The Becker Milk Company Limited: 2023 Annual Financial Results
July 18 2023 - 6:46PM
The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is
pleased to report the results for the year ended April 30, 2023.
HIGHLIGHTS
- Total revenues for the year ended April 30, 2023 were
$2,860,435 compared to $2,670,042 for the same period in 2022;
- Net operating income for the year was $2,294,028 compared to
$2,121,894 in 2022;
- There was a net loss of $0.43 per share for the year, compared
to $3.13 net income per share in 2022.
FINANCIAL HIGHLIGHTS
Net operating income for the year ended April
30, 2023 increased $172,134 to $2,294,028 as compared with the
previous year, primarily as a result of a non-recurring increase in
total property revenue related to completion of negotiations with
Mac’s Convenience Stores Inc. regarding base rents for most of its
locations. In addition, property operating expenses were lower in
the year ended April 30, 2023.
| |
Year ended |
|
|
April 30 |
|
|
2023 |
|
2022 |
| Property
revenue |
$2,712,093 |
|
$2,630,175 |
| Finance
income |
148,342 |
|
39,867 |
|
Total revenues |
$2,860,435 |
|
$2,670,042 |
| |
|
|
|
|
Net income (loss) attributable to common and special
shareholders |
($778,354) |
|
$5,665,984 |
| |
|
|
|
| Average
common and special shares outstanding |
1,808,360 |
|
1,808,360 |
| |
|
|
|
|
Income (loss) per share |
($0.43) |
|
$3.13 |
| |
Year ended |
|
|
April 30 |
|
|
2023 |
|
2022 |
| Property
revenue |
$2,712,093 |
|
$2,630,175 |
| Property
operating expenses |
(418,065) |
|
(508,281) |
|
Net operating income |
$2,294,028 |
|
$2,121,894 |
Components of the $6,444,338 decrease in net
income for the year ended April 30, 2023 compared to the year ended
April 30, 2022 are:
| Changes in
Net Income - Year ended April 30, 2023 |
| compared to
year ended April 30, 2022 |
|
|
|
| Increase in
recovery of deferred income taxes |
$968,366 |
| Increase in
net operating income |
172,134 |
| Increase in
finance income |
108,475 |
| Decrease in
administrative expenses |
74,463 |
| Decrease in
expenses related to strategic review |
62,110 |
| Increase in
loss on disposal |
(10,494) |
| Increase in
current taxes |
(136,034) |
| Unfavourable
change in fair value adjustment |
(7,683,358) |
| |
|
| Decrease in
net income |
($6,444,338) |
The large unfavourable change in the fair value
adjustment to investment properties was the result of revised
assumptions with respect to capitalization rates as at April 30,
2023.
ADJUSTED FUNDS FROM
OPERATIONS
For the year ended April 30, 2023 the Company
recorded adjusted funds from operations of $612,280 ($0.34 per
share) compared to $553,929 ($0.31 per share) in 2022.
| |
|
Year ended |
|
|
|
April 30 |
|
|
|
2023 |
|
2022 |
|
Net income (loss) |
($778,354) |
|
$5,665,984 |
|
Add (deduct) items not affecting cash: |
|
|
|
| |
Adjustment
to fair value of investment properties |
1,690,358 |
|
(5,993,000) |
| |
Loss (gain)
on sale of investment properties |
15,077 |
|
4,583 |
| |
Tax on gains
from sale of property |
54,736 |
|
9,065 |
| |
Deferred
income taxes |
(169,820) |
|
798,546 |
| |
Expenses
related to strategic review |
40,641 |
|
102,751 |
| |
Sustaining
capital expenditures |
(240,358) |
|
(34,000) |
|
Adjusted funds from operations |
$612,280 |
|
$553,929 |
|
Adjusted funds from operations per share |
$0.34 |
|
$0.31 |
STRATEGIC REVIEW
The Board of Directors continually evaluates
strategic directions for the Company and has engaged in discussions
with potential acquirers. While the Company has engaged in some
discussions within the last year, none of those discussions are
active at this time. The Company continues to review its strategic
alternatives and will update the market as appropriate, and as
required.
The Company’s annual financial statements for
the year ended April 30, 2023, along with the Management’s
Discussion and Analysis and Annual Information Form 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 Tel: 416-698-2591
Becker Milk (TSX:BEK.B)
Historical Stock Chart
From Oct 2024 to Nov 2024
Becker Milk (TSX:BEK.B)
Historical Stock Chart
From Nov 2023 to Nov 2024
