Wall Financial Corporation - News Release

VANCOUVER, June 11, 2015 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the three months ended April 30, 2015.  The Company recorded a net loss attributable to shareholders of the Company for the quarter ended April 30, 2015 of $156,932 or $0.00 per share (April 30, 2014 – net loss of $967,969 or $0.03 per share). 

As at April 30, 2015, earnings before interest, income tax, and depreciation and amortization (EBITDA)1, and net earnings attributable to non-controlling interest were $2,753,327 (April 30, 2014$2,430,949).

For the quarter ended April 30, 2015, higher average daily rates achieved at the hotels resulted in revenues of $10,486,419 and earnings2 of $865,426 from hotel operations compared with the same quarter of the prior year during which the hotel operations generated revenues of $10,149,789 and earnings of $560,428.  Revenues from the Company's rental properties for the three months ended April 30, 2015 were consistent with revenues for the three months ended April 30, 2014 while earnings for the quarter ended April 30, 2015 of $715,839 were lower than earnings for the quarter ended April 30, 2014 of $962,641.  This decrease was mainly the result of depreciation claimed in respect of the Company's recently renovated rental property. Revenue from development operations increased from $390,627 for the quarter ended April 30, 2014 to $2,533,000 for the quarter ended April 30, 2015 due to more lot sales closing in the first quarter of fiscal 2016 compared with the same period of the prior year.


April 30, 2015

April 30, 2014

Revenue and other income

$             16,086,682

$             13,712,943

Net loss attributable to shareholders of the Company

(156,932)

(967,969)

Net earnings per share

(0.00)

(0.03)

Total assets

$           740,440,910

$           519,510,458

 

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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