Wall Financial Corporation Reports Fiscal 2021 Year End Results

VANCOUVER, BC, April 22, 2021 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the year ended January 31, 2021.  The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the year ended January 31, 2021 of $544,293 or $0.02 per share compared with net earnings of $122,456,489 or $3.61 per share for the prior year.  This decrease in net earnings compared to prior year was primarily due to the decline in hotel revenues and the recognition of mark-to-market losses in respect of interest rate swap contracts. 

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 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 is not known at this time. For the year ended January 31, 2021, the Company's hotel operations have experienced a significant decline in current and future guest bookings and occupancy levels are low, resulting in a decrease of revenues from hotel operations from $91,752,872 for the year ended January 31, 2020 to $15,394,607 for the year ended January 31, 2021.

The COVID-19 pandemic did not have a significant impact to the Company's rental operations. Revenues from the Company's rental properties for the year ended January 31, 2021 were $35,023,993 compared with $34,557,137 for the same period in the prior year.  Revenue from development operations for the year ended January 31, 2021 of $141,139,840 was lower than the prior year of $348,290,518 due to fewer closings of condominium units in the current year.

		Three months ended January 31				Year ended January 31
Revenue and earnings		2021		2020		2021		2020
	Total revenue and other income	$	108,169,328	$	32,115,807	$	192,275,230	$	478,385,362
	Net earnings (loss) attributable to shareholders of the Company	$	6,042,742	$	3,461,842	$	544,293	$	122,456,489
	Earnings (loss) per share (diluted and non-diluted)	$	0.18	$	0.10	$	0.02	$	3.61
Statements of Financial Position						January 31, 2021		January 31, 2020
	Total assets					$	973,493,565	$	1,051,671,420
	Total non-current liabilities					$	260,243,086	$	276,156,368
	Dividends paid					$	-	$	67,906,730
	Dividends paid per share					$	-	$	2.00

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, 2021 and 2020.   

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.