VANCOUVER, June 14, 2016 /CNW/ - Wall Financial
Corporation (the "Company") released its operating results and
financial statements for the three months ended April 30, 2016. The Company recorded a net
loss attributable to shareholders of the Company for the quarter
ended April 30, 2016 of $310,947 or $0.01
per share (April 30, 2015 – loss of
$156,932 or $0.00 per share).
At April 30, 2016, earnings before
interest, income tax, and depreciation and amortization
(EBITDA)1, and net earnings attributable to
non-controlling interest were $4,292,746 (April 30,
2015 – $2,753,327).
Higher average daily rates achieved at the hotels resulted in
revenues of $12,209,138 and
earnings2 of $1,317,384 from hotel operations for the quarter
ended April 30, 2016 compared with
revenues of $10,486,419 and earnings
of $865,426 for the quarter ended
April 30, 2015. Revenues from
the Company's rental properties for the quarter ended April 30, 2016 of $3,327,677 were consistent with revenues for the
comparative quarter in the prior year of $3,047,002. Revenue from development operations
increased from $2,533,000 for the
quarter ended April 30, 2015 to
$6,253,195 for the quarter ended
April 30, 2016.
|
Three months ended
April 30
|
|
2016
|
2015
|
|
Revenue and other
income
|
$
|
21,807,503
|
$
|
16,086,682
|
|
Net loss attributable
to shareholders of the Company
|
|
(310,947)
|
|
(156,932)
|
|
Net loss per
share
|
|
(0.01)
|
|
(0.00)
|
|
|
|
|
|
|
April 30,
2016
|
January 31,
2016
|
|
Total
assets
|
$
|
972,071,494
|
$
|
900,330,627
|
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.
________________________
1EBITDA 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.
2Earnings referenced herein pertain to earnings before
income tax.
SOURCE Wall Financial Corporation