Western reports favourable Net Income for the quarter and six months year-to-date
21 Août 2018 - 2:30PM
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
21Shareholders 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 WesternWestern 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 INFORMATIONThe Western
Investment Company of Canada LimitedScott TannasPresident and Chief
Executive Officer(403) 652-2663stannas@winv.ca
AdvisoryThis 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.
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