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 $4,042,158 for the nine months ended October 31, 2015 due to more lot sales closing in
the nine months of fiscal 2016 compared with the same period of the
prior year.
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Three months ended
October 31
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Nine months ended
October 31
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2015
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2014
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2015
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2014
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Revenue and other
income
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$
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21,878,445
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$
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19,692,834
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$
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61,147,529
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$
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53,047,859
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Net earnings
attributable to shareholders of the Company
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3,563,722
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2,837,769
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7,480,281
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5,687,936
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Net earnings per
share
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0.11
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0.09
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0.23
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0.17
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October 31,
2015
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January 31,
2015
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Total
assets
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|
|
|
|
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$
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842,282,688
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$
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683,383,807
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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