Wall Financial Corporation - News Release

VANCOUVER, Sept. 13, 2011 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the six months ended July 31, 2011.  The Company recorded net earnings and comprehensive income attributable to owners of the Company for the first half of fiscal 2012 of $24,031,586 or $0.73 per share (July 31, 2010 - $25,823,219 or $0.78 per share).

As at July 31, 2011, earnings before interest, income tax, and depreciation and amortization (EBITDA), and net earnings attributable to non-controlling interest were $72,736,669 (July 31, 2010 - $44,713,262).

Revenue from real estate operations increased from $123,341,893 in the first half of the prior year to $200,359,478 in the first half of fiscal 2012, predominantly due to the closing of 359 condominium units at the Capitol Residences development in the first half of fiscal 2012. Revenue from hotel operations was $28,335,847 for the six months ended July 31, 2011 compared to $32,359,303 in the same period of the prior year.  This decrease was primarily due to the sale of the Comfort Inn hotel on May 31, 2011 and the stimulus received in the prior year from the Vancouver Winter Olympics, which resulted in higher occupancy and average daily room rates in the first half of the prior year. Rental property operating revenues decreased from $9,185,411 as at July 31, 2010 to $8,207,952 for the six months ended July 31, 2011 primarily due to the sale of two rental properties in May and June 2010.

    July 31, 2011   July 31, 2010
Revenue and other income  $ 241,917,387  $ 171,217,822
Net earnings and comprehensive income attributable to owners of the Company   24,031,586   25,823,219
Net earnings per share   0.73   0.78
Total assets  $ 398,393,210  $ 459,475,265

The above unaudited financial information, including comparative information, is expressed in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards ("IFRS"), using the same accounting policies and methods of application as described in note 2 of the Company's unaudited condensed consolidated interim financial statements for the period ended April 30, 2011.  Details regarding the adoption of IFRS can be found in note 13 of these financial statements of the Company.

The Company is pleased to announce the appointment of Mr. Michael Redekop to its board of directors effective September 13, 2011.

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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