WALL FINANCIAL CORPORATION - NEWS RELEASE

VANCOUVER, April 27 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the years ended January 31, 2011 and 2010. The Company recorded net loss for the fourth quarter of $1,884,628 or $(0.06) per share (2010 - $743,641) and annual net earnings of $29,469,368 or $0.89 per share (2010 - $14,329,269).

At January 31, 2011, earnings before interest, income tax, and depreciation and amortization (EBITDA), and non-controlling interest were $54,683,949 (2010 - $37,511,097).

Revenue from real estate operations increased from $104,049,782 in the prior year to $128,871,671 in fiscal 2011, predominantly due to the closing of the commercial unit at the Northgate Village development in fiscal 2011. Revenue from hotel operations was $57,698,893 in fiscal 2011 compared to $45,706,115 in fiscal 2010. This increase was primarily driven by the Vancouver Winter Olympics, which resulted in higher occupancy and average daily room rates, and by the addition of the Westin hotel to the Company's hotel portfolio. Rental property operating revenues remain stable with $17,268,264 recorded in revenue in fiscal 2011 compared with $17,802,032 in the prior year.

        January 31, 2011         January 31, 2010
Revenue and other income       $ 212,984,308         $ 167,784,481
Net earnings       29,469,368         14,329,269
Net earnings per share       0.89         0.43
Total assets       $ 494,060,937         $ 561,020,420

The above financial information is expressed in Canadian dollars and is prepared in accordance with Canadian generally accepted accounting principles, using the same accounting policies and methods of application as described in note 2 of the Company's audited consolidated financial statements for the years ended January 31, 2011 and 2010.

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.

 

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


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