Wall Financial Corporation - News Release

VANCOUVER, June 14 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the first quarter ended April 30, 2010 and 2009. The Company recorded net earnings for the first quarter of $10,486,743 or $0.32 per share (April 2009 - $1,195,318 or $0.04 per share).

At April 30, 2010, the Company recorded earnings before interest, income tax, and depreciation and amortization (EBITDA), and non-controlling interest of $20,112,208 (April 2009 - $3,260,218).

Revenue from real estate operations in the first quarter of fiscal 2011 was $66,324,777 compared to $49,601 in the same period of fiscal 2010 as a result of condominium sales closing in the first quarter of fiscal 2011 compared to none in the prior year. Revenue from hotel operations was $16,026,723 as at April 30, 2010, an increase of $6,295,571 from the same period in fiscal 2010. This increase was due to higher occupancy and room rates in the first quarter as a result of the stimulus from the Vancouver Winter Olympics and the addition of the Westin hotel to the Company's hotel portfolio in January, 2010. Rental operating revenues increased by $543,625 to $4,729,188 as a result of a general increase in rental rates and an increase of 68 more rental units.

    
                                           April 30, 2010     April 30, 2009
                                           --------------     --------------
    Revenue and other income               $   87,433,972     $   14,023,936
    Net earnings                               10,486,743          1,195,318
    Net earnings per share                           0.32               0.04

    Total assets                           $  517,963,304     $  543,685,782
    

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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