Lorne Park Capital Partners Inc. Announces Results for the Nine-Month and Three-Month Periods Ended September 30, 2024

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Toronto, Ontario--(Newsfile Corp. - October 29, 2024) - Lorne Park Capital Partners Inc. (TSXV: LPC) ("LPCP" or the "Company") today announced its results for the nine-month and three-month periods ended September 30, 2024.

Revenue for the nine-month period ended September 30, 2024 ("YTD 2024") was $26.1 million, an increase of $4.2 million or 19.0%, compared to $21.9 million for the nine-month period ended September 30, 2023 ("YTD 2023"). Revenue for the three-month period ended September 30, 2024 ("Q3 2024") was $9.1 million, an increase of $1.7 million or 23.1%, compared to $7.4 million for the three-month period ended September 30, 2023 ("Q3 2023").

Assets under management were $3.35 billion on September 30, 2024, compared to $3.01 billion on December 31, 2023 and to $2.68 billion on September 30, 2023. On December 15, 2023, the Company acquired all of the membership interest of Fulcrum Equity Management, LLC ("Fulcrum"), which resulted in the addition of $248 million. During YTD 2024, the Company had foreign exchange and market appreciation of $338 million, and net asset outflows of $2 million arising primarily from client cash management.

Net earnings for YTD 2024 were $130 thousand, a decrease of $223 thousand or 63.2%, compared to $353 thousand during YTD 2023, and for Q3 2024 were $146 thousand, a decrease of $47 thousand or 24.1%, compared to earnings of $193 thousand during Q3 2023. Included in net earnings in the current year periods were legal charges relating to regulatory and the integration of acquisitions, and the prior year periods included charges incurred in the establishment of an acquisition facility. Adjusted EBITDA1, a non-IFRS measure, for YTD 2024 was $6.3 million, an increase of $1.1 million or 21.2%, compared to $5.2 million during YTD 2023, and for Q3 2024 was $2.3 million, an increase of $0.4 million or 19.6%, compared to $1.9 million during Q3 2023.

These results are not a comprehensive statement of the Company's financial results for YTD 2024 and Q3 2024. They should not be viewed as a substitute for financial statements prepared in accordance with International Financial Reporting Standards and are not necessarily indicative of the Company's results for any future period.

About Lorne Park Capital Partners Inc.

LPCP was created to bring together boutique investment management and wealth advisory firms in order to deliver robust, cost-effective investment solutions to affluent investors, foundations, estates and trusts. LPCP's unique strategy creates better alignment between investment managers and wealth advisors while providing them with additional resources to accelerate their growth.