HIGH RIVER, Alberta, May 27, 2018 (GLOBE NEWSWIRE) -- The Western Investment Company of Canada Limited ("Western") (TSXV:WI) confirms its financial statements and MD&A for the quarter ended March 31, 2018 are available for viewing on SEDAR.
In a message to shareholders, Western CEO Scott Tannas provided the following commentary:
“Our first quarter operations provided Western and its subsidiaries with NPIO net income of $307,157 – we discuss the significance of this figure in our MD&A. After expensing one time closing costs for the March 1 purchase of Foothills Creamery we ended the quarter with a small loss of $28,190. This result is in line with our expectations.
Portfolio Company Reports
Ocean Sales provided a significant contribution to profit, with solid sales at various shows across North America, and a very encouraging start to our new partnership in the USA with a leading global retailer.
Our Seniors Care homes at Golden Healthcare remained at full capacity and provided our expected share of earnings.
GlassMasters had a very quiet quarter given the extraordinarily harsh winter months. As a result, they are making sure they have capacity to address the pent up demand this spring. Their annual mall parking lot count of broken windshields confirms a busy season ahead.
Foothills Creamery was under our ownership for only one month (March) and would have normally contributed to net income but for the aforementioned transaction costs.
Outlook
In the second quarter all our businesses are in full swing with GlassMasters and Foothills entering their high seasons. We remain focused on meeting the financial goals for 2018 that were outlined in my previous letter. We look forward to reporting on our progress in the weeks and months to come.”
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 returns. 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 VentureExchange) accepts responsibility for the adequacy or accuracy of this release.