Wall Financial Corporation - News Release

VANCOUVER, Sept. 10, 2014 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the six months ended July 31, 2014.  The Company recorded net earnings attributable to shareholders of the Company for the six months ended July 31, 2014 of $2,850,167 or $0.09 per share (July 31, 2013$8,593,422 or $0.26 per share). 

As at July 31, 2014, earnings before interest, income tax, and depreciation and amortization (EBITDA)[1], and amounts attributable to non-controlling interest were $9,293,973 (July 31, 2013 - $20,593,063).

Revenue from hotel operations for the six months ended July 31, 2014 was $26,544,291 compared with revenue of $25,553,772 for the same period of the prior year while earnings decreased from $6,343,020 as at July 31, 2013 to $6,187,501 as at July 31, 2014 due mainly to increased sales and promotional expenses.  Rental revenues and earnings decreased from $6,556,216 and $2,276,084, respectively, as at July 31, 2013 to $6,252,125 and $1,777,573, respectively for the six months ended July 31, 2014 due to increased renovation expenditures at the Company's rental properties.  Revenue from development operations decreased from $64,212,509 as at July 31, 2013 to $506,134 as at July 31, 2014 while the Company incurred a loss from development operations of $1,601,752 as at July 31, 2014, compared with earnings of $10,040,640 for the comparative period ended July 31, 2013.  The revenues and earnings were higher in the six months of the prior year compared with the first half of this year due to 183 condominium units closing in the prior year compared with two lots sales in the current year.


July 31, 2014

July 31, 2013

Revenue and other income

$             33,355,025

$             96,424,696

Net earnings attributable to shareholders of the Company

2,850,167

8,593,422

Net earnings per share

0.09

0.26

Total assets

$           584,647,228

$           572,978,066

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. 

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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: 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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