The Becker Milk Company Limited: Six Month Financial Results
17 December 2013 - 9:03AM
Marketwired Canada
The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report
the results for the six months ended October 31, 2013.
HIGHLIGHTS
-- Total revenues for the six months ended October 31, 2013 were $1,979,695
compared to $2,043,180 for the same period in 2012;
-- Net operating income in Q1 2013 was $1,683,458 compared to $1,766,732 in
2012;
-- Adjusted funds from operations in Q1 2013 were $0.47 per share, compared
to $0.58 per share in 2012.
FINANCIAL HIGHLIGHTS
----------------------------------------------------------------------------
Six months ended
October 31
2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Property revenue $ 1,944,273 $ 2,007,794
Finance income 35,422 35,386
----------------------------------------------------------------------------
Total revenues $ 1,979,695 $ 2,043,180
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Property revenue $ 1,944,273 $ 2,007,794
Property operating expenses (260,815) (241,062)
----------------------------------------------------------------------------
Net operating income $ 1,683,458 $ 1,766,732
----------------------------------------------------------------------------
Adjusted funds from operations $ 843,310 $ 1,054,546
----------------------------------------------------------------------------
Net income attributable to common and special
shareholders $ 419,584 $ 339
----------------------------------------------------------------------------
Average common and special shares outstanding 1,808,360 1,808,360
Income per share $ 0.23 $ 0.00
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Significant components of the $419,245 increase in net income between the six
months ended October 31, 2013 compared to the six months ended October 31, 2012
are:
Changes in net income - six months ended October 31, 2013 compared to six months
ended October 31, 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Change in fair value of investment properties $ 365,195
Change in deferred taxes on investment properties 267,971
Change in current taxes (97,302)
Change in net operating income (83,274)
Other items (33,345)
------------
Change in net income $ 419,245
------------
------------
NET OPERATING INCOME
Net operating income for the six months ended October 31, 2013, decreased by
$83,274 to $1,683,458 compared to $1,766,732 in 2012. The decrease was
predominantly the result of both reduced rental revenues and increased property
operating expenses.
ADJUSTED FUNDS FROM OPERATIONS
----------------------------------------------------------------------------
Six months ended
October 31
2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Funds from operations $ 874,545 $ 1,088,466
Items not affecting cash:
Straight line rent (16,528) (33,920)
Sustaining capital expenditures (14,707)
----------------------------------------------------------------------------
Adjusted funds from operations $ 843,310 $ 1,054,546
----------------------------------------------------------------------------
For the six months ended October 31, 2013 the Company recorded Adjusted funds
from operations of $843,310 ($0.47 per share) compared to $1,054,546 ($0.58 per
share) in 2012. This decrease is largely the result of lower operating income
and higher current taxes.
SALE OF COMPANY
As reported in a press release dated August 6, 2013 the Company has retained
PriceWaterhouseCoopers Real Estate Inc. to explore the possible sale of the
Company. This process has not reached any conclusion and is ongoing. In support
of this process an engineering firm has been engaged to conduct a property
condition survey and an environmental assessment of all properties at an
estimated cost of $300,000.
The Company's quarterly financial statements for the six months ended October
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
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
