VANCOUVER, June 14, 2017 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the first quarter ended April 30, 2017.  The Company recorded net earnings attributable to shareholders of the Company for the three months ended April 30, 2017 of $2,432,347 or $0.07 per share compared with a net loss of $310,947 or a loss of $0.01 per share for the three months ended April 30, 2016.    

For the quarter ended April 30, 2017, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $12,359,277 (April 30, 2016 – $4,292,746).

Higher average daily rates achieved at the hotels resulted in revenues of $16,021,583 and earnings² of $3,088,150 from hotel operations for the quarter ended April 30, 2017 compared with revenues of $12,209,138 and earnings of $1,317,384 for the same quarter in the prior year.  Revenues from the Company's rental properties for the three months ended April 30, 2017 were $4,765,138 compared with $3,327,677 for the three months ended April 30, 2016 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 $6,253,195 in the first quarter of fiscal 2017 to $92,949,967 for the quarter ended April 30, 2017 due mainly to the closing of 280 units at Company's development project in the current year quarter.

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} 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.

SOURCE Wall Financial Corporation

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