The Becker Milk Company Limited: Three Month Financial Results and Regular Dividend
September 14 2018 - 9:54AM
The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is
pleased to report the results for the three months ended July 31,
2018.
HIGHLIGHTS
- Total revenues for the three months ended July 31, 2018 were
$769,250 compared to $894,428 for the same period in 2017;
- Net operating income for Q1 fiscal 2019 was $625,269 compared
to $764,803 in fiscal 2018;
- Net income for Q1 fiscal 2019 was $ 0.07 per share, compared to
$0.27 per share in fiscal 2018.
FINANCIAL HIGHLIGHTS
Net operating income for the three months ended
July 31, 2018 decreased $139,534 compared with the previous year to
$625,269, as a result of decreased revenue, resulting from the sale
of properties.
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Three months ended |
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July
31 |
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2018 |
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2017 |
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| Property
revenue |
$750,064 |
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$889,476 |
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| Finance
income |
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19,186 |
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4,952 |
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| Total revenues |
$769,250 |
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$894,428 |
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| Property
revenue |
$750,064 |
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$889,476 |
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| Property
operating expenses |
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(124,795) |
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(124,673) |
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| Net operating income |
$625,269 |
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$764,803 |
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| Adjusted funds from operations |
$243,581 |
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$365,356 |
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| Net income attributable to common and special
shareholders |
$133,350 |
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$484,748 |
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| Average
common and special shares outstanding |
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1,808,360 |
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1,808,360 |
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| Income per share |
$0.07 |
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$0.27 |
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Components of the $351,398 decrease in net
income for the three months ended July 31, 2018 compared to the
three months ended July 31, 2017 are:
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| Changes in net income - Three months ended July
31, 2018 |
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| compared to three months July 31,
2017 |
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| Decrease in
net operating income |
($139,534) |
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| Decrease in
fair value adjustment |
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(279,976) |
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| Increase in
administrative expenses |
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(23,564) |
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| Decrease in
current taxes |
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41,573 |
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| Increase in
recovery of deferred taxes on investment properties |
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26,046 |
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| Increase in
finance income |
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14,234 |
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| Decrease in
loss on disposal |
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7,470 |
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| Decrease in
strategic expenses |
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2,353 |
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| Decrease in
net income |
($351,398) |
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ADJUSTED FUNDS FROM
OPERATIONS
For the three months ended July 31, 2018 the
Company recorded adjusted funds from operations of $243,581 ($0.13
per share) compared to $365,356 ($0.20 per share) in 2017.
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Three months ended |
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July 31 |
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2018 |
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2017 |
| Funds from
operations |
$269,675 |
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$369,647 |
| Items not
affecting cash: |
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Straight
line rent |
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0 |
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Expenses
related to strategic review |
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(1,938) |
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4,291 |
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Sustaining
capital expenditures |
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(24,156) |
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0 |
| Adjusted funds from operations |
$243,581 |
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$365,356 |
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| Adjusted funds from operations per share |
$0.13 |
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$0.20 |
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STRATEGIC REVIEW
Since 2014 the Board of Directors has been
evaluating strategic directions for the Company and has engaged in
discussions with potential acquirors. None of those discussions are
active at this time. During this period a programme of divesting
less desirable sites has resulted in the sale of 15 investment
properties. The Company continues to review its strategic
alternatives and will update the market as appropriate, and as
required.
DIVIDEND
The Directors of the Company have declared the
regular semi-annual dividend on Class B Special and Common Shares
of 40 cents per share. This dividend of 40 cents will be paid to
those shareholders of record as of September 21, 2018 and payable
on October 01, 2018.
The dividends for Canadian tax purposes will be
considered as an eligible dividend.
The Company’s interim financial statements for
the three months ended July 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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