Canadian Underwriter

Continued income growth for Western Financial

November 28, 2002   by Canadian Underwriter

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Western Financial Group (TSX: WES), formerly Hi-Alta Capital, experienced continued growth in the third quarter, with revenue and income up.
For the three months ending September 30, 2002, revenue was $7.32 million, versus $6.31 million for the same period in 2001, a gain of 15.9%. For the first nine months of the year, revenue was $20.79 million, versus $17.65 million at the same point last year, a change of 17.8%.
Income was up 202% for the quarter, to $356,677 from $118,004 for the same three months in 2001. Year-to-date income is $1.26 million compared to $674,960 last year, representing growth of 86.8%.
Earnings per share were at a stand still for the quarter, at $0.01, while on a year-to-date basis they are $0.07 versus $0.06 at the same point last year.
The company notes that on a same-store basis, revenues are up 10% between the second and third quarters of this year, mainly due to rising insurance rates.
The company also announces a new acquisition to its network, Diamond Valley Agencies of Turner Valley in Southern Alberta. Hal Banasch, a broker at Western’s Bow Island agency, will become manager of the new agency.
The company also announces the appointment of Jim Dinning as vice chairman of its board of directors. He is executive vice president of TransAlta Corporation.

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