Hammond Power Solutions Inc.Announces 4th Quarter 2020 Financial Results Toronto Stock Exchange: HPS-A.TO

Hammond Power Solutions Inc.Announces 4th Quarter 2020 Financial Results Toronto Stock Exchange: HPS-A.TO

(Dollar amounts are in thousands, unless otherwise noted)

Announces net profit growth for the year

HIGHLIGHTS

Continued increase in profits despite lower sales due to COVID-19 Increase in margin rates Revenue per share for the quarter up 26% and year-to-date up 21% Strong cash Dividend of 0.34 USD paid in 2020, attractive yield Low operating debt balance

GUELPH, Ontario, March 4, 2021 (GLOBE NEWSWIRE) – Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A), a leading manufacturer of liquid-filled transformers, dry-type cast resin and Magnetics Related, today announced its financial results for the fourth quarter of 2020.

FOURTH QUARTER RESULTS

“In a year dominated by the challenges and uncertainty presented by the COVID-19 pandemic, our primary focus has shifted to the health and well-being of our employees and customers. Beyond our focus on people in 2020, we were able to strengthen the underlying business by increasing our North American market share, increasing our gross margins and increasing sales of new products ”, said Bill Hammond, president and CEO of Hammond Power Solutions.

Sales for the quarter ended December 31, 2020 were $ 80,169, a decrease of $ 10,484 or 11.6% from the comparative quarter last year, reflecting lower market activity. related to COVID-19[WOMENCumulativesalesofcontinuedactivitiesin2020amountedto$322097comparedtosalesof$358782in2019oradecreaseof$36685or102%SalestotheUnitedStates(expressedinCanadiandollars)forthequarter…[FEMININELesventescumulativesdesactivitéspoursuiviesen2020sesontchiffréesà322097$comparativementàdesventesde358782$en2019soitunebaissede36685$ou102%VentesauxÉtats-Unis(expriméesendollarscanadiens)pourletrimestre…

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