19:12:30 EDT Mon 17 Jun 2024
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or Name

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Hampton Financial Corp
Symbol HFC
Shares Issued 15,910,370
Close 2023-12-28 C$ 0.51
Market Cap C$ 8,114,289
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Hampton Financial loses $2.92-million in fiscal 2023

2023-12-29 17:30 ET - News Release

Mr. Peter Deeb reports


Hampton Financial Corp. has released its financial results for the fourth quarter and full year ended Aug. 31, 2023.

"The fourth quarter and full year results reflect continued pressures on revenues and earnings across our industry that began in the fall of 2022 and continued well into calendar 2023. Capital markets activity continued to be weak into the fourth quarter, but we are seeing signs of an initial recovery that should be reflected in Q2 of fiscal 2024," said Hampton executive chairman and chief executive officer Peter Deeb.

Fourth quarter fiscal highlights

Fourth quarter ended Aug. 31, 2023:

  • Q4 revenues of $1.36-million; a decrease of 42.9 per cent year over year;
  • Q4 net losses of ($405,000) or (one cent) per share;
  • Q4 EBITDA (earnings before interest, taxes, depreciation and amortization) of $34,000 versus $50,000 in the comparative quarter last year.

Full year fiscal highlights

Fiscal year ended Aug. 31, 2023:

  • FY revenues of $8,727,000; a decrease of 49.2 per cent year over year;
  • FY net losses of ($2.92-million) or (nine cents) per share;
  • FY EBITDA of ($1,395,000) versus $2,548,000 for the fiscal year 2022.

Summary of corporate developments

The company's fourth quarter and full year results reflect the challenging year that 2023 was for the company's 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 the company's core business remains unclear. That said the company intends to move ahead with a number of initiatives to further expand its business portfolio, while growing its existing wealth management and capital markets businesses. The company is hopeful of improvements in Q2 and beyond.

Copies of Hampton's audited annual financial statements and its management's discussion and analysis for the fiscal year ended Aug. 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 its Hampton Securities Ltd. subsidiary, Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by IIROC (Investment Industry Regulatory Organization of Canada) 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, and HSL's corporate finance group provides early stage, growing companies the capital they need to create value for investors. HSL's treasury group works to maximize returns from its balance sheet and strengthen its competitive position as one of Canada's leading independent financial institutions. 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.

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.

We seek Safe Harbor.

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