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Wall Financial Corporation announces F'19 year end operating results and financial statements

CNW Group - Thu Apr 18, 11:22PM CDT

Wall Financial Corporation (the "Company") released its operating results and financial statements for the year ended January 31, 2019. The Company recorded net earnings attributable to shareholders of the Company for the year ended January 31, 2019 of $54,982,639 or $1.62 per share compared with net earnings of $12,426,057 or $0.37 per share for the prior year.

Continued growth in average daily rates at the hotels resulted in increased revenue from hotel operations of $85,112,657 for the year ended January 31, 2019 compared with revenue of $76,210,250 for the prior year. Revenues from the Company's rental properties for the year ended January 31, 2019 were $32,570,404 compared with $21,342,349 for the prior year due to higher re-rental rates from the Company's renovated units and the lease up of the Company's two recently constructed rental properties consisting of 313 rental units in aggregate. Revenue from development operations for the year ended January 31, 2019 of $334,533,585 was higher than the prior year of $198,161,538 due to more closings of condominium units.

Three months ended January 31                             Year ended January 31

       Revenue and earnings                                              2019                2018                                2019                        2018


       Total revenue and other income                                       $
        138,026,267                                           $
            20,759,915       $
         453,880,434 $

       Net earnings attributable to shareholders of the Company 37,115,648         (1,479,761)                         54,982,639                  12,426,057

       Earnings per share (diluted and non-diluted)                            $
            1.09                                               $
            (0.04)          $
            1.62     $


       Balance sheet                                                                                            January 31, 2019           January 31, 2018


       Total assets                                                                                                                 $
            1,244,788,463     $

       Total non-current liabilities                                                                                                  $
            313,429,192       $

       Dividends paid                                                                                                                  $
            33,953,365        $

       Dividends paid per share                                                                                                              $
            1.00           $


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, 2019 and 2018.

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.

SOURCE Wall Financial Corporation

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SOURCE: Wall Financial Corporation

Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX:WFC.TO), 1010 Burrard Street,
Vancouver, British Columbia V6Z 2R9, 604.893.7131.

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