The Becker Milk Company Limited: 2013 Annual Financial Results
29 June 2013 - 2:46AM
Marketwired Canada
The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report
the results for the year ended April 30, 2013.
HIGHLIGHTS
-- Total revenues for the year ended April 30, 2013 were $4,089,035
compared to $4,113,897 for the same period in 2012;
-- Net operating income for the year was $991,791 compared to $3,222,229 in
2012;
-- Net income for the year for the year was $0.55 per share, compared to
$1.78 per share in 2012.
FINANCIAL HIGHLIGHTS
----------------------------------------------------------------------------
Year ended April 30
2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Property revenue $ 4,017,858 $ 4,051,440
Finance income 71,177 62,457
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total revenues $ 4,089,035 $ 4,113,897
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Property revenue $ 4,017,858 $ 4,051,440
Property operating expenses (529,822) (560,261)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net operating income $ 3,488,036 $ 3,491,179
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted funds from operations $ 1,937,615 $ 1,801,307
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income attributable to common and special
shareholders $ 991,791 $ 3,222,229
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Average common and special shares outstanding 1,808,360 1,808,360
Income per share $ 0.55 $ 1.78
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Significant components of the $2,230,438 decrease in net income between the year
ended April 30, 2013 compared to the year ended April 30, 2012 are:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Change in fair value adjustment of investment properties ($2,198,805)
Loss on disposal of investment property (99,000)
Change in deferred tax provision (45,146)
Net operating income (3,143)
Administrative expenses 81,872
Provision for current income taxes 25,064
Other items 8,720
-------------
Change in net income ($2,230,438)
-------------
-------------
NET OPERATING INCOME
Net operating income for the year ended April 30, 2013 remained consistent with
the previous year, decreasing only $3,143 to $3,488,036 compared to $3,491,179
in 2012.
ADJUSTED FUNDS FROM OPERATIONS
----------------------------------------------------------------------------
Year ended April 30
2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income attributable to common and special
shareholders $ 991,791 $ 3,222,229
Items not affecting cash:
Fair value losses on investment properties 627,976 (1,570,829)
Loss on disposal of investment property 99,000
Deferred income taxes 304,224 259,078
Straight line rent (66,128) (65,205)
Sustaining capital expenditures (19,248) (43,966)
----------------------------------------------------------------------------
Adjusted funds from operations $ 1,937,615 $ 1,801,307
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted funds from operations per share $ 1.07 $ 1.00
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the year ended April 30, 2013 the Company recorded Adjusted funds from
operations of $1,937,615 ($1.07 per share) compared to $1,801,307 ($1.00 per
share) in 2012. This increase is largely the result of reduced operating and
administrative expenses.
The Company's annual financial statements for the year ended April 30, 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 a nd 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 FURTHER INFORMATION PLEASE CONTACT:
The Becker Milk Company Limited
G.W.J. Pottow
President
416-698-2591
Becker Milk (TSX:BEK.B)
Historical Stock Chart
From May 2024 to Jun 2024
Becker Milk (TSX:BEK.B)
Historical Stock Chart
From Jun 2023 to Jun 2024
