Wall Financial Corporation announces F'18 year end operating results and financial statements

VANCOUVER, April 20, 2018 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the year ended January 31, 2018.  The Company recorded net earnings attributable to shareholders of the Company for the year ended January 31, 2018 of $12,426,057 or $0.37 per share compared with net earnings of $19,493,635 or $0.58 per share for the prior year.    

For the year ended January 31, 2018, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $46,563,929 (2017 – $57,220,889).

Higher average daily rates achieved at the hotels resulted in revenues of $76,210,250 and earnings² of $20,067,386 from hotel operations for the year ended January 31, 2018 compared with revenues of $66,221,266 and earnings² of $14,778,671 for the prior year.  Revenues from the Company's rental properties for the year ended January 31, 2018 were $21,342,349 compared with $17,094,946 for the prior year due to higher re-rental rates from the Company's renovated units and the lease up of the Company's recently completed 313 rental units.  Revenue from development operations decreased from $219,499,688 in the prior year to $198,161,538 for the year ended January 31, 2018 due mainly to the closing of higher priced condominium units in the prior year compared with the current year.

		Three months ended January 31						Year ended January 31
Revenue and earnings		2018		2017		2016		2018		2017			2016
	Total revenue and other income	$	20,759,915	$	56,731,604	$	72,146,298	$	295,936,507	$	309,457,302	$	133,293,827
	Net earnings (loss) attributable to shareholders of the Company	$	(1,479,761)	$	17,734	$	15,742,796	$	12,426,057	$	19,493,635	$	23,223,077
	Earnings per share	$	(0.04)	$	0.00	$	0.47	$	0.37	$	0.58	$	0.70

			January 31
Balance sheet			2018			2017		2016
		Total assets	$	1,316,007,993	$	1,022,783,372	$	683,383,807
		Total non-current liabilities	$	231,548,633	$	163,158,493	$	78,059,156
		Dividends paid	$	16,976,683	$	20,372,021	$	19,868,019
		Dividends paid per share	$	0.50	$	0.60	$	0.60

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, 2018 and 2017.   

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.
^2	Earnings or loss referenced herein pertains to earnings or loss before income tax.

SOURCE Wall Financial Corporation

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