Wall Financial Corporation - News Release

VANCOUVER, June 11, 2014 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the first quarter ended April 30, 2014.  The Company recorded a net loss attributable to shareholders of the Company for the quarter ended April 30, 2014 of $967,969 or $0.03 per share (April 30, 2013 – net loss of $435,558 or $0.01 per share). 

As at April 30, 2014, earnings before interest, income tax, and depreciation and amortization (EBITDA)1, and amounts attributable to non-controlling interest were $2,430,949 (April 30, 2013 - $1,114,012).

Revenue from hotel operations for the quarter ended April 30, 2014 was $10,149,789 compared with revenue of $9,673,393 for the same period of the prior year while earnings decreased from $1,010,164 as at April 30, 2013 to $560,428 as at April 30, 2014 due mainly to increased sales and promotional expenses. Rental revenues decreased from $3,339,000 as at April 30, 2013 to $3,134,922 for the quarter ended April 30, 2014 while earnings decreased from $1,102,999 as at April 30, 2013 to $962,641 as at April 30, 2014 due to increased expenditures on renovations at the Company's 185-unit West Vancouver rental property. Revenue from development operations increased from $146,000 as at April 30, 2013 to $390,627 as at April 30, 2014 while the Company incurred a loss from development operations of $530,496 as at April 30, 2014, compared with a loss of $2,354,134 for the comparative period ended April 30, 2013 due to fewer sales and marketing expenses incurred in the current quarter.


April 30, 2014

April 30, 2013

Revenue and other income

$             13,712,943

$             13,214,565

Net loss attributable to shareholders of the Company

(967,969)

(435,558)

Net loss per share

(0.03)

(0.01)

Total assets

$           519,510,458

$           596,804,941




 

The above unaudited financial information, including comparative information, is expressed in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards, using the same accounting policies and methods of application as described in notes 2 and 3 of the Company's audited consolidated financial statements for the years ended January 31, 2014 and 2013.    

Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential rental apartments, development and construction of residential housing for resale, and the development and management of hotel properties.  For further information, contact Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 3502 – 1088 Burrard Street, Vancouver, British Columbia V6Z 2R9, (604) 893-7131.

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1 EBITDA is a widely accepted supplemental measure of financial performance but is not prescribed by Canadian generally accepted accounting principles ("GAAP").  This non-GAAP financial measure does not have any standardized meaning and therefore, may not be comparable to similar measures presented by other companies.

SOURCE Wall Financial Corporation

For further information: Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 3502 - 1088 Burrard Street, Vancouver, British Columbia V6Z 2R9, (604) 893-7131.