Hampton Financial Corporation Announces 1st Quarter Results

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TORONTO, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) today announced its financial results for the 1^st quarter ended November 30th, 2023.

First Quarter fiscal highlights:

First Quarter ended November 30^th, 2023.

• Q1 Revenues of $1,744,000; a decrease of 17% year-over-year
• Q1 Net Losses of $(563,000) or $(0.02) per share;
• Q1 EBITDA of $(249,000) vs $(243,000) in the comparative quarter last year
  

Summary of Corporate Developments:

Our 1^st quarter results reflect the challenging environment across the Capital markets industry. Rising interest rates and global uncertainty delayed many financings and broader financial decisions on the part of issuers. While 2024 is showing some signs of improvement, the year ahead for our core business remains unclear. That said we intend to move ahead with a number of initiatives to further expand our business portfolio, while growing our existing Wealth Management and Capital Markets businesses. In furtherance of this we are pleased to advise that negotiations are ongoing as we seek to agree to terms, and then to close, our previously announced potential acquisition of Oxygen Working Capital Corp.

“The first quarter results continue to demonstrate the industry-wide challenges faced during the fall of 2023. 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,” said Hampton Executive Chairman & CEO Peter Deeb.

Copies of Hampton’s unaudited interim financial statements and its Management’s Discussion & Analysis for the three months ended November 30, 2023, 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.