VANCOUVER, June 13 /CNW/ - Wall Financial Corporation (the "Company")
released today its operating results and financial statements for the first
quarter ended April 30, 2008. The Company recorded net earnings of $1,815,154
or $0.06 per share (April 2007 - $4,440,914 or $0.14 per share).
At April 30, 2008, the Company recorded earnings before interest, income
tax, and depreciation and amortization (EBITDA), and non-controlling interest
of $5,129,864 (April 2007 - $12,396,315).
Revenue and gross margins decreased from the prior year first quarter
primarily due to the reduced number of condominium sales in the first quarter
of fiscal 2008. Revenue and gross margins from the hotel operations continue
to improve and rental apartment revenue, on a comparative basis, is also
higher than in fiscal 2008.
April 30, 2008 April 30, 2007
Revenue and other income $ 22,281,244 $ 57,244,239
Net earnings 1,815,154 4,440,914
Net earnings per share 0.06 0.14
Total assets $ 404,077,509 $ 379,199,227
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, 2008 and 2007.
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