The Becker Milk Company Limited: 2012 Annual Financial Results and Special Dividend
29 June 2012 - 6:42AM
Marketwired Canada
The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report
the results for the year ended April 30, 2012.
These results are, and all future results will be, reported under International
Financial Reporting Standards (IFRS) and historical results have been restated
to IFRS for comparison purposes. Reconciliations between IFRS and Canadian
Generally Accepted Accounting Principles have been included in the Company's
annual financial statements for the period ended April 30, 2012.
HIGHLIGHTS
-- Total revenues for the year ended April 30, 2012 were $4,113,897
compared to $4,040,260 for the same period in 2011;
-- Net operating income for the year was $3,491,179 compared to $3,376,438
in 2011;
-- Net income for the year for the year was $1.78 per share, compared to
$1.58 per share in 2011.
FINANCIAL HIGHLIGHTS
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Year ended
April 30
2012 2011
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Property revenue $4,051,440 $3,982,740
Finance income 62,457 57,520
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Total revenues $4,113,897 $4,040,260
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Property revenue $4,051,440 $3,982,739
Property operating expenses (560,261) (606,301)
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Net operating income $3,491,179 $3,376,438
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Adjusted funds from operations $1,801,307 $1,482,416
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Net income attributable to common and special
shareholders $3,222,229 $2,858,839
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Average common and special shares outstanding 1,808,360 1,808,360
Income per share $ 1.78 $ 1.58
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Significant components of the $363,390 increase in net income between the year
ended April 30, 2012 compared to the year ended April 30, 2011 are:
Changes in net income - year ended April 30, 2012 compared to year ended
April 30, 2011
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Change in fair value adjustment on investment properties $ 79,409
Change in provision for deferred taxes on investment properties 4,500
Increase in net operating income 114,741
Reduction in administration expenses 76,871
Reduction in current income taxes 82,933
Other items 4,936
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Increase in net income $ 363,390
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NET OPERATING INCOME
Net operating income for the year ended April 30, 2012, increased by $114,741 to
$3,491,179 compared to $3,376,438 in 2011. The increase was predominantly the
result of the successful completion of a number of lease renewal negotiations
and reduced property operating and administrative expenses.
ADJUSTED FUNDS FROM OPERATIONS
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Year ended
April 30
Reconciliation of reported income to AFFO 2012 2011
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Net income attributable to common and special
shareholders $ 3,222,229 $ 2,858,839
Items not affecting cash:
Fair value gains on investment properties (1,570,829) (1,491,420)
Deferred income taxes 259,078 263,578
Straight line rent (65,205) (77,810)
Sustaining capital expenditures (43,966) (70,770)
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Adjusted funds from operations $ 1,801,307 $ 1,482,416
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Adjusted funds from operations per share $ 1.00 $ 0.82
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For the year ended April 30, 2012 the Company recorded Adjusted funds from
operations of $1,801,307 ($1.00 per share) compared to $1,482,416 ($0.82 per
share) in 2011. This increase is largely the result of higher operating income
combined with reduced administrative expenses and current income taxes.
SPECIAL DIVIDEND
Directors of the Company have determined that a special dividend of $1.25
dollars per share be declared to the Class B Special and Common Shares. The
dividend will be paid to those shareholders of record as of July 12th, 2012 and
payable on July 24th, 2012.
The dividends for Canadian tax purposes will be considered as an eligible dividend.
The Company's annual financial statements for the year ended April 30, 2012,
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
Becker Milk (TSX:BEK.B)
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