Wall Financial Corporation announces Q4 operating results and financial statements

VANCOUVER, April 21, 2017 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the year ended January 31, 2017.  The Company recorded net earnings attributable to shareholders of the Company for the year ended January 31, 2017 of $19,493,635 or $0.58 per share compared with $23,223,077 or $0.70 per share for the year ended January 31, 2016.  Earnings for the January 31, 2016 year included a net income tax recovery of $7,839,691 resulting primarily from an intercompany transaction between two entities within the consolidated group whereby land was sold at fair market value, the gain for which was eliminated on consolidation for accounting purposes, but which resulted in a future income tax asset and a corresponding tax recovery that was included in the statement of earnings. 

As at January 31, 2017, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $57,220,888 (2016 – $30,032,928).

Higher average daily rates achieved at the hotels resulted in revenues of $66,221,266 and earnings² of $14,778,671 from hotel operations for the year ended January 31, 2017 compared with revenues of $58,235,766 and earnings of $13,377,289 for the prior year.  Revenues from the Company's rental properties for the year ended January 31, 2017 were $17,094,946 compared with $11,912,592 for the prior year due to higher re-rental rates from the Company's renovated units and the full lease up of the Company's recently constructed 213-unit rental property. Revenue from development operations increased from $63,065,376 in the prior year to $219,499,688 for the year ended January 31, 2017 due mainly to the closing of 273 units at two of the Company's development projects in the current year compared with 58 units in the prior year. 

	Three months ended January 31					Year ended January 31
	2017		2016			2017		2016
Revenue and other income	$	63,334,214	$	72,146,298		$	309,457,301	$	133,293,827
Net earnings attributable to shareholders of the Company	17,734		15,742,796			19,493,635		23,223,077
Net earnings per share	0.01		0.48			0.58		0.70
Total assets						$	1,022,182,285	$	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, 2017 and 2016.   

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

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