TORONTO, ONTARIO — (Marketwire) — 11/23/11 — Northampton Group Inc. (TSX VENTURE: NHG)(TSX VENTURE: NHG.DB), an integrated Canadian hotelier, today reported its financial results for fiscal 2012-s second quarter and six months ended September 30, 2011. The second quarter showed some seasonal strength, with a period-over-period sales increase of 1.1% in the six months and 4.1% in the quarter.
Industry analysts, Pannell Kerr Forster Consulting (PKF), saw Canada-s overall improvement in revenue per available room (RevPAR) rise by 0.4%, and Toronto and Ottawa increase by 0.5% and 6.5% respectively by the end of September. Northampton outperformed in its major markets, posting a 10.8% increase in RevPAR in September alone, with occupancies and rates both showing quarter-over-quarter improvements.
“We are cautiously optimistic about the economic environment, and will continue our regimen of careful cost management,” said Vinod Patel, president and CEO of Northampton Group. “With a 4.1% improvement in revenue in the current quarter, we are hopeful that this trend carries on into the coming quarters. In the meantime, we are pleased with the progress of the development of the new Vaughan Mills hotel property, expected to open in the first half of 2012.”
Highlights of the Quarter:
Northampton today announced the payment of an annual dividend of $0.02 per common share payable to shareholders of record on December 8, 2011, to be disbursed on December 20, 2011.
The following is a tabulated summary of Northampton-s results from continuing operations:
For a more complete discussion of the Company-s results, please see Northampton-s quarterly filings on , or the quarterly 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 2,002 rooms in 16 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 hotels that provide superior overnight accommodation in the mid-price market. Northampton has consistently excelled in this sector, offering services 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