Wall Financial Corporation - Press Release

VANCOUVER, June 14, 2016 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the three months ended April 30, 2016.  The Company recorded a net loss attributable to shareholders of the Company for the quarter ended April 30, 2016 of $310,947 or $0.01 per share (April 30, 2015 – loss of $156,932 or $0.00 per share).    

At April 30, 2016, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $4,292,746 (April 30, 2015 – $2,753,327).

Higher average daily rates achieved at the hotels resulted in revenues of $12,209,138 and earnings² of $1,317,384 from hotel operations for the quarter ended April 30, 2016 compared with revenues of $10,486,419 and earnings of $865,426 for the quarter ended April 30, 2015.  Revenues from the Company's rental properties for the quarter ended April 30, 2016 of $3,327,677 were consistent with revenues for the comparative quarter in the prior year of $3,047,002. Revenue from development operations increased from $2,533,000 for the quarter ended April 30, 2015 to $6,253,195 for the quarter ended April 30, 2016.

	Three months ended April 30
	2016		2015
Revenue and other income	$	21,807,503	$	16,086,682
Net loss attributable to shareholders of the Company		(310,947)		(156,932)
Net loss per share		(0.01)		(0.00)
	April 30, 2016		January 31, 2016
Total assets	$	972,071,494	$	900,330,627

 

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, 2016 and 2015.   

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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¹EBITDA 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.
²Earnings referenced herein pertain to earnings before income tax.

SOURCE Wall Financial Corporation

Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 5th Floor, 1088 Burrard Street, Vancouver, British Columbia V6Z 2R9, [phone].