Wall Financial Corporation - News Release

VANCOUVER, Sept. 11, 2013 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the second quarter ended July 31, 2013.  The Company recorded net earnings attributable to shareholders of the Company for the period ended July 31, 2013 of $8,593,422 or $0.26 per share (July 31, 2012 - net earnings of $7,453,724 or $0.23 per share).

As at July 31, 2013, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $20,593,063 (July 31, 2012 - $15,404,312).

Revenue from hotel operations was $25,553,772 for the six months ended July 31, 2013 compared to $26,359,563 in the same period of the prior year.  Rental revenues decreased from $7,567,487 as at July 31, 2012 to $6,556,216 for the six months ended July 31, 2013 due to the decrease in the Company's portfolio of rental properties. Revenue from real estate sales for the period ended July 31, 2013 was $64,212,509 compared to $6,442,390 for the period ended July 31, 2012.  Revenue was higher in the second quarter of the current year due predominantly to the closing of 183 condominium units at the Wall Centre False Creek development.

							July 31, 2013				July 31, 2012
Revenue and other income						$	96,424,696			$	44,559,622
Net earnings and comprehensive income attributable to shareholders of the Company							8,593,422				7,453,724
Net earnings per share							0.26				0.23
Total assets						$	572,978,066			$	503,079,379

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 July 31, 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. 

________________________________
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]