VANCOUVER, June 12, 2018 /CNW/ - Wall Financial
Corporation (the "Company") released its operating results and
financial statements for the three months ended April 30, 2018. The Company recorded a net
loss attributable to shareholders of the Company for the three
months ended April 30, 2018 of
$502,181 or $0.01 per share compared with net earnings of
$2,432,347 or $0.07 per share for the same period in the prior
year.
For the quarter ended April 30,
2018, earnings before interest, income tax, and depreciation
and amortization (EBITDA)1, and net earnings
attributable to non-controlling interest were $7,944,611 (April 30,
2017 – $12,359,277).
Revenue from hotel operations of $15,862,239 and earnings2 of
$2,266,610 for the three months ended
April 30, 2018 were comparable with
revenue of $16,021,583 and
earnings2 of $3,088,150
from hotel operations for the same period in the prior year.
Revenue from the Company's rental properties for the three
months ended April 30, 2018 were
$7,473,782 compared with $4,765,138 for the same period in 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 for the three
months ended April 30, 2018 were
nominal as there were no sales completing in the quarter while
revenues for the three months ended April
30, 2017 were $92,949,967 due
mainly to the closing of 280 units at the Company's Central Park
project.
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Three months ended
April 30
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Revenue and
earnings
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2018
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2017
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2016
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Total revenue and
other income
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$
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23,618,769
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$
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113,801,571
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$
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21,807,503
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Net earnings (loss)
attributable to shareholders of the Company
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(502,181)
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2,432,347
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(310,947)
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Earnings (loss) per
share (diluted and non-diluted)
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$
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(0.01)
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$
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0.07
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$
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(0.01)
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Balance
sheet
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April 30,
2018
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January 31,
2018
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January 31,
2017
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Total
assets
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$
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1,419,010,365
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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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Total non-current
liabilities
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$
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340,883,441
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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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Dividends
paid
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$
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-
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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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Dividends paid per
share
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$
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-
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$
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0.50
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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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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 or loss referenced herein pertains to
earnings or loss before income tax.
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SOURCE Wall Financial Corporation