VANCOUVER, April 21, 2017 /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the year ended January
31, 2017. The Company recorded net earnings
attributable to shareholders of the Company for the year ended
January 31, 2017 of $19,493,635 or $0.58 per share compared with $23,223,077 or $0.70 per share for the year ended January 31, 2016. Earnings for the
January 31, 2016 year included a net
income tax recovery of $7,839,691
resulting primarily from an intercompany transaction between two
entities within the consolidated group whereby land was sold at
fair market value, the gain for which was eliminated on
consolidation for accounting purposes, but which resulted in a
future income tax asset and a corresponding tax recovery that was
included in the statement of earnings.
As at January 31, 2017, earnings
before interest, income tax, and depreciation and amortization
(EBITDA)1, and net earnings attributable to
non-controlling interest were $57,220,888 (2016 – $30,032,928).
Higher average daily rates achieved at the hotels resulted in
revenues of $66,221,266 and
earnings2 of $14,778,671 from hotel operations for the year
ended January 31, 2017 compared with
revenues of $58,235,766 and earnings
of $13,377,289 for the prior year.
Revenues from the Company's rental properties for the year
ended January 31, 2017 were
$17,094,946 compared with
$11,912,592 for the prior year due to
higher re-rental rates from the Company's renovated units and the
full lease up of the Company's recently constructed 213-unit rental
property. Revenue from development operations increased from
$63,065,376 in the prior year to
$219,499,688 for the year ended
January 31, 2017 due mainly to the
closing of 273 units at two of the Company's development projects
in the current year compared with 58 units in the prior
year.
|
Three months ended
January 31
|
|
Year ended January
31
|
|
2017
|
2016
|
|
2017
|
2016
|
Revenue and other
income
|
$
|
63,334,214
|
$
|
72,146,298
|
|
$
|
309,457,301
|
$
|
133,293,827
|
Net earnings
attributable to shareholders of the Company
|
17,734
|
15,742,796
|
|
19,493,635
|
23,223,077
|
Net earnings per
share
|
0.01
|
0.48
|
|
0.58
|
0.70
|
Total
assets
|
|
|
|
$
|
1,022,182,285
|
$
|
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, 2017 and 2016.
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.
______________________________
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1
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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 or loss
referenced herein pertains to earnings or loss before income
tax.
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SOURCE Wall Financial Corporation