Wall Financial Corporation announces F'19 Q1 operating results and financial statements

VANCOUVER, June 12, 2018 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the three months ended April 30, 2018.  The Company recorded a net loss attributable to shareholders of the Company for the three months ended April 30, 2018 of $502,181 or $0.01 per share compared with net earnings of $2,432,347 or $0.07 per share for the same period in the prior year.    

For the quarter ended April 30, 2018, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $7,944,611 (April 30, 2017 – $12,359,277).

Revenue from hotel operations of $15,862,239 and earnings² of $2,266,610 for the three months ended April 30, 2018 were comparable with revenue of $16,021,583 and earnings² of $3,088,150 from hotel operations for the same period in the prior year.  Revenue from the Company's rental properties for the three months ended April 30, 2018 were $7,473,782 compared with $4,765,138 for the same period in 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 for the three months ended April 30, 2018 were nominal as there were no sales completing in the quarter while revenues for the three months ended April 30, 2017 were $92,949,967 due mainly to the closing of 280 units at the Company's Central Park project.

		Three months ended April 30
Revenue and earnings		2018		2017		2016
	Total revenue and other income	$	23,618,769	$	113,801,571	$	21,807,503
	Net earnings (loss) attributable to shareholders of the Company		(502,181)		2,432,347		(310,947)
	Earnings (loss) per share (diluted and non-diluted)	$	(0.01)	$	0.07	$	(0.01)
Balance sheet		April 30, 2018		January 31, 2018		January 31, 2017
	Total assets	$	1,419,010,365	$	1,316,007,993	$	1,022,783,372
	Total non-current liabilities	$	340,883,441	$	231,548,633	$	163,158,493
	Dividends paid	$	-	$	16,976,683	$	20,372,021
	Dividends paid per share	$	-	$	0.50	$	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