Wall Financial Corporation - News Release

VANCOUVER, Sept. 12, 2012 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the six months ended July 31, 2012.  The Company recorded net earnings and comprehensive income attributable to owners of the Company for the six months ended July 31, 2012 of $7,453,724 or $0.23 per share (July 31, 2011 - $24,031,586 or $0.73 per share).

As at July 31, 2012, earnings before interest, income tax, and depreciation and amortization (EBITDA), and net earnings attributable to non-controlling interest were $15,403,312 (July 31, 2011 - $72,736,669).

Revenue from hotel operations was $26,359,563 for the six months ended July 31, 2012 compared to $28,335,847 in the same period of the prior year.  This decrease was primarily due to the sale of the Comfort Inn hotel on May 31, 2011. Rental revenues decreased from $8,207,952 as at July 31, 2011 to $7,567,487 for the six months ended July 31, 2012 due to the decrease in the Company's portfolio of rental properties. Revenue from real estate sales decreased from $200,359,478 for the six months ended July 31, 2011 to $7,966,220 for the six months ended July 31, 2012 as there were no projects completing in the first 6 months of this year.

	July 31, 2012		July 31, 2011
Revenue and other income	$	46,083,452	$	241,917,387
Net earnings and comprehensive income attributable to owners of the Company		7,453,724		24,031,586
Net earnings per share		0.23		0.73
Total assets	$	508,441,377	$	398,393,210

 

The above unaudited financial information, including comparative information, is expressed in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards, using the same accounting policies and methods of application as described in notes 2 and 3 of the Company's audited consolidated financial statements for the year ended January 31, 2012.

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

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