Wall Financial Corporation - News Release

VANCOUVER , Dec. 11 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the nine months ended October 31, 2009 and 2008. The Company recorded net earnings of $13,585,628 or $0.41 per share ( October 2008 - $16,044,291 or $0.50 per share).

At October 31, 2009 , the Company recorded earnings before interest, income tax, and depreciation and amortization (EBITDA), and non-controlling interest of $31,469,489 ( October 2008 - $29,025,384 ).

Revenues are higher for the nine months ended October 31, 2009 primarily due to the increased number of condominium sales completed compared to the same period last year while net earnings are lower due to reduced hotel gross margins. Hotel revenues are significantly lower at $36,155,708 year-to-date ( October 2008 - $45,897,602 ) due to lower occupancy and reduced room rates in the Company's combined hotel operations. At October 31, 2009 , rental operating revenues increased by $2,485,456 as a total of 203 rental units were added to the Company's portfolio since the third quarter of fiscal 2009 and rental rates increased by approximately 3.0%. The Company paid a dividend of $0.20 per share or $6,622,673 on October 9, 2009 .

    
                                       October 31, 2009     October 31, 2008
                                       ----------------     ----------------

    Revenue and other income             $  145,157,321       $  108,014,633
    Net earnings                             13,585,628           16,044,291
    Net earnings per share                         0.41                 0.50

    Total assets                         $  530,211,803       $  430,756,199
    

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.

%SEDAR: 00002080E

For further information: Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 3502 - 1088 Burrard Street, Vancouver, British Columbia, V6Z 2R9, [phone]