Western Investment Company Reveals Q2 2024 Financial Results
Western Investment Company Reports Financial Results for Q2 2024
The Western Investment Company of Canada Limited (TSXV: WI) has announced its financial and operating results for the three and six months ended June 30, 2024. In addition to their financial performance, the company indicated a delay in its Annual General and Special Meeting of shareholders as it amends the terms of its transaction with Tevir Capital Corp. and associated parties.
Understanding the Transaction and Meeting Update
Western is currently in the process of adjusting the transaction terms. Detailed information on the new terms will be disclosed in upcoming news releases. As a result, the Shareholder Meeting, initially scheduled for August 30, has been postponed until further notice. Updates regarding a revised meeting date and record date will be released soon, and interested parties can find additional information on the official platforms.
Financial Results for the Second Quarter of 2024
Western’s interim financial statements are available on SEDAR+, featuring figures primarily expressed in Canadian dollars. Year-over-year comparisons are made to the periods ending June 30, 2023.
The company’s associate enterprises, including GlassMasters and Foothills, are progressing as anticipated, gearing up for peak revenue through the summer season. Foothills reported lower equity income in 2024 compared to 2023 due to a previous one-off gain from real estate sales that inflated their 2023 figures. Excluding this outlier, Foothills' performance would have shown earnings consistent with previous years.
Q2 Financial Overview
In Q2 2024, the company reported income from equity investments at $442,152, contrasted with $750,033 in the previous year, marking a 41% decrease. Meanwhile, finance income increased by 29% to $187,329, up from $144,725 in Q2 2023. Overall, Western recognized $666,981 in income for the quarter, but this reflected a substantial decline of 28% compared to $932,258 the year prior.
Operational Insights
Scott Tannas, President and CEO, noted that while the cooler start to summer affected performance in certain areas, the company managed to maintain a robust outlook with positive expectations based on projected weather for July and August. Revenue growth at GlassMasters and Foothills was significant, with increases of 30% and 10%, respectively, reinforcing their recovery trajectory.
Specifics on Portfolio Companies for the Six Months Ended June 30, 2024
Fortress Insurance Company, a notable player in Western's portfolio, has experienced a remarkable 44% growth in gross written premiums compared to the previous period in 2023. While increasing administrative expenses accompany rapid growth, Fortress remains focused on expanding its product offerings. Equity income recognized by Western from Fortress stood at $31,604, significantly lower than $90,552 from the same six-month period last year, primarily due to the escalating operational costs associated with their expansion efforts.
GlassMasters and Foothills Performance
GlassMasters reported a 16% sales increase over six months, buoyed by expansions into new geographical markets. Conversely, Foothills has improved its profitability through operational adjustments, even as their sales experienced some seasonal impacts due to unfavorable spring weather conditions.
Future Outlook
Looking ahead, Fortress anticipates continued premium growth as it expands its footprint into the Ontario market. GlassMasters is on track for sustained revenue increases, projecting a continued upward trend bolstered by peak business months. Despite challenges faced during part of the year, anticipated warmer weather could lead to improved sales for Foothills.
About The Western Investment Company of Canada
Western is a distinct publicly traded private equity entity, founded by accomplished Western Canadian entrepreneurs. The corporation is devoted to nurturing successful businesses and bolstering growth within the region. Shares are traded on the Exchange under the symbol WI.
Contact Information
For inquiries, please contact Scott Tannas, President and Chief Executive Officer, at (403) 652-0408 or through email at stannas@winv.ca.
Frequently Asked Questions
What were the key financial results for Western in Q2 2024?
In Q2 2024, Western reported an income of $666,981, down 28% from the previous year.
How is Fortress Insurance performing?
Fortress Insurance saw a 44% growth in gross written premiums, indicating strong demand and market expansion.
Why was there a decline in income from equity investments?
The decline was largely due to a significant one-off gain in the prior year which does not reflect ongoing operational performance.
What is the outlook for GlassMasters and Foothills?
Both companies are expected to grow, particularly due to favorable weather conditions anticipated for the upcoming months.
How can I find more information about Western Investment Company?
For more details, interested individuals can visit Western's website at www.winv.ca.
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