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Wall Financial Corporation - News Release

VANCOUVER, April 24, 2014 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the year ended January 31, 2014.  The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the year ended January 31, 2014 of $25,313,094 or $0.76 per share (January 31, 2013 –$11,038,031 or $0.33 per share). 

As at January 31, 2014, earnings before interest, income tax, and depreciation and amortization (EBITDA)1, and net earnings attributable to non-controlling interest were $62,646,142 (January 31, 2013 - $23,194,447).

Revenue from hotel operations of $51,108,901 for the year ended January 31, 2014 was consistent with revenue of $48,735,446 for the prior year.  Rental revenues decreased from $14,482,825 as at January 31, 2013 to $13,108,733 for the year ended January 31, 2014 due to the decrease in the Company's portfolio of rental properties. Revenue from real estate sales for the year ended January 31, 2014 was $210,644,261 compared to $8,094,242 for the year ended January 31, 2013 predominantly due to the closing of 561 condominium units at the Wall Centre False Creek development.



January 31, 2014

As restated January 31, 2013


Revenue and other income

$           275,145,359

$             77,594,517


Net earnings and comprehensive income attributable to shareholders of the Company

25,313,094

11,038,031


Net earnings per share

0.76

0.33


Total assets

$           496,458,442

$           530,303,615





The above unaudited financial information, including comparative information, is expressed in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards ("IFRS"), 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 year ended January 31, 2014.  The comparative financial information for the year ended January 31, 2013 has been restated to reflect new and amended IFRS standards effective February 1, 2013 as described in note 4 of the Company's condensed consolidated financial statements for the year ended January 31, 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.

SOURCE Wall Financial Corporation

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