The Becker Milk Company Limited: 2013 Annual Financial Results
29 June 2013 - 2:46AM
Marketwired
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
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Year ended April 30
2013 2012
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Property revenue $ 4,017,858 $ 4,051,440
Finance income 71,177 62,457
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Total revenues $ 4,089,035 $ 4,113,897
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Property revenue $ 4,017,858 $ 4,051,440
Property operating expenses (529,822) (560,261)
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Net operating income $ 3,488,036 $ 3,491,179
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Adjusted funds from operations $ 1,937,615 $ 1,801,307
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Net income attributable to common and special
shareholders $ 991,791 $ 3,222,229
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Average common and special shares outstanding 1,808,360 1,808,360
Income per share $ 0.55 $ 1.78
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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:
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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
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Change in net income ($2,230,438)
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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
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Year ended April 30
2013 2012
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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)
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Adjusted funds from operations $ 1,937,615 $ 1,801,307
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Adjusted funds from operations per share $ 1.07 $ 1.00
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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.
Contacts: The Becker Milk Company Limited G.W.J. Pottow
President 416-698-2591
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