VANCOUVER, April 21, 2016 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the year ended January 31, 2016.  The Company recorded net earnings attributable to shareholders of the Company for the year ended January 31, 2016 of $23,223,077 or $0.70 per share (2015 – $7,753,153 or $0.23 per share).  Earnings for the January 31, 2016 year included a net income tax recovery of $7,839,691 resulting primarily from an intercompany transaction between two entities within the consolidated group whereby land was sold at fair market value, the gain for which was eliminated on consolidation for accounting purposes, but which resulted in a future income tax asset and a corresponding tax recovery that was included in the statement of earnings. 

As at January 31, 2016, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $30,032,928 (2015 – $18,383,446).

Higher average daily rates achieved at the hotels resulted in revenues of $58,235,766 and earnings² of $13,377,289 from hotel operations for the year ended January 31, 2016 compared with revenues of $53,935,650 and earnings of $12,082,607 for the prior year.  Revenues from the Company's rental properties for the year ended January 31, 2016 were consistent with revenues for the prior year while earnings for the fiscal 2016 year of $1,667,536 were lower than earnings for the prior year of $3,296,364 due to more depreciation and interest expensed in respect of the Company's recently renovated rental properties. Revenue from development operations increased from $1,632,873 for the prior year to $63,065,376 for the year ended January 31, 2016 due to the closing of 58 of the 65 units at the Company's Shannon Mews development in the 2016 fiscal 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, 2016 and 2015.   

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