Wall Financial Corporation - News Release

VANCOUVER, Dec. 12, 2014 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the nine months ended October 31, 2014.  The Company recorded net earnings attributable to shareholders of the Company for the nine months ended October 31, 2014 of $5,687,936 or $0.17 per share (October 31, 2013 – $17,482,896 or $0.53 per share). 

As at October 31, 2014, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and amounts attributable to non-controlling interest were $16,560,481 (October 31, 2013 - $41,285,268).

Revenue from hotel operations for the nine months ended October 31, 2014 was $42,898,809 compared with revenue of $40,597,430 for the same period of the prior year while earnings increased from $10,746,565 as at October 31, 2013 to $11,357,568 as at October 31, 2014 due mainly to higher average daily rates achieved at the hotels.  Rental revenues and earnings decreased from $9,873,261 and $3,318,227, respectively, as at October 31, 2013 to $9,207,654 and $3,241,658, respectively for the nine months ended October 31, 2014 due to higher vacancies resulting from renovations undertaken at the Company's rental properties.  Revenue from development operations decreased from $144,877,911 as at October 31, 2013 to $862,851 as at October 31, 2014 while the Company incurred a loss from development operations of $3,309,459 as at October 31, 2014, compared with earnings of $24,401,513 for the comparative period ended October 31, 2013.  The revenues and earnings were higher in the nine months of the prior year compared with the nine months of the current year due to 397 condominium units closing in the prior year compared with three lots sales in the current year.

	October 31, 2014	October 31, 2013
Revenue and other income	$             53,047,859	$           195,470,249
Net earnings attributable to shareholders of the Company	5,687,936	17,482,896
Net earnings per share	0.17	0.53
Total assets	$           628,594,759	$           523,049,144

 

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 years ended January 31, 2014 and 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

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