Wall Financial Corporation News Release

About this update from Wall Financial Corporation

[{"type":"text","content":"\n\n\n\nVANCOUVER, Dec. 12 /CNW/ - Wall Financial Corporation (the "Company")\nreleased today its operating results and financial statements for the nine\nmonths ended October 31, 2008. The Company recorded net earnings of\n$15,029,120 or $0.47 per share (October 2007 - $23,312,266 or $0.73 per\nshare).\n\n\nAt October 31, 2008, the Company recorded earnings before interest,\nincome tax, and depreciation and amortization (EBITDA), and non-controlling\ninterest of $29,025,384 (October 2007 - $57,851,815).\n\n\nRevenue and gross margins are lower this year primarily due to fewer\ncondominium sales. Hotel operations began to soften in the third quarter of\nfiscal 2009 while rental apartment revenue is higher as a result of increased\nrental rates and the increase in rental units which were transferred from the\nCompany's Development properties.\n\n\n Revenue and other income $ 108,014,633 $ 179,175,375\n Net earnings 15,029,120 23,312,266\n Net earnings per share 0.47 0.73\n\n Total assets $ 430,756,199 $ 370,440,914\n\n\nThe above financial information is expressed in Canadian dollars and is\nprepared in accordance with Canadian generally accepted accounting principles,\nusing the same accounting policies and methods of application as described in\nnote 2 of the Company's audited consolidated financial statements for the\nyears ended January 31, 2008 and 2007.\n\n\nWall Financial Corporation is a B.C. based real estate company active in\nthe development and management of residential rental apartments, development\nand construction of residential housing for resale, and the development and\nmanagement of hotel properties.\n\n\n%SEDAR: 00002080E\n\n\n","length":1889,"tagName":"div"}]

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