Business
Wall Financial Corporation - Third quarter results released
Wall Financial Corporation - Third quarter results released.
About this update from Wall Financial Corporation
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Dec. 7 /CNW/ - Wall Financial Corporation (the \"Company\")\nreleased today its operating results for the third quarter ended October 31,\n2005 and 2004. The Company recorded net earnings for the quarter of $9,373,143\nor $0.29 per share ($3,163,789 - 2004). This brings the Company's year to date\nearnings to $21,218,782 or $0.66 per share compared to $12,021,180 or $0.37\nper share for the same period in 2004. The Company recorded earnings before\ninterest, income tax, depreciation and amortization (EBITDA) of $16,425,424\nfor the three month period ended October 31, 2005, up significantly from\n$6,423,793 the previous year. The higher earnings for the quarter were a\ndirect result of sales of properties under development, primarily the Electric\nAvenue project.\nFor the nine months ended October 31, 2005, EBITDA is $38,339,189\ncompared to $25,977,184 in 2004. Revenue for the year to date is significantly\nhigher as a result of sales of properties under development; $111,221,404 at\nOctober 2005 compared to $7,017,661 at October 2004. During this period, hotel\nrevenues increased by 7.3% due to higher occupancy rates while rental property\nrevenues decreased 9.9% due to the sale of a residential rental building\nduring the first quarter of the year. Operating earnings for the year to date\nhave also improved over the prior year due to a larger gain on the sale of\nrevenue producing properties in fiscal 2006 than in fiscal 2005, and lower\ninterest costs. The lower interest costs were a result of repaying $9,922,271\nin debt during the year and by refinancing high interest rates loans at lower\nrates.\n>\n%SEDAR: 00002080E\n\n\n","length":2819,"tagName":"div"}]