The Becker Milk Company Limited Three Month Financial Results and Regular Dividend
September 09 2013 - 4:53PM
Marketwired Canada
The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report
the results for the three months ending July 31, 2013.
HIGHLIGHTS
-- Total revenues for the three months ending July 31, 2013 were $989,081
compared to $1,021,729 for the same period in 2012;
-- Net operating income in Q1 2013 was $845,812 compared to $896,590 in
2012;
-- Adjusted funds from operations in Q1 2013 were $0.23 per share, compared
to $0.26 per share in 2011.
FINANCIAL HIGHLIGHTS
---------------------------------------------------------------------------
Three months ended
July 31
2013 2012
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Property revenue $971,842 $1,005,735
Finance income 17,239 15,994
Total revenues $989,081 $1,021,729
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Property revenue $971,842 $1,005,735
Property operating expenses (126,030) (109,145)
Net operating income $845,812 $896,590
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Adjusted funds from operations $422,375 $466,153
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net income attributable to common and special
shareholders $274,351 ($142,357)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Average common and special shares outstanding 1,808,360 1,808,360
Income per share $0.15 ($0.08)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Significant components of the $416,708 increase in net income between the three
months ended July 31, 2013 compared to the three months ended July 31, 2012 are:
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Change in fair value of investment properties $306,190
Change in deferred taxes on investment properties 145,704
Net operating income (50,778)
Other items 15,592
---------------
Change in net income $416,708
---------------
---------------
NET OPERATING INCOME
Net operating income for the three months ended July 31, 2013, decreased by
$50,779 to $845,809 compared to $896,588 in 2012. The decrease was predominantly
the result of both reduced rental revenues and increased property operating and
administrative expenses.
ADJUSTED FUNDS FROM OPERATIONS
Three months ended
July 31
2013 2012
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Funds from opeations $440,265 $475,451
Items not affecting cash:
Straight line rent (17,890) (9,298)
---------------------------------------------------------------------------
Adjusted funds from operations $422,375 $466,153
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Adjusted funds from operations per share $0.23 $0.26
---------------------------------------------------------------------------
---------------------------------------------------------------------------
For the three months ended July 31, 2013 the Company recorded Adjusted funds
from operations of $422,375 ($0.23 per share) compared to $465,871 ($0.26 per
share) in 2011. This decrease is largely the result of lower operating income.
DIVIDEND
The Directors of the Company have declared a regular dividend on Class B Special
and Common Shares of 40 cents per share. The regular dividend of 40 cents will
be paid to those shareholders of record as of September 20, 2013 and payable on
October 3, 2013.
The dividends for Canadian tax purposes will be considered as an eligible dividend.
The Company's annual financial statements for the three months ended July 31,
2013, along with the Management's Discussion and Analysis will be filed with
SEDAR at www.sedar.com.
Readers are cautioned that although the terms "Net Operating Income", and "Funds
From Operations" are commonly used to measure, compare and explain the operating
and financial performance of Canadian real estate companies and such terms are
defined in the Management's Discussion and Analysis, such terms are not
recognized terms under Canadian generally accepted accounting principles. Such
terms do not necessarily have a standardized meaning and may not be comparable
to similarly titled measures presented by the other publicly traded entities.
For the Board of Directors
G.W.J. Pottow, President
FOR FURTHER INFORMATION PLEASE CONTACT:
The Becker Milk Company Limited
G.W.J. Pottow
President
416-698-2591
Becker Milk (TSX:BEK.B)
Historical Stock Chart
From Jun 2024 to Jul 2024
Becker Milk (TSX:BEK.B)
Historical Stock Chart
From Jul 2023 to Jul 2024
