VANCOUVER, June 15 /CNW/ - Wall Financial Corporation (the "Company")
released today its operating results and financial statements for the first
quarter ended April 30, 2009 and 2008. The Company recorded net earnings for
the first quarter of $1,195,318 or $0.04 per share (April 2008 - $2,144,560 or
$0.07 per share).
At April 30, 2009, the Company recorded earnings before interest, income
tax, and depreciation and amortization (EBITDA), and non-controlling interest
of $3,260,218 (April 2008 - $5,130,114).
Revenue and earnings are lower this quarter due to lower occupancy and
room rates in the Company's hotel operations and no condominium sales in
properties held for and under development. At April 30, 2009, rental operating
revenues increased by $807,114 as 124 rental units were added during the third
quarter of fiscal 2009 and rental rates increased by approximately 4.0%.
April 30, 2009 April 30, 2008
Revenue and other income $ 14,023,936 $ 22,281,244
Net earnings 1,195,318 2,144,560
Net earnings per share 0.04 0.07
Total assets $ 543,685,782 $ 404,077,509
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 3 of the Company's audited consolidated financial statements for the
years ended January 31, 2009 and 2008.
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.
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