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.
__________________________________
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