VANCOUVER, Dec. 7 /CNW/ - Wall Financial Corporation (the "Company")
released today its operating results for the third quarter ended October 31,
2005 and 2004. The Company recorded net earnings for the quarter of $9,373,143
or $0.29 per share ($3,163,789 - 2004). This brings the Company's year to date
earnings to $21,218,782 or $0.66 per share compared to $12,021,180 or $0.37
per share for the same period in 2004. The Company recorded earnings before
interest, income tax, depreciation and amortization (EBITDA) of $16,425,424
for the three month period ended October 31, 2005, up significantly from
$6,423,793 the previous year. The higher earnings for the quarter were a
direct result of sales of properties under development, primarily the Electric
Avenue project.
For the nine months ended October 31, 2005, EBITDA is $38,339,189
compared to $25,977,184 in 2004. Revenue for the year to date is significantly
higher as a result of sales of properties under development; $111,221,404 at
October 2005 compared to $7,017,661 at October 2004. During this period, hotel
revenues increased by 7.3% due to higher occupancy rates while rental property
revenues decreased 9.9% due to the sale of a residential rental building
during the first quarter of the year. Operating earnings for the year to date
have also improved over the prior year due to a larger gain on the sale of
revenue producing properties in fiscal 2006 than in fiscal 2005, and lower
interest costs. The lower interest costs were a result of repaying $9,922,271
in debt during the year and by refinancing high interest rates loans at lower
rates.
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October 31, 2005 October 31, 2004
---------------- ----------------
Net earnings per share $0.66 $0.37
Net earnings $21,218,782 $12,021,180
Revenue & Other Income $170,869,685 $61,657,222
October 31, 2005 January 31, 2005
---------------- ----------------
Total assets $396,423,973 $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 year
ended January 31, 2005.
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.
Bruno Wall
President
>>
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