VANCOUVER, Dec. 11, 2015 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the nine months ended October 31, 2015.  The Company recorded net earnings attributable to shareholders of the Company for the nine months ended October 31, 2015 of $7,480,281 or $0.23 per share (October 31, 2014 – $25,687,936 or $0.17 per share). 

As at October 31, 2015, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $18,941,201 (October 31, 2014 – $16,560,481).

For the nine months ended October 31, 2015, higher average daily rates achieved at the hotels resulted in revenues of $48,044,938 and earnings² of $14,003,540 from hotel operations compared with the same period of the prior year during which the hotel operations generated revenues of $42,898,809 and earnings of $11,357,568.  Revenues from the Company's rental properties for the nine months ended October 31, 2015 were consistent with revenues for the nine months ended October 31, 2014 while earnings for the period ended October 31, 2015 of $1,843,839 were lower than earnings for the same ended of the prior year of $3,241,658.  This decrease was mainly the result of depreciation and interest expensed in respect of the Company's recently renovated rental properties. Revenue from development operations increased from $862,851 for the nine months ended October 31, 2014 to $4,042,158 for the nine months ended October 31, 2015 due to more lot sales closing in the nine months of fiscal 2016 compared with the same period of the prior year.

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, 2015 and 2014.   

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. 

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 referenced herein pertain to earnings before income tax.

SOURCE Wall Financial Corporation