Hampton Financial Corporation Announces 2nd Quarter Results

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TORONTO, April 29, 2024 (GLOBE NEWSWIRE) -- Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) today announced its financial results for the 2^nd quarter ended February 29^th, 2024.

Second Quarter fiscal highlights:

Second Quarter ended February 29^th, 2024.

• Q2 Revenues of $1,864,000; a decrease of 25% year-over-year
• Q2 Net Losses of $(751,000) or $(0.02) per share; an improvement of 17% year-over-year
• Q2 EBITDA of $(441,000) vs $(437,000) in the comparative quarter last year
  

Summary of Corporate Developments:

The Company’s 2^ND quarter results reflect the challenging environment across the Financial Services industry amidst rising interest rates and global uncertainty which continues to delay many financings and broader financial decisions on the part of issuers. While 2024 is showing some signs of improvement, the year ahead for Hampton’s core business remains unclear.

“The second quarter results continue to demonstrate the industry-wide slowdown that has extended in to 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. We remain optimistic for the balance of the fiscal year. On a positive note, we were pleased to announce that subsequent to the end of our 2^nd quarter we have completed the acquisition of Oxygen Working Capital Corp. 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 six months ended February 29, 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.