strong opportunities for growth. Our year end net income stands at $1.13 million (3.7 cents per share). When our onetime costs for 2018 acquisitions are deducted (we call this NPIO) our net income is $1.7 million (5.6 cents per share). NPIO is a non-GAAP financial measure explained in WICC's MD&A.\" Portfolio Company Reports \"In 2018, GlassMasters grew sales by 9% and net income by 18% over the prior year. Two new stores were opened in 2018, and management is focussed on getting these new locations contributing to profits in 2019. Golden Health Care saw growth in both revenue and profit of 1% and 7% respectively as a result of rent increases introduced early in 2018. We continue to work with Golden Health Care's management and our partner investors to plan expansion of the existing network. In the meantime, our homes in Estevan, Regina (Emerald Park), and Prince Albert continue to operate at full occupancy with healthy waiting lists.In our first year of operations at Ocean Sales, we had strong revenue and profits at the fall and winter consumer shows as well as the marquee summer events, including the Stampede, PNE, CNE and a number of US State fairs. The in-store partnership with a major global retailer lost momentum in the second half of the year, and the team at Ocean Sales is working through some new and unanticipated operating expenses in the USA operation. Canadian and US in-store sales are in transition as new innovative products are introduced. Ocean Sales remains profitable, and we have confidence that the issues in the in-store partnership programs in the US and Canada are temporary.Also, our first year as owners of Foothills Creamery has been a delight, with strong sales and improving margins leading to EBITDA and Net Income well above expectations. Foothills also purchased a non-dairy ice cream brand in late 2018, ...

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