VANCOUVER, April 23, 2015 /CNW/ - Wall Financial
Corporation (the "Company") released its operating results and
financial statements for the year ended January 31, 2015. The Company recorded net
earnings and comprehensive income attributable to shareholders of
the Company for the year ended January 31,
2015 of $7,753,153 or
$0.23 per share (2014 – $25,313,094 or $0.76 per share).
As at January 31, 2015, earnings
before interest, income tax, and depreciation and amortization
(EBITDA)1, and net earnings attributable to
non-controlling interest were $18,383,446 (2014 – $62,646,142).
For the year ended January 31,
2015, higher average daily rates achieved at the hotels
resulted in revenues of $53,935,650
and earnings2 of $12,082,607 from hotel operations compared with
the prior year during which the hotel operations generated revenues
of $51,108,901 and earnings of
$11,676,322. Due to vacancies from
renovations undertaken at three of the Company's rental properties,
revenues decreased from $13,108,733
in the prior year to $12,199,358 for
the year ended January 31, 2015.
This resulted in a corresponding decrease in earnings from
rental operations from $4,490,155 in
the prior year to $3,296,364 in the
fiscal 2015 year. Revenue from development operations
decreased from $210,644,261 in fiscal
2014 to $1,632,873 in fiscal 2015
while the Company incurred a loss from development operations of
$5,030,210 in fiscal 2015, compared
with earnings of $43,368,834 in
fiscal 2014. The revenues and earnings were higher for the
prior year compared with the year ended January 31, 2015 due to 561 condominium units
closing in the prior year compared with three lots sales in the
current year. The loss of $5,030,210 in fiscal 2015 was due to sales and
marketing expenses recorded in respect of the Company's six
projects under development for sale.
|
2015
|
2014
|
|
Revenue and other
income
|
$
67,866,352
|
$
275,145,359
|
|
Net earnings and
comprehensive income attributable to
shareholders of the
Company
|
7,753,153
|
25,313,094
|
|
Net earnings per
share
|
0.23
|
0.76
|
|
Total
assets
|
$
683,383,807
|
$
496,458,442
|
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 after
income tax.
SOURCE Wall Financial Corporation