Wall Financial Corporation - News Release

VANCOUVER, April 23, 2015 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the year ended January 31, 2015.  The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the year ended January 31, 2015 of $7,753,153 or $0.23 per share (2014 – $25,313,094 or $0.76 per share). 

As at January 31, 2015, earnings before interest, income tax, and depreciation and amortization (EBITDA)1, and net earnings attributable to non-controlling interest were $18,383,446 (2014 – $62,646,142).

For the year ended January 31, 2015, higher average daily rates achieved at the hotels resulted in revenues of $53,935,650 and earnings2 of $12,082,607 from hotel operations compared with the prior year during which the hotel operations generated revenues of $51,108,901 and earnings of $11,676,322. Due to vacancies from renovations undertaken at three of the Company's rental properties, revenues decreased from $13,108,733 in the prior year to $12,199,358 for the year ended January 31, 2015.  This resulted in a corresponding decrease in earnings from rental operations from $4,490,155 in the prior year to $3,296,364 in the fiscal 2015 year.  Revenue from development operations decreased from $210,644,261 in fiscal 2014 to $1,632,873 in fiscal 2015 while the Company incurred a loss from development operations of $5,030,210 in fiscal 2015, compared with earnings of $43,368,834 in fiscal 2014.  The revenues and earnings were higher for the prior year compared with the year ended January 31, 2015 due to 561 condominium units closing in the prior year compared with three lots sales in the current year.  The loss of $5,030,210 in fiscal 2015 was due to sales and marketing expenses recorded in respect of the Company's six projects under development for sale.


2015

2014

Revenue and other income

$             67,866,352

$           275,145,359

Net earnings and comprehensive income attributable to

shareholders of the Company

7,753,153

25,313,094

Net earnings per share

0.23

0.76

Total assets

$           683,383,807

$           496,458,442

 

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, 2015 and 2014.   

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. 


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.
2 Earnings referenced herein pertain to earnings after income tax.

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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