VANCOUVER, Dec. 12 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the nine months ended October 31, 2008. The Company recorded net earnings of $15,029,120 or $0.47 per share (October 2007 - $23,312,266 or $0.73 per share).
At October 31, 2008, the Company recorded earnings before interest, income tax, and depreciation and amortization (EBITDA), and non-controlling interest of $29,025,384 (October 2007 - $57,851,815).
Revenue and gross margins are lower this year primarily due to fewer condominium sales. Hotel operations began to soften in the third quarter of fiscal 2009 while rental apartment revenue is higher as a result of increased rental rates and the increase in rental units which were transferred from the Company's Development properties.
Revenue and other income $ 108,014,633 $ 179,175,375
Net earnings 15,029,120 23,312,266
Net earnings per share 0.47 0.73
Total assets $ 430,756,199 $ 370,440,914
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, 2008 and 2007.
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.
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