Wall Financial Corporation - News Release

VANCOUVER, June 13, 2013 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the first quarter ended April 30, 2013.  The Company recorded a net loss attributable to shareholders of the Company for the period ended April 30, 2013 of $435,558 or $0.01 per share (April 30, 2012 - net earnings of $3,192,765 or $0.10 per share) as the result of sales and marketing expenses incurred during the first quarter in respect of its development projects.

As at April 30, 2013 earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $1,058,440 (April 30, 2012 - $7,228,163).

Revenue from hotel operations was $9,673,393 for the three months ended April 30, 2013 compared to $10,779,887 in the same period of the prior year.  Rental revenues decreased from $3,879,105 as at April 30, 2012 to $3,339,000 for the three months ended April 30, 2013 due to the decrease in the Company's portfolio of rental properties. Revenue from real estate sales for the period ended April 30, 2013 was $146,600 compared to $4,385,378 for the period ended April 30, 2012.  Revenue was higher in the first quarter of the prior year due predominantly to the closing of condominium units at the Capitol Residences development while there were no projects completing in first quarter ended April 30, 2013.

	April 30, 2013	April 30, 2012
Revenue and other income	$ 13,214,565	$ 21,387,443
Net earnings and comprehensive income attributable to shareholders of the Company	(435,558)	3,192,765
Net earnings per share	(0.01)	0.10
Total assets	$ 596,804,941	$ 444,181,892

 

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, 2013, except as described in note 3 of the Company's condensed consolidated interim financial statements for the period ended April 30, 2013.

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. 

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1} EBITDA is a widely accepted supplemental measure of financial performance but is not prescribed by Canadian generally accepted accounting principles ("GAAP").  This non-GAAP financial measure does not have any standardized meaning and therefore, may not be comparable to similar measures presented by other companies.

SOURCE: Wall Financial Corporation

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