VANCOUVER, June 12 /CNW/ - Wall Financial Corporation (the "Company")
released today its operating results and financial statements for the first
quarter ended April 30, 2007 and 2006. The Company recorded net earnings of
$4,440,914 or $0.14 per share and earnings before interest, income tax and
depreciation and amortization (EBITDA) and non-controlling interest of
$12,396,315. Earnings were significantly higher for the three months ended
April 30, 2007 due to the sale of properties under development which included
condominium unit sales at Ten Ten Howe Street and Yaletown Park (Towers I and
II) and lot sales at Eagle Mountain. Hotel revenues for the quarter increased
$864,998 or 8% compared to the same quarter in April 2006.
April 30, 2007 April 30, 2006
Net earnings per share $0.14 $0.04
Net earnings $4,440,914 $1,319,495
Revenue & Other Income $57,244,239 $15,111,703
Total Assets $379,199,227 $455,976,077
The above financial information is expressed in Canadian dollars and is
prepared in accordance with Canadian generally accepted accounting principles,
using the same accounting policies and methods of application as described in
note 2 of the Company's audited consolidated financial statements for the
years ended January 31, 2007 and 2006.
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.
The Toronto Stock Exchange does not accept responsibility for the
adequacy and accuracy of this release. The Toronto Stock Exchange has neither
approved nor disapproved of the contents of this release.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Bruno Wall, President, WALL FINANCIAL
CORPORATION (TSX:WFC), 3502 - 1088 Burrard Street, Vancouver, British
Columbia, V6Z 2R9, (604) 893-7131