This news release contains information on the financial and operating results of The Western Investment Company of Canada Limited for the three and nine months ended September 30, 2024. The company reported a strong third quarter, with equity income meeting expectations and exceeding results from the past five years. The company’s transition to a property and casualty insurance and investment holding company is progressing as planned, with the acquisition of Fortress Insurance Company increasing ownership to 83.57%. The company also reported on its portfolio companies, including Fortress, GlassMasters Autoglass, Foothills Creamery, and Golden Health Care.
The financial results for the three and nine months ended September 30, 2024, show an increase in income from equity investments, finance income, gain on disposal, and net income compared to the prior year. The company reported normalized income of $781,454 for the three months ended September 30, 2024, representing a 60% increase over the same period in 2023.
The company provided outlook information, noting that financial results and presentation will change significantly due to the consolidation of Fortress as a subsidiary. Equity income from remaining Associates for the fourth quarter is expected to be in line with normal seasonality.
The news release also contains advisories regarding forward-looking information and statements, as well as financial outlook information. Readers are advised to review the company’s disclosure documents on the SEDAR+ website for more information on the risks and uncertainties associated with forward-looking statements.