Wall Financial Corporation announces F'19 Q2 operating results and financial statements

VANCOUVER, Sept. 13, 2018 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the six months ended July 31, 2018.  The Company recorded net earnings attributable to shareholders of the Company for the six months ended July 31, 2018 of $8,484,710 or $0.25 per share compared with net earnings of $9,286,084 or $0.27 per share for the same period in the prior year.    

For the six months ended July 31, 2018, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $39,702,937 (July 31, 2017 – $30,346,347).

Continued strength in achieving high average daily rates at the hotels resulted in increased revenue from hotel operations of $43,077,798 and earnings² of $13,216,701 for the six months ended July 31, 2018 compared with revenue of $39,108,398 and earnings² of $11,432,821 for the same period in the prior year.  Revenue from the Company's rental properties for the six months ended July 31, 2018 were $15,640,157 compared with $9,830,346 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 two recently constructed rental properties consisting of 313 rental units in aggregate. Revenue from development operations for the six months ended July 31, 2018 of $219,081,973 was comparable with the six months ended July 31, 2017 of $197,624,534.

		Three months ended July 31				Six months ended July 31
Revenue and earnings		2018		2017		2018		2017
	Total revenue and other income	$	254,428,064	$	132,875,815	$	278,046,833	$	246,677,386
	Net earnings (loss) attributable to shareholders of the Company	8,986,891		6,853,737		8,484,710		9,286,084
	Earnings (loss) per share (diluted and non-diluted)	$	0.26	$	0.20	$	0.25	$	0.27
Balance sheet						July 31, 2018		January 31, 2018
	Total assets					$	1,251,490,382	$	1,316,007,993
	Total non-current liabilities					$	338,946,108	$	231,548,633
	Dividends paid					$	-	$	16,976,683
	Dividends paid per share					$	-	$	0.50

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.

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

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