The Becker Milk Company Limited: Three Month Financial Results and Regular Dividends
12 September 2012 - 6:20AM
Marketwired Canada
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
Becker Milk (TSX:BEK.B)
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