Wall Financial Corporation - News Release

VANCOUVER, April 29 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the years ended January 31, 2010 and 2009. The Company recorded net earnings for the fourth quarter of $743,641 or $0.02 per share (2009 - $3,344,087) and recorded annual net earnings of $14,329,269 or $0.43 per share (2009 - $18,373,207).

At January 31, 2010, the Company recorded earnings before interest, income tax, and depreciation and amortization (EBITDA), and non-controlling interest of $37,511,097 (2009 - $25,865,982).

Revenue from real estate operations in the current year is higher by $51,475,594 to $104,049,782 as a result of more condominium sales closing in fiscal 2010 compared to the prior year. Revenue from hotel operations declined by $9,242,591 to $45,706,115 due to the weak global economic conditions, which have affected the travel industry, while rental operating revenues increased by $3,234,373 to $17,802,032 as a result of a general increase in rental rates and the acquisition of 77 additional rental units during the year.

    
                                        January 31, 2010    January 31, 2009
                                        -----------------   -----------------
    Revenue and other income               $ 167,784,481       $ 122,128,053
    Net earnings                              14,329,269          18,373,207
    Net earnings per share                          0.43                0.57

    Total assets                           $ 561,020,420       $ 516,459,728
    

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, 2010 and 2009.

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.

%SEDAR: 00002080E

SOURCE Wall Financial Corporation

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


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