VANCOUVER, Sept. 11, 2013 /CNW/ - Wall Financial Corporation (the
"Company") released its operating results and financial statements for
the second quarter ended July 31, 2013. The Company recorded net
earnings attributable to shareholders of the Company for the period
ended July 31, 2013 of $8,593,422 or $0.26 per share (July 31, 2012 -
net earnings of $7,453,724 or $0.23 per share).
As at July 31, 2013, earnings before interest, income tax, and
depreciation and amortization (EBITDA)1, and net earnings attributable to non-controlling interest were
$20,593,063 (July 31, 2012 - $15,404,312).
Revenue from hotel operations was $25,553,772 for the six months ended
July 31, 2013 compared to $26,359,563 in the same period of the prior
year. Rental revenues decreased from $7,567,487 as at July 31, 2012 to
$6,556,216 for the six months ended July 31, 2013 due to the decrease
in the Company's portfolio of rental properties. Revenue from real
estate sales for the period ended July 31, 2013 was $64,212,509
compared to $6,442,390 for the period ended July 31, 2012. Revenue was
higher in the second quarter of the current year due predominantly to
the closing of 183 condominium units at the Wall Centre False Creek
development.
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July 31, 2013
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July 31, 2012
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Revenue and other income
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$
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96,424,696
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$
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44,559,622
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Net earnings and comprehensive income attributable
to shareholders of the Company
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8,593,422
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7,453,724
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Net earnings per share
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0.26
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0.23
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Total assets
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$
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572,978,066
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$
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503,079,379
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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 July 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
Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 3502 - 1088 Burrard Street, Vancouver, British Columbia V6Z 2R9, (604) 893-7131