Wall Financial Corporation Reports Fiscal 2020 Year End Results

VANCOUVER, April 23, 2020 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the year ended January 31, 2020. The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the year ended January 31, 2020 of $122,456,489 or $3.61 per share compared with net earnings of $54,982,639 or $1.62 per share for the prior year.    

Continued growth in average daily rates at the hotels resulted in revenue from hotel operations of $91,752,872 for the year ended January 31, 2020 compared with revenue of $85,112,657 for the prior year.  Revenues from the Company's rental properties for the year ended January 31, 2020 were $34,557,137 compared with $32,570,404 for the prior year due to higher re-rental rates.  Revenue from development operations for the year ended January 31, 2020 of $348,290,518 was higher than the prior year of $334,533,585 due to closings of condominium units with higher sales prices in the current year.

		Three months ended January 31					Year ended January 31
Revenue and earnings		2020		2019			2020		2019
	Total revenue and other income	$	32,115,807	$	138,026,267		$	478,385,362	$	453,880,434
	Net earnings attributable to shareholders of the Company	$	5,635,038	$	37,115,648		$	122,456,489	$	54,982,639
	Earnings per share	$	0.17	$	1.09		$	3.61	$	1.62
Balance sheet		January 31, 2020		January 31, 2019
	Total assets	$	1,051,671,420	$	1,244,788,463
	Total non-current liabilities	276,156,368		313,429,192
	Dividends paid	67,906,730		33,953,365
	Dividends paid per share	$	2.00	$	1.00

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, 2020 and 2019.   

The declaration of the COVID-19 virus as a pandemic by the World Health Organization on March 11, 2020, and the subsequent shut downs globally, domestically and locally have had a significant impact on the Company's businesses, and in particular on the hotel operations. The Company enacted cost reduction programs at its two hotels, which include the closure of one of the two towers at its downtown hotel, the furlough of all non-essential staff, and the elimination of all but the most necessary expenses in order to preserve cash flow.  The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the Company's business are not known at this time however the Company expects to see a material decline in operating results for its hotel operations.

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.

SOURCE Wall Financial Corporation

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