Wall Financial Corporation announces Q2 operating results and financial statements

VANCOUVER, Sept. 13, 2016 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the six months ended July 31, 2016.  The Company recorded net earnings attributable to shareholders of the Company for the period ended July 31, 2016 of $12,327,662 or $0.37 per share (July 31, 2015 – $3,916,559 or $0.12 per share).    

At July 31, 2016, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $25,275,850 (July 31, 2015 – $11,292,194).

Higher average daily rates achieved at the hotels resulted in revenues of $31,716,047 from hotel operations for the six months ended July 31, 2016 compared with revenues of $29,758,757 for the six months ended July 31, 2015.  Revenues from the Company's rental properties for the period ended July 31, 2016 of $7,670,432 were higher than revenues for the comparative period in the prior year of $6,105,415 due to the higher rents achieved at renovated properties and due to the fully leased operations at the newly constructed 213-unit Shannon rental apartments. Revenue from development operations increased from $3,368,158 for the six months ended July 31, 2015 to $170,462,543 for the six months ended July 31, 2016 due mainly to the closing of 167 units at the Binning project at the University of British Columbia.

	Three months ended July 31				Six months ended July 31
	2016		2015		2016		2015
Revenue and other income	$	188,078,555	$	23,182,402	$	209,886,058	$	39,269,084
Net earnings attributable to shareholders of the Company	12,638,609		4,073,491		12,327,662		3,916,559
Net earnings per share	$	0.38	$	0.12	$	0.37	$	0.12
	July 31, 2016		January 31, 2016
Total assets	$	945,171,525	$	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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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.

SOURCE Wall Financial Corporation

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