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
Contacts: The Becker Milk Company Limited G.W.J. Pottow
President 416-698-2591
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