Wall Financial Corporation announces F'20 Q1 operating results and financial statements and announces dividends

VANCOUVER, June 13, 2019 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the three months ended April 30, 2019.  The Company recorded net earnings attributable to shareholders of the Company for the quarter ended April 30, 2019 of $73,662,767 or $2.17 per share compared with a net loss of $502,180 or $0.01 per share for the three months ended April 30, 2018.    

Continued growth in average daily rates at the hotels resulted in increased revenue from hotel operations of $17,241,196 for the quarter ended April 30, 2019 compared with revenue of $15,862,239 for the same period in the prior year.  Revenues from the Company's rental properties for the three months ended April 30, 2019 were $8,371,918 compared with $7,473,782 for the three months of the prior year due to higher re-rental rates from the Company's renovated units.  Revenue from development operations for the three months ended April 30, 2019 of $224,143,267 was higher than the prior year of $139,499 due to 162 closings of condominium units in the current year.

		Three months ended April 30
Revenue and earnings		2019		2018
	Total revenue and other income	$	251,338,349	$	23,618,769
	Net earnings (loss) attributable to shareholders of the Company	$	73,662,767	$	(502,180)
	Earnings per share	$	2.17	$	(0.01)
Balance sheet		April 30, 2019		January 31, 2019
	Total assets	$	1,094,026,704	$	1,244,788,463
	Total non-current liabilities	311,812,574		313,429,192
	Dividends paid	-		33,953,365
	Dividends paid per share	$	-	$	1.00

On June 13, 2019, the Directors of Wall Financial Corporation (the "Company") declared a cash dividend of $2.00 for each Common Share without par value in the capital of the Company (the aggregate of the dividend being $67,906,730.00) to the holders of record of the Common Shares without par value on the 27^th day of June 2019 to be payable on or before the 11^th day of July, 2019.  The Company, for the purposes of the Income tax Act (Canada) and any similar provincial legislation, notifies that the dividend declared on June 13, 2019 is designated as an eligible dividend, and that all future dividends are designated as "eligible dividends", unless indicated otherwise.

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, 2019 and 2018.   

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

Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, 604.893.7131.