The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is
pleased to report the results for the nine months ending January
31, 2013 and an increase in the semi-annual regular dividend.
HIGHLIGHTS
-- Total revenues for the nine months ended January 31, 2013 were
$3,078,510 compared to $3,128,671 for the same period in 2012;
-- Net operating income for the year-to-date period was $2,641,255 compared
to $2,642,749 in 2012;
-- Adjusted funds from operations were $0.83 per share, compared to $0.74
per share in 2012.
FINANCIAL HIGHLIGHTS
Nine months ended Jan 31
2013 2012
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Property revenue $ 3,024,383 $ 3,081,839
Finance income 54,127 46,832
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Total revenues $ 3,078,510 $ 3,128,671
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Property revenue $ 3,024,383 $ 3,081,839
Property operating expenses (383,128) (439,090)
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Net operating income $ 2,641,255 $ 2,642,749
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Adjusted funds from operations $ 1,508,389 $ 1,329,744
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Net income attributable to common and special
shareholders $ 646,637 $ 1,939,018
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Average common and special shares outstanding 1,808,360 1,808,360
Income per share $ 0.36 $ 1.07
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Significant components of the $1,292,381 decrease in net income
between the nine months ended January 31, 2013 compared to the nine
months ended January 31, 2012 are:
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Change in fair value of investment properties $ (1,369,244)
Change in deferred taxes on investment properties (136,600)
Net operating income (1,494)
Administrative expenses 95,766
Provision for current income taxes 111,895
Other items 7,296
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Change in net income $ (1,292,381)
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NET OPERATING INCOME
Net operating income for the nine months ended January 31, 2013,
decreased by $1,494 to $2,641,255 compared to $2,642,749 in 2012.
During the current period lower rental revenues were offset by
reduced property operating and administrative expenses.
ADJUSTED FUNDS FROM OPERATIONS
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Nine months ended Jan 31
2013 2012
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Net income attributable to common and special
shareholders $ 646,637 $ 1,939,018
Items not affecting cash:
Fair value losses on investment properties 662,603 (706,641)
Deferred income taxes 286,236 149,636
Straight line rent (67,839) (19,379)
Sustaining capital expenditures (19,248) (32,890)
Adjusted funds from operations $ 1,508,389 $ 1,329,744
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Adjusted funds from operations per share $ 0.83 $ 0.74
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For the nine months ended January 31, 2013 the Company recorded
Adjusted funds from operations of $1,508,389 ($0.83 per share)
compared to $1,329,744 ($0.74 per share) in 2012. 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 40 cents per share. This is an
increase of 5 cents per share semi-annually. The regular dividend
of 40 cents will be paid to those shareholders of record as of
March 26th, 2013 and payable on April 8th, 2013.
The dividends for Canadian tax purposes will be considered as an
eligible dividend.
The Company's interim unaudited financial statements for the
nine months ended January 31, 2013, 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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