News
Hampton Financial Corporation Announces Third Quarter Results
Hampton Financial Corporation
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISCLOSURE IN THE UNITED STATES
TORONTO, July 30, 2024 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) today announced its financial results for the third quarter ended May 31, 2024.
Third Quarter Fiscal Highlights:
Third quarter ended May 31st2024.
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Q3 revenue of $2,837,000; an increase of 48% year-over-year
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Third quarter 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
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Q3 EBITDA of $305,000 vs $(750,000) in the comparative quarter last year
Summary of corporate developments:
The company’s Q3 results reflect the challenging environment that continues to weigh on the issuer’s ability to fund growth, which in turn continues to hurt corporate finance revenues.
While 2024 is showing some signs of improvement, the next year for Hampton’s core business remains uncertain.
“Third quarter results continue to demonstrate the industry-wide slowdown that has extended into the first half of Calendar 2024. Capital markets activity has started to improve as interest rates have stabilized, so we are hopeful for a stronger second half of the year. As we now see direction in interest rates, we remain optimistic for the balance of the fiscal year.”
After two months of post-consolidation business, we are very pleased with the acquisition of Oxygen Working Capital and the culture they have created is very much aligned with Hampton.
“The integration of this new commercial lending unit into the broader Hampton group is complete and we expect it to be a positive contributor to the financial results going forward. We also see this as an excellent opportunity to enhance our Capital Markets offering with an additional financing offering for early and mid-stage companies,” said Hampton Executive Chairman and CEO Peter Deeb.
Copies of Hampton’s unaudited interim financial statements and its Management’s Discussion and 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 create shareholder value through long-term strategic investments.
Through HSL, Hampton is actively involved in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment broker-dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario and Quebec. In addition, the firm, through HSL, provides investment banking services, which include assisting companies in raising capital, advising on mergers and acquisitions and assisting issuers in obtaining a listing on recognized stock exchanges in Canada and abroad, and HSL’s Corporate Finance Group provides early-stage and growth companies with the capital they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Lead Agent programs, which offer the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support and tax efficiency as they build and manage their professional practice.
The story continues
The company, through its commercial lending and leasing subsidiary Oxygen Working Capital Corp., which was acquired by the company during the third quarter, provides working capital and other financing solutions to early- and mid-stage small and medium-sized businesses across Canada.
The Company is also exploring opportunities to diversify its revenue streams through strategic investments in complementary businesses 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 Juravlev
CFO
Hampton Financial Corporation
(416) 862-8701
Or
Peter M. Deeb
Executive Chairman and CEO
Hampton Financial Corporation
(416) 862-8651
The TSXV has neither approved nor disapproved in any way the contents of this press release. Neither has 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 approved or disapproved the contents of this press release. This press release does not constitute or form part of any offer or solicitation of buy or sell any securities in the United States or any other jurisdiction outside Canada. The the securities offered have not been and will not be registered in 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. lack of registration or by virtue of 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 titles 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”).forward-looking statements“) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements about or implying 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”, “continuing”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including the negative thereof, suggesting future results.
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 that 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 the forward-looking statements contained herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements contained 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 such forward-looking statements will prove to be accurate. Actual results may vary, and may vary materially, from those expressed or implied by the forward-looking statements contained herein. Accordingly, readers are cautioned to rely on their own assessment of the risks and uncertainties inherent in the forward-looking statements contained herein and should not place undue reliance on such forward-looking statements. All forward-looking statements contained herein are qualified by this cautionary statement. Any forward-looking statements contained herein are made only as of the date hereof and, except as required by applicable laws, the Company undertakes no obligation and disclaims any intention to update or revise any forward-looking statements contained herein or to update the reasons why actual events or results could differ or differ from those projected in any forward-looking statements contained herein, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.