VANCOUVER, April 27 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the years ended January 31, 2007 and 2006. The Company recorded net earnings for the fourth quarter of $16,100,503 or $0.50 per share (2006 - $1,035,522) and recorded annual net earnings of $25,719,632 or $0.80 per share, an increase of $3,465,328 over 2006. At January 31, 2007, the Company recorded earnings before interest, income tax and depreciation and amortization (EBITDA) and non-controlling interest of $63,627,110 (2006 - $47,976,806). The increase in earnings and EBITDA for the year was the direct result of sales of properties under development and increased revenue from hotel and rental apartment operations.
January 31, 2007 January 31, 2006
------------------ ------------------
Net earnings per share $0.80 $0.69
Net earnings $25,719,632 $22,254,304
Revenue & Other Income $301,322,519 $182,476,610
Total Assets $401,279,303 $404,487,822
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, 2007 and 2006.
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