VANCOUVER, April 20, 2018 /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the year ended January
31, 2018. The Company recorded net earnings
attributable to shareholders of the Company for the year ended
January 31, 2018 of $12,426,057 or $0.37 per share compared with net earnings of
$19,493,635 or $0.58 per share for the prior year.
For the year ended January 31,
2018, earnings before interest, income tax, and depreciation
and amortization (EBITDA)1, and net earnings
attributable to non-controlling interest were $46,563,929 (2017 – $57,220,889).
Higher average daily rates achieved at the hotels resulted in
revenues of $76,210,250 and
earnings2 of $20,067,386 from hotel operations for the year
ended January 31, 2018 compared with
revenues of $66,221,266 and
earnings2 of $14,778,671
for the prior year. Revenues from the Company's rental
properties for the year ended January 31,
2018 were $21,342,349 compared
with $17,094,946 for the prior year
due to higher re-rental rates from the Company's renovated units
and the lease up of the Company's recently completed 313 rental
units. Revenue from development operations decreased from
$219,499,688 in the prior year to
$198,161,538 for the year ended
January 31, 2018 due mainly to the
closing of higher priced condominium units in the prior year
compared with the current year.
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Three months ended
January 31
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Year ended January
31
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Revenue and
earnings
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2018
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2017
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2016
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2018
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2017
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2016
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Total revenue and
other income
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$
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20,759,915
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$
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56,731,604
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$
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72,146,298
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$
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295,936,507
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$
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309,457,302
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$
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133,293,827
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Net earnings (loss)
attributable
to shareholders of the Company
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$
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(1,479,761)
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$
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17,734
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$
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15,742,796
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$
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12,426,057
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$
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19,493,635
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$
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23,223,077
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Earnings per
share
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$
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(0.04)
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$
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0.00
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$
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0.47
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$
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0.37
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$
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0.58
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$
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0.70
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January
31
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Balance
sheet
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2018
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2017
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2016
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Total
assets
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$
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1,316,007,993
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$
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1,022,783,372
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$
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683,383,807
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Total non-current
liabilities
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$
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231,548,633
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$
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163,158,493
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$
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78,059,156
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Dividends
paid
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$
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16,976,683
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$
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20,372,021
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$
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19,868,019
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Dividends paid per
share
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$
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0.50
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$
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0.60
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$
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0.60
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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, 2018 and 2017.
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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___________________________
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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.
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2
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Earnings or loss
referenced herein pertains to earnings or loss before income
tax.
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SOURCE Wall Financial Corporation