In c0561 sent today at 15:30e, the table heading dates were incorrect,
and have been revised to read:
April 30, 2005 April 30, 2004
Net earnings per share $ 0.29 $ 0.19
Net earnings $ 9,346,337 $ 6,061,552
Revenue and Other Income $ 13,031,937 $ 14,809,619
April 30, 2005 January 31, 2005
Total Assets $ 316,875,295 $ 306,385,959
Full, corrected copy follows.
Wall Financial Corporation - First Quarter Results and Appointment of
Chairman
VANCOUVER, June 10 /CNW/ - Wall Financial Corporation (the "Company")
released today its operating results and financial statements for the first
quarter ended April 30, 2005 and 2004. The Company recorded net earnings of
$9,346,337 or $0.29 per share and earnings before interest, income tax and
depreciation and amortization of $15,809,136, compared to $12,644,337 in the
first quarter of fiscal 2005. The increase in earnings and EBITDA was the
result of a gain on the sale of a residential rental property and improved
performance in the Company's hotel operations. Revenue for the quarter were
lower by $1,777,682 over the same period in 2004 due to lower apartment rental
revenues as a result of the reduction in the number of rental properties held
by the company and due to the timing of completion of construction projects.
Hotel revenues continued to improve with sales increasing by $522,000 for the
quarter.
<<
April 30, 2005 April 30, 2004
Net earnings per share $ 0.29 $ 0.19
Net earnings $ 9,346,337 $ 6,061,552
Revenue and Other Income $ 13,031,937 $ 14,809,619
April 30, 2005 January 31, 2004
Total Assets $ 316,875,295 $ 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
years ended January 31, 2005 and 2004.
Wall Financial Corporation (the "Company") is also pleased to announce
the appointment of Mr. Clarence Baldwin as Chair of the Board of Directors of
the Company effective June 7, 2005. The appointment of Mr. Baldwin follows the
resignation of Mr. Peter Wall as Chair and as a director.
Mr. Baldwin has been a director of the Company since 1974 and was
formerly Treasurer and Secretary of the Company.
Mr. Wall will have a new role as a consultant and advisor to the senior
management team and Board of Directors.
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.
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.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
>>
%SEDAR: 00002080E
