Mr. Robert Hammond reports

HAMMOND MANUFACTURING COMPANY LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE YEAR AND FOURTH QUARTER ENDED DECEMBER 31, 2023

Hammond Manufacturing Company Ltd. has released its financial results for the year and fourth quarter ended Dec. 31, 2023.

                                                            Year ending                Three months ending
                                            Dec. 31, 2023  Dec. 31, 2022      Dec. 31, 2023  Dec. 31, 2022

Net product sales                            $238,285,000   $225,922,000        $57,275,000    $56,847,000
Income from operating activities (1)           28,088,000     19,442,000          7,269,000      6,981,000
Net income for the period                      18,761,000     12,003,000          5,071,000      4,999,000
Total comprehensive income for the period      18,134,000     13,533,000          4,469,000      4,883,000
Earnings per share
Basic                                               $1.66          $1.06              $0.45          $0.44
Diluted                                             $1.66          $1.06              $0.45          $0.44

(1) Earnings from operations are before interest, foreign exchange, equity interest, other income and taxes.
(2) The interim financial results have not been reviewed by an auditor.

Year over year, sales are up 5.5 per cent, which included a 2.6-per-cent lift from foreign exchange. Gross margins have benefited from price increases, a stabilized work force and improved utilization of the company's assets.

Hammond Manufacturing Company manufactures a broad range of products for the electronic and electrical products industry, including metallic and non-metallic enclosures, racks, small cases, outlet strips, surge suppressors and electronic transformers.