Western Investment Company Reports Net Income for 3rd Quarter up 20% over 2019 at $349,000, with Rapidly Accelerating Insurance Sales and Improving Profitability from Other Portfolio Investments

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[{"type":"text","content":"Western Investment Company Reports Net Income for 3rd Quarter up 20% over 2019 at $349,000, with Rapidly Accelerating Insurance Sales and Improving Profitability from Other Portfolio InvestmentsHigh River, Alberta--(Newsfile Corp. - November 24, 2020) - 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: \"During the summer months, we began to see the results of our work over the past year. While the economic headwinds continue to blow, we are meeting with some substantial success, led by our insurance and automotive investments. Our other businesses continue to steer through these difficult times. In Q3 we were able to improve net income by 20% while seeing top line growth - and / or increased market share at all our companies. In Q3, Fortress Insurance, GlassMasters, Foothills Creamery and Golden Healthcare each delivered net income to Western. Portfolio Report- The pace of growth at Fortress Insurance accelerated sharply in Q3, the result of earlier hard work developing and launching new programs with strong western Canadian broker partners. Shafeen Mawani and his team are writing new policies at a faster rate every month, and they continue to be presented with new opportunities within the insurance marketplace. At September 30, 2020, Fortress had more than doubled its written insurance premiums from where they stood at June 30, 2020. We believe there is plenty of runway for Fortress to continue this pace of growth. As they say in the west - \"you better make hay when the sun shines\". Fortress is doing just that. - As we know, the summer months of Q3 are critical for GlassMasters. Roger Tulk and his team performed well, growing same store sales, managing margins and optimizing inventory. They nearly doubled net income in Q3 compared to last year. This business is stronger than when we bought it, thanks to a great leadership team and a sharp focus on the important ingredients of success. GlassMasters is ready to scale up through further expansion in Saskatchewan and Alberta in 2021. - As we described in previous updates, Ocean Sales continues to endure a significant reduction in revenue. While their retail channels partially opene...

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