The Western Investment Company of Canada (WI) Q2 2024 earnings summary

Executive summary

• Report covers unaudited interim results for the six months ended June 30, 2024, with no auditor review performed.

• Western Investment Company focuses on acquiring and managing private businesses in Western Canada, with investments in GlassMasters, Golden Health Care, Foothills Creamery, and Fortress Insurance.

Financial highlights

• Net loss of $371,145 for the six months ended June 30, 2024, compared to net income of $581,444 for the same period in 2023.

• Total assets at June 30, 2024, were $19.99 million, up slightly from $19.86 million at December 31, 2023.

• Shareholders' equity decreased to $12.41 million from $12.78 million at year-end 2023.

• Cash balance declined to $6,149 from $618,673 at year-end, reflecting negative operating cash flow and debt repayments.

• Income from equity investments was $170,401 for the six months, down from $1,098,421 year-over-year.

Outlook and guidance

• Western is working to raise capital to meet obligations for the next 12 months and beyond, with alternative financing options available if needed.

• The company is pursuing the acquisition of up to 100% of Fortress Insurance for $13 million, subject to financing and other conditions.