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Wall Financial Corporation - News Release

VANCOUVER, Dec. 10, 2013 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the third quarter ended October 31, 2013.  The Company recorded net earnings attributable to shareholders of the Company for the period ended October 31, 2013 of $17,482,896 or $0.53 per share (October 31, 2012 - net earnings of $11,096,396 or $0.34 per share).

As at October 31, 2013, earnings before interest, income tax, and depreciation and amortization (EBITDA)1, and net earnings attributable to non-controlling interest were $41,285,268 (October 31, 2012 - $22,311,146).

Revenue from hotel operations was $40,597,430 for the nine months ended October 31, 2013 compared to $40,767,704 in the same period of the prior year.  Rental revenues decreased from $11,108,521 as at October 31, 2012 to $9,873,261 for the nine months ended October 31, 2013 due to the decrease in the Company's portfolio of rental properties. Revenue from real estate sales for the period ended October 31, 2013 was $144,877,911 compared to $7,506,617 for the period ended October 31, 2012.  Revenue was higher for the three quarters of the current year due predominantly to the closing of 397 condominium units at the Wall Centre False Creek development.

            October 31, 2013     October 31, 2012
Revenue and other income         $ 195,470,249   $ 65,467,433
Net earnings and comprehensive income attributable to
shareholders of the Company
          17,482,896     11,096,396
Net earnings per share           0.53     0.34
                   
Total assets         $ 523,049,144   $ 511,962,998


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 year ended January 31, 2013, except as described in note 3 of the Company's condensed consolidated interim financial statements for the period ended October 31, 2013.

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

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