Nine Month Financial Results and Regular Dividend
March 13 2018 - 8:44PM
The Becker Milk Company Limited (the “Company”)
(TSX:BEK.B) is pleased to report the results for the nine months
ended January 31, 2018.
HIGHLIGHTS
- Total revenues for the nine months ended January 31, 2018 were
$2,560,850 compared to $2,813,449 for the same period in 2017;
- Net operating income for Q3 fiscal 2018 was $2,139,917 compared
to $2,396,286 in fiscal 2017;
- Net income for Q3 fiscal 2018 was $ 0.61 per share, compared to
$0.19 per share in fiscal 2017.
FINANCIAL HIGHLIGHTS
Net operating income for the nine months ended
January 31, 2018 decreased $256,369 compared with the previous year
to $2,139,917, as a result of decreased revenue, resulting from
vacancies and the sale of properties.
|
|
|
|
|
| |
Nine months ended |
| |
January 31 |
|
|
|
2018 |
|
|
|
2017 |
|
| Property revenue |
$ |
2,533,628 |
|
|
$ |
2,796,401 |
|
| Finance income |
|
27,222 |
|
|
|
17,048 |
|
|
Total revenues |
$ |
2,560,850 |
|
|
$ |
2,813,449 |
|
| |
|
|
|
| Property revenue |
$ |
2,533,628 |
|
|
$ |
2,796,401 |
|
| Property operating
expenses |
|
(393,711 |
) |
|
|
(400,115 |
) |
|
Net operating income |
$ |
2,139,917 |
|
|
$ |
2,396,286 |
|
| |
|
|
|
| Adjusted
funds from operations |
$ |
943,241 |
|
|
$ |
1,042,132 |
|
| |
|
|
|
| Net
income attributable to common and special shareholders
|
$ |
1,103,368 |
|
|
$ |
348,308 |
|
| |
|
|
|
| Average common and
special shares outstanding |
|
1,808,360 |
|
|
|
1,808,360 |
|
| |
|
|
|
| Income
per share |
$ |
0.61 |
|
|
$ |
0.19 |
|
| |
|
|
|
Components of the $755,060 decrease in net income for the nine
months ended January 31, 2018 compared to the nine months ended
January 31, 2017 are:
| Changes in net income - Nine months ended
January 31, 2018 |
| compared to nine months ended January 31,
2017 |
| |
|
|
|
|
| Provision for
environmental liability |
|
| Decrease in net
operating income |
($256,369 |
) |
| Increase in fair value
adjustment |
1,000,892 |
|
| Decrease in
administrative expenses |
157,443 |
|
| Decrease in recovery of
deferred taxes on investment properties |
(30,745 |
) |
| Increase in current
taxes |
(71,704 |
) |
| Increase in finance
income |
10,174 |
|
| Increase in loss on
disposal |
(26,576 |
) |
| Increase in strategic
expenses |
(28,055 |
) |
| Increase in net
income |
$755,060 |
|
|
|
|
ADJUSTED FUNDS FROM OPERATIONS
For the nine months ended January 31, 2018 the
Company recorded adjusted funds from operations of $943,241 ($0.52
per share) compared to $1,042,132 ($0.58 per share) in 2017.
|
|
|
|
|
|
| |
|
Nine months ended |
| |
|
January 31 |
|
|
|
|
2018 |
|
|
|
2017 |
|
| Funds from
operations |
$ |
1,000,296 |
|
|
$ |
1,078,524 |
|
| Items not
affecting cash: |
|
|
|
| |
Straight line rent |
|
- |
|
|
|
33,834 |
|
| |
Expenses related to
strategic review
|
|
(28,055 |
) |
|
|
- |
|
| |
Sustaining capital
expenditures |
|
(29,000 |
) |
|
|
(70,226 |
) |
| |
Sustaining capital
expenditures |
|
|
|
| Adjusted funds from operations |
$ |
943,241 |
|
|
$ |
1,042,132 |
|
| |
|
|
|
|
| Adjusted funds from operations per share |
$ |
0.52 |
|
|
$ |
0.58 |
|
| |
|
|
|
|
STRATEGIC REVIEW
As reported in a press release dated August 6,
2013 the Company retained PricewaterhouseCoopers Real Estate Inc.
to explore the possible sale of the Company. Although this
arrangement terminated in fiscal 2016, the Company continues to
review its strategic alternatives and will update the market as
appropriate and as required.
As at January 31, 2018 total legal and
engineering costs of $853,870 had been incurred in connection with
the potential sale of the Company.
DIVIDEND
The Directors of the Company have declared a
dividend on Class B Special and Common Shares of 40 cents per
share. The dividend of 40 cents will be paid to those
shareholders of record as of March 22, 2018 and payable on March
30, 2018.
The dividends for Canadian tax purposes will be
considered as an eligible dividend.
The Company’s interim financial statements for
the nine months ended January 31, 2018, 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 DirectorsG.W.J. Pottow,
PresidentTel: 416-698-2591
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