HIGH RIVER, Alberta, Aug. 21, 2018 (GLOBE NEWSWIRE) -- The Western Investment Company of Canada Limited ("Western") (WI:TSXV) confirms its financial statements and MD&A for the quarter and six months ended June 30, 2018 are available for viewing on SEDAR.
In a message to shareholders, Western CEO Scott Tannas provided the following commentary:
“Our six months of operations provided Western and its subsidiaries with normalized net income of $476,051 (2 cents per share). We discuss the significance of this “NPIO” figure in our MD&A. After expensing one time closing costs for the purchase of Foothills Creamery we ended the six month period with an after tax profit of $121,523 for the quarter and $93,333 year to date. This result is in line with our expectations, and marks a turning point in our company’s history as we move toward continued growth and profit.
Portfolio Company Reports
Ocean Sales had a very quiet Q2 which is typical – the exhibition schedule in the late spring months is virtually nil, and retail partnership sales are also at a seasonal low. The team at Ocean spent the quiet time preparing for a very busy second half of 2018, with annual peak sales months in July and September.
Our nursing homes at Golden Healthcare remained at full capacity and provided our expected share of earnings. Together with our partners we are currently evaluating a number of expansion projects at existing locations that can be funded with internal resources.
GlassMasters had a stellar quarter, capitalizing on pent up demand from a very harsh winter. As a result, the team has made up ground from their slow start in Q1 2018, with strong sales momentum continuing into Q3. The company opened two new retail locations this spring – Airdrie and Saskatoon – to bring their current store count to nine. Management is planning for further expansion in 2019.
Foothills Creamery had a strong and successful quarter with profit margins for both ice cream and butter up over the prior year. A number of good signals are in place for continued momentum, including a summer heat wave across the West (good for ice cream sales!) and a recently announced increase in the floor price for butter.
Outlook
It is clear that Q3 will be the strongest quarter of the year for Western as all businesses are busy during the summer months. As we achieve more in-depth learning about each of our four businesses, we will be able to predict quarterly earnings, but for now we remain focused on our annual target of $1.75 million (6 cents per share) of net income in 2018.
In addition, we are working on plans for continued expansion for Western. We have a number of interesting projects under consideration.
We look forward to reporting on our progress in the weeks and months to come.”
Special Shareholder Event – September 21
Shareholders and other stakeholders are cordially invited to attend a special event at Foothills Creamery (2825 Bonnybrook Drive SE Calgary) at 4 pm on September 21. The program includes a plant tour, as well as an opportunity to meet management, executives and board members from Western, Foothills, GlassMasters and Ocean Sales. Product coupons and samples will be on offer. Anyone who wishes to attend can RSVP to Scott at the phone / email address below.
About Western
Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian businesspeople, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. The company’s shares are traded on the TSX Venture Exchange under the symbol WI. For more information on the company, please visit its website at www.winv.ca.
CONTACT INFORMATION
The Western Investment Company of Canada Limited
Scott Tannas
President and Chief Executive Officer
(403) 652-2663
stannas@winv.ca
Advisory
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to future plans, acquisitions, financings and earnings. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western's control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Western's disclosure documents on the SEDAR website at www.sedar.com. Any forward looking statements are made as of the date of this news release and Western does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.