VANCOUVER, Sept. 13 /CNW/ - Wall Financial Corporation (the "Company")
released today its operating results and financial statements for the second
quarter ended July 31, 2007 and 2006. The Company recorded net earnings of
$19,916,699 or $0.62 per share and earnings before interest, income tax and
depreciation and amortization (EBITDA) and non-controlling interest of
$50,171,269. Net earnings for the three months ended July 31, 2007 were
$15,475,785 or $0.48 per share compared to $4,237,043 or $0.13 per share for
the same quarter last year. Earnings were significantly higher for the six
months ended July 31, 2007 primarily due to the sale of 444 condominium units.
Revenues for the three months ended July 31, 2007 were $98,229,979 compared to
$21,409,375 in 2006 primarily due to real estate sales at Tower 3 of Yaletown
Park which is now 100% complete. Hotel revenues for the six months ended
July 31, 2007 decreased $300,647 or 1% compared to the six months ended July
2006 as a result of ongoing renovations at the Vancouver Airport Comfort Inn
Hotel in Richmond, BC.
July 31, 2007 July 31, 2006
Net earnings per share $0.62 $0.17
Net earnings $19,916,699 $5,556,538
Revenue & Other Income $155,517,574 $36,566,342
Total Assets $351,349,086 $510,615,631
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