The Becker Milk Company Limited: Six Month Financial Results
15 December 2012 - 3:17AM
Marketwired
The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is
pleased to report the results for the six months ending October 31,
2012.
HIGHLIGHTS
-- Total revenues for the six months ended October 31, 2012 were $2,043,180
compared to $1,988,053 for the same period in 2011;
-- Net operating income for the year-to-date period was $1,766,732 compared
to $1,655,849 in 2011;
-- Adjusted funds from operations were $0.58 per share, compared to $0.43
per share in 2011.
FINANCIAL HIGHLIGHTS
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Six months ended
Oct 31
2012 2011
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Property revenue $ 2,007,795 $ 1,956,424
Finance income 35,385 31,629
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Total revenues $ 2,043,180 $ 1,988,053
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Property revenue $ 2,007,795 $ 1,956,424
Property operating expenses (241,062) (300,573)
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Net operating income $ 1,766,733 $ 1,655,851
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Adjusted funds from operations $ 1,056,537 $ 780,463
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Net income attributable to common and special
shareholders $ 339 $ 492,708
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Average common and special shares outstanding 1,808,360 1,808,360
Income per share $ 0.00 $ 0.27
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Significant components of the $492,369 decrease in net income
between the six months ended October 31, 2012 compared to the six
months ended October 31, 2011 are:
Changes in net income - six months ended October 31, 2012
compared to six months ended October 31, 2011
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Change in fair value of investment properties ($504,657)
Change in deferred taxes on investment properties (243,446)
Net operating income 110,882
Administrative expenses 49,403
Provision for current income taxes 91,692
Other items 3,757
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Change in net income ($492,369)
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NET OPERATING INCOME
Net operating income for the six months ended October 31, 2012,
increased by $110,883 to $1,766,732 compared to $1,655,849 in 2011.
The increase resulted from both increased rental revenues and
reduced property operating expenses.
ADJUSTED FUNDS FROM OPERATIONS
Six months ended
October 31
2012 2011
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Net income attributable to common and special
shareholders $ 339 $ 492,708
Items not affecting cash:
Fair value losses on investment properties 850,430 345,773
Deferred income taxes 237,697 (5,749)
Straight line rent (31,929) (19,379)
Sustaining capital expenditures (32,890)
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Adjusted funds from operations $ 1,056,537 $ 780,463
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Adjusted funds from operations per share $ 0.58 $ 0.43
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For the six months ended October 31, 2012 the Company recorded
Adjusted funds from operations of $1,056,537 ($0.58 per share)
compared to $780,463 ($0.43 per share) in 2011. This increase is
largely the result of higher operating income combined with reduced
sustaining capital expenditures.
The Company's interim unaudited financial statements for the six
months ended October 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.
Contacts: For the Board of Directors G.W.J. Pottow President
416-698-2591
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