The Becker Milk Company Limited: Three Month Financial Results and Regular Dividends
12 September 2012 - 6:20AM
Marketwired
The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is
pleased to report the results for the three months ending July 31,
2012.
HIGHLIGHTS
-- Total revenues for the three months ending July 31, 2012 were $1,021,729
compared to $988,979 for the same period in 2011;
-- Net operating income in Q1 2012 was $896,589 compared to $805,502 in
2011;
-- Adjusted funds from operations in Q1 2012 were $0.26 per share, compared
to
-- $0.18 per share in 2011.
FINANCIAL HIGHLIGHTS
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Three months ended July 31
2012 2011
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Property revenue $ 1,005,735 $ 976,492
Finance income 15,994 12,487
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Total revenues $ 1,021,729 $ 988,979
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Property revenue $ 1,005,735 $ 976,492
Property operating expenses (109,145) (170,988)
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Net operating income $ 896,590 $ 805,504
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Adjusted funds from operations $ 465,871 $ 328,801
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Net income attributable to common and special
shareholders $ (142,357) $ 233,061
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Average common and special shares outstanding 1,808,360 1,808,360
Income per share $ (0.08) $ 0.13
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Significant components of the $375,418 decrease in net income
between the three months ended July 31, 2012 compared to the three
months ended July 31, 2011 are:
Changes in net income - three months ended July 31, 2012 compared to three
months ended July 31, 2011
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Change in fair value of investment properties $ (278,701)
Change in deferred taxes on investment properties (153,218)
Net operating income 91,087
Other items (34,586)
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Change in net income $ (375,418)
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NET OPERATING INCOME
Net operating income for the three months ended July 31, 2012,
increased by $91,087 to $896,589 compared to $805,502 in 2011. The
increase was predominantly the result of both increased rental
revenues and reduced property operating expenses.
ADJUSTED FUNDS FROM OPERATIONS
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Three months ended
July 31
2012 2011
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Net income attributable to common and special
shareholders $ (142,357) $ 233,061
Items not affecting cash:
Fair value losses on investment properties 468,080 189,379
Deferred income taxes 149,728 (3,490)
Straight line rent (9,580) (19,379)
Sustaining capital expenditures (70,770)
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Adjusted funds from operations $ 465,871 $ 328,801
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For the three months ended July 31, 2012 the Company recorded
Adjusted funds from operations of $465,871 ($0.26 per share)
compared to $328,801 ($0.18 per share) in 2011. This increase is
largely the result of higher operating income combined with reduced
sustaining capital expenditures.
DIVIDEND
The Directors of the Company have declared a regular dividend on
Class B Special and Common Shares of 35 cents per share. The
regular dividend of 35 cents will be paid to those shareholders of
record as of September 24, 2012 and payable on October 5, 2012.
The dividends for Canadian tax purposes will be considered as an
eligible dividend.
The Company's annual financial statements for the three months
ended July 31, 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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