Wall Financial Corporation - 2nd Quarter Results Released

VANCOUVER, Sept. 8 /CNW/ - Wall Financial Corporation (the "Company")
released today its operating results for the second quarter ended July 31,
2005 and 2004. The Company recorded net earnings for the quarter of $2,499,302
or $0.08 per share ($2,795,839 - 2004). This brings the company's year to date
earnings to $11,845,639 or $0.37 per share compared to $8,857,391 or $0.28 per
share for the same period in 2004. The Company recorded earnings before
interest, income tax, depreciation and amortization (EBITDA) of $6,104,629 for
the three month period ended July 31, 2005, down from $6,909,054 the previous
year. The lower earnings for the quarter were a result of lower margins in the
hotel operations due to higher sales and marketing costs and one time repair
and maintenance costs.
For the six months ended July 31, 2005, EBITDA is $21,913,765 compared to
$19,553,391 in 2004. Revenue for the year to date is down by approximately 5 %
as a result of lower rental property revenues due to the sale of a residential
rental building during the first quarter of the year and due to lower sales of
property under development during this period. Operating earnings for the year
to date have improved over the prior year due to a larger gain on the sale of
revenue producing properties in fiscal 2006 than in fiscal 2005, and lower
interest costs. The lower interest costs were a result of repaying $9,922,271
in debt during the year and by refinancing high interest rates loans in the
previous year.

<<
                                                   July 31,      July 31,
                                                      2005          2004
                                              ------------- -------------

Net earnings per share                               $0.37         $0.28

Net earnings                                   $11,845,639    $8,857,391

Revenue & Other Income                         $42,995,397   $40,917,167


                                                   July 31,   January 31,
                                                      2005          2005
                                              ------------- -------------

Total assets                                  $335,427,657  $306,385,959


The above financial information is expressed in Canadian dollars and is
prepared in accordance with Canadian generally accepted accounting principles,
using the same accounting policies and methods of application as described in
note 2 of the Company's audited consolidated financial statements for the year
ended January 31, 2005.

The Toronto Stock Exchange does not accept responsibility for the
adequacy and accuracy of this release. The Toronto Stock Exchange has
neither approved nor disapproved of the contents of this release.

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