Western files Q1 Statements and MD&A on SEDAR
May 27 2018 - 11:13PM
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 ReportsOcean 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.
OutlookIn 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 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 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 anyforward-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.
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