Wall Financial Corporation - News Release

VANCOUVER, June 13, 2012 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the three months ended April 30, 2012.  The Company recorded net earnings and comprehensive income attributable to owners of the Company for the three months ended April 30, 2012 of $3,192,765 or $0.10 per share (April 30, 2011 - $16,392,584 or $0.50 per share).

As at April 30, 2012, earnings before interest, income tax, and depreciation and amortization (EBITDA), and net earnings attributable to non-controlling interest were $7,257,476 (April 30, 2011 - $57,361,301).

Revenue from real estate operations decreased from $186,473,472 for the three months ended April 30, 2011 to $4,873,644 for the three months ended April 30, 2012, predominantly due to the closing of 343 units at the Capitol Residences development in the three months of fiscal 2012. Revenue from hotel operations was $10,779,887 for the three months ended April 30, 2012 compared to $11,548,179 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. Rental property operating revenues decreased from $4,044,280 as at April 30, 2011 to $3,879,105 for the three months ended April 30, 2012.

      April 30, 2012     April 30, 2011
Revenue and other income   $ 21,875,709   $ 202,096,586
Net earnings and comprehensive income attributable to
owners of the Company
    3,192,765     16,392,584
Net earnings per share     0.10     0.50
Total assets   $ 445,253,038   $ 387,274,474

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 year ended January 31, 2012.

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:

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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