TORONTO, ONTARIO — (Marketwire) — 07/19/12 — Northampton Group Inc. (TSX VENTURE: NHG)(TSX VENTURE: NHG.DB), an integrated Canadian hotelier, today reported its results for fiscal 2012-s fourth quarter and year ended March 31, 2012. In the fourth quarter, Northampton-s sales rose quarter-over-quarter by 2.5%; in the 12 months, sales increased by 3.0% over the previous year.
“Overall, we are pleased with our results for fiscal 2012, given the challenging environment,” said Vinod Patel, President and CEO of the Northampton Group. “We still face some competitive pressure on rates, with a corresponding impact on our margins, but we see significant upside potential within our current portfolio as the market continues to rebound.”
In calendar 2011, the national average revenue per available room (RevPAR) improved by 1.1%, according to industry analysts Pannell Kerr Forster (PKF). Of Northampton-s major markets, Ontario saw RevPAR increase by 1.6%, while Quebec-s RevPAR was up by 4.1% in the same period. For the fiscal year ended March 31, 2012, Northampton-s average occupancy rate increased by 2.2%, average rates rose by 1.0%, and RevPAR grew by 3.2%. Business markets improved more than leisure, with a strong lift in the automotive sector. Forecasts for 2012 include increased hotel supply of about 1.3%, which may put some pressure on rates in some of Northampton-s locations, but the economic environment is expected to continue to improve slowly but steadily.
Highlights of the Year:
The following is a tabulated summary of Northampton-s results:
For a more complete discussion of the Company-s results, please see Northampton-s filings on , or the MD&A, financials, and notes to the financial statements on the Company-s website at .
About Northampton
Northampton Group Inc. is an integrated Canadian hotelier with ownership and management interests in 2,129 rooms in 17 hotels, with a selective strategic development program in place. Focused on creating the best return for all stakeholders, Northampton-s proven, market-sensitive strategy is to acquire or build accommodation that provides superior service in the mid-price market. Northampton has consistently excelled in this sector, offering facilities that exceed expectations while still posting industry-leading margins.
Disclaimer:
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Northampton-s results to differ materially from expectations. Such risks may relate to hotel performance, market fluctuations, investee performance, and other risks more fully described in the Company-s annual report, posted on the Company-s website and on SEDAR. These forward-looking statements speak only as of the date hereof. Northampton Group disclaims any intent or obligation to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Northampton Group Inc.
Vinod Patel
President and CEO
905-629-9992