WFC Wall Financial Corp

VANCOUVER, Sept. 10 /CNW/ -- VANCOUVER, Sept. 10 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the second quarter ended July 31, 2010 and 2009. The Company recorded net earnings for the six months ended July 31, 2010 of $25,575,719 or $0.77 per share (July 2009 - $8,793,502 or $0.27 per share). At July 31, 2010, the Company recorded earnings before interest, income tax, and depreciation and amortization (EBITDA), and non-controlling interest of $38,394,343 (July 2009 - $16,033,609). Revenue from real estate operations in the first half of fiscal 2011 was $123,341,893 compared to $55,202,151 in the same period of fiscal 2010 as the result of an increase in condominium sales closing in the first half of fiscal 2011 compared to the prior year. Revenue from hotel operations was $32,359,303 as at July 31, 2010, an increase of $9,534,823 from the same period in fiscal 2010. This increase was due to higher occupancy and room rates in the first half of fiscal 2011 as a result of the stimulus from the Vancouver Winter Olympics and the addition of the Westin hotel to the Company's hotel portfolio in January, 2010. Rental operating revenues increased by $600,201 from $8,585,210 in the first half of fiscal 2010 to $9,185,411 as at July 31, 2010 as a result of a general increase in rental rates and an increase of 52 more rental units owned by the Company. July 31, 2010 July 31, 2009 ------------- ------------- Revenue and other income $ 171,262,965 $ 86,693,678 Net earnings 25,575,719 8,793,502 Net earnings per share $ 0.77 $ 0.27 Total assets $ 481,514,932 $ 522,920,701 The above financial information is expressed in Canadian dollars and is prepared in accordance with Canadian generally accepted accounting principles, using the same accounting policies and methods of application as described in note 2 of the Company's audited consolidated financial statements for the years ended January 31, 2010 and 2009. 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. %SEDAR: 00002080E Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 3502 - 1088 Burrard Street, Vancouver, British Columbia, V6Z 2R9, (604) 893-7131

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