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Hampton Financial Corp
Symbol HFC
Shares Issued 15,910,370
Close 2023-07-28 C$ 0.50
Market Cap C$ 7,955,185
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Hampton Financial loses $1.02-million in Q3

2023-07-31 20:28 ET - News Release

Mr. Peter Deeb reports


Hampton Financial Corp. has released its financial results for the third quarter ended May 31, 2023.

"The third quarter results are consistent with Q2 results amidst continued pressures on revenues and earnings across the industry that began in fall of 2022 and continue well into calendar 2023. Capital markets activity continues to be weak amidst rising rates and economic and political uncertainty, but we are seeing signs of an initial recovery that should be reflected in coming quarters. Q4 is seeing significant improvements in operating trends," said Hampton executive chairman and chief executive officer Peter Deeb.

Third quarter ended May 31, 2023:

  • Q3 revenues of $2.18-million, a decrease of 58 per cent year over year;
  • Q3 net losses of $1,023,000 or three cents per share (loss of two cents per share -- diluted);
  • Q3 EBITDA (earnings before interest, taxes, depreciation and amortization of negative $750,000, versus $671,000 in the comparative quarter last year.

Summary of corporate developments

The company's third quarter results saw revenues decrease over the second quarter by 21.6. However, by the end of the third quarter and into Q4, wealth management has been showing a promising improvement and continuing to perform with improving fundamentals over the second and third quarters. The capital markets business began showing signs of improvement in Q3 and into Q4, as the company is seeing a renewed buildup of potential deal-flow.

The company, through its wholly owned subsidiary, Hampton Securities Ltd. (HSL), continues to develop its wealth management, advisory team and principal agent programs, offering 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's corporate finance group provides early-stage, growing companies the capital they need to create value for investors. Its treasury group works to maximize returns from the company's balance sheet and strengthen its competitive position as one of Canada's leading independent financial institutions.

Copies of Hampton's unaudited interim financial statements and its management's discussion and analysis for the three and nine months ended May 31, 2023, can be accessed on SEDAR.

About Hampton Financial Corp.

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 the Investment Industry Regulatory Organization (IIROC) and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario and Quebec. In addition, the company 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. The company is also exploring opportunities to diversify its sources of revenue by way of strategic investments in both complementary business and non-core sectors that can leverage the expertise of its board and the diverse experience of its management team.

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