VANCOUVER, Dec. 14 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the nine months ended October 31, 2010 and 2009. The Company recorded net earnings of $31,353,996 or $0.95 per share (October 2009 - $13,585,628 or $0.41 per share).

At October 31, 2010, the Company recorded earnings before interest, income tax, and depreciation and amortization (EBITDA), and non-controlling interest of $56,042,703 (October 2009 - $31,469,489).

Revenue from real estate operations for the nine months of fiscal 2011 was $127,334,225 compared to $95,727,206 in the same period of fiscal 2010 as the result of an increase in condominium and commercial sales closing in fiscal 2011 compared to the prior year. Revenue from hotel operations was $48,026,681 as at October 31, 2010, an increase of $11,870,973 from the same period in fiscal 2010. This increase was due to higher occupancy and room rates in the nine months of fiscal 2011 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 were $13,277,538 as at October 31, 2010 compared with $13,154,167 as at October 31, 2009. This slight increase was a result of a general increase in rental rates and an increase of 52 more rental units owned by the Company in the first five months of fiscal 2011, offset by the sale of two rental properties during the year.

  October 31, 2010   October 31, 2009
Revenue and other income $ 199,149,895   $ 145,157,321
Net earnings   31,353,996     13,585,628
Net earnings per share $ 0.95   $ 0.41
Total assets $ 470,957,980   $ 530,211,803

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.

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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