Hampton Financial Corporation
(“
Hampton” or the “
Company”,
TSXV:HFC) today announced its financial results for the 3rd quarter
ended May 31st, 2024.
Third Quarter fiscal
highlights:
Third Quarter ended May
31st, 2024.
- Q3 Revenues of $2,837,000;
an increase of 48% year-over-year
- Q3 Net Income of $500,000
or $0.01 per share vs Net Loss of $(1,023,000) or (0.03) per share
in the comparative quarter last year
- Q3 EBITDA of $305,000 vs
$(750,000) in the comparative quarter last year
Summary of Corporate
Developments:
The Company’s 3rd quarter results reflect the
challenging environment that continues to weigh on issuer’s ability
to finance growth which in turn still hampers corporate finance
revenues.
While 2024 is showing some signs of improvement,
the year ahead for Hampton’s core business remains unclear.
“The third quarter results continue to
demonstrate the industry-wide slowdown that has extended into the
first half of Calendar 2024. Capital Markets activities have
started to improve as interest rates have stabilized, so we are
hopeful for a stronger second half of the year. As we now see a
direction in interest rates, we remain optimistic for the balance
of the fiscal year.
After two post-consolidation months of business,
we are very pleased with the Oxygen Working Capital acquisition and
the culture they’ve created is very much in line with Hampton.
The integration of this new commercial lending
unit into the broader Hampton group is complete and we look forward
to a positive contribution to financial results moving
forward. We also see this as an excellent opportunity to
enhance our Capital Markets offerings with an additional funding
offering for early and mid-stage companies”, said Hampton Executive
Chairman & CEO Peter Deeb.
Copies of Hampton’s unaudited interim financial
statements and its Management’s Discussion & Analysis for the
three and nine months ended May 31, 2024, can be accessed on SEDAR+
at www.sedar.com.
About Hampton Financial
Corporation
Hampton is a unique private equity firm that
seeks to build shareholder value through long-term strategic
investments.
Through HSL, Hampton is actively engaged in
family office, wealth management, institutional services and
capital markets activities. HSL is a full-service investment
dealer, regulated by CIRO and registered in Alberta, British
Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest
Territories, Ontario, and Quebec. In addition, the Company, through
HSL, provides investment banking services, which include assisting
companies with raising capital, advising on mergers and
acquisitions, and aiding issuers in obtaining a listing on
recognized securities exchanges in Canada and abroad and HSL’s
Corporate Finance Group provides early stage, growing companies the
capital, they need to create value for investors. HSL continues to
develop its Wealth Management, Advisory Team and Principal-Agent
programs which offers to the industry’s most experienced wealth
managers a unique and flexible operating platform that provides
additional freedom, financial support, and tax effectiveness as
they build and manage their professional practice.
The Company, through its commercial lending and
leasing subsidiary Oxygen Working Capital Corp. which was acquired
by the Company during the third quarter, offers working capital and
other financing solutions to small and medium sized early and
mid-stage companies across Canada.
The Company is also exploring opportunities to
diversify its sources of revenue by way of strategic investments in
both complimentary business and non-core sectors that can leverage
the expertise of its Board and the diverse experience of its
management team.
For more information, please contact:
Olga JuravlevChief Financial OfficerHampton
Financial Corporation(416) 862-8701
Or
Peter M. DeebExecutive Chairman & CEOHampton
Financial Corporation(416) 862-8651
The TSXV has in no way approved nor
disapproved the contents of this press release. Neither
the TSXV nor its Regulation Services Provider
(as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy
or accuracy of this press release.
No securities regulatory authority has
either approved or disapproved of the contents of
this press release. This press release does
not constitute or form a part of any offer or solicitation
to buy or sell any securities in the United
States or any other jurisdiction outside of Canada.
The securities being offered have not been
and will not be registered under the United
States Securities Act of 1933, as amended
(the "U.S. Securities Act"), or the securities laws of any
state of the United States and may not be
offered or sold within the United States or to a U.S.
person absent registration or pursuant to an
available exemption from the registration requirements
of the U.S. Securities Act and applicable
state securities laws. There will be no public offering
of securities in the United
States.
Forward-Looking Statements
This press release contains certain
forward-looking statements and forward-looking information
(collectively referred to herein as "forward-looking
statements") within the meaning of applicable Canadian
securities laws, which may include, but are not limited to,
information and statements regarding or inferring the future
business, operations, financial performance, prospects, and other
plans, intentions, expectations, estimates, and beliefs of the
Company. All statements other than statements of present or
historical fact are forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as “should”, “hopeful”, “recovery”, "anticipate",
"achieve", "could", "believe", "plan", "intend", "objective",
"continuous", "ongoing", "estimate", "outlook", "expect", "may",
"will", "project" or similar words, including negatives thereof,
suggesting future outcomes.
Forward-looking statements involve and are
subject to assumptions and known and unknown risks, uncertainties,
and other factors beyond the Company’s ability to predict or
control which may cause actual events, results, performance, or
achievements of the Company to be materially different from future
events, results, performance, and achievements expressed or implied
by forward-looking statements herein. Forward-looking statements
are not a guarantee of future performance. Although the Company
believes that any forward-looking statements herein are reasonable,
in light of the use of assumptions and the significant risks and
uncertainties inherent in such statements, there can be no
assurance that any such forward-looking statements will prove to be
accurate. Actual results may vary, and vary materially, from those
expressed or implied by the forward-looking statements herein.
Accordingly, readers are advised to rely on their own evaluation of
the risks and uncertainties inherent in forward-looking statements
herein and should not place undue reliance upon such
forward-looking statements. All forward-looking statements herein
are qualified by this cautionary statement. Any forward-looking
statements herein are made only as of the date hereof, and except
as required by applicable laws, the Company assumes no obligation
and disclaims any intention to update or revise any forward-looking
statements herein or to update the reasons that actual events or
results could or do differ from those projected in any
forward-looking statements herein, whether as a result of new
information, future events or results, or otherwise, except as
required by applicable laws.
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