The Becker Milk Company Limited: 2014 Annual Financial Results
28 June 2014 - 7:00AM
Marketwired Canada
The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report
the results for the year ended April 30, 2014.
HIGHLIGHTS
-- Total revenues for the year ended April 30, 2014 were $3,948,809
compared to $4,089,035 for the same period in 2013;
-- Net operating income for the year was $3,367,305 compared to $3,488,036
in 2013;
-- Net income for the year for the year was $ 0.09 per share, compared to
$0.55 per share in 2013.
FINANCIAL HIGHLIGHTS
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Year ended
April 30, 2014
2014 2013
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Property revenue $ 3,887,131 $ 4,017,858
Finance income 61,678 71,177
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Total revenues $ 3,948,809 $ 4,089,035
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Property revenue $ 3,887,131 $ 4,017,858
Property operating expenses (519,826) (529,822)
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Net operating income $ 3,367,305 $ 3,488,036
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Adjusted funds from operations $ 1,334,110 $ 1,937,615
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Net income attributable to common and special
shareholders $ 157,460 $ 991,791
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Average common and special shares outstanding 1,808,360 1,808,360
Income per share $ 0.09 $ 0.55
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Significant components of the $834,331 decrease in net income between the year
ended April 30, 2014 compared to the year ended April 30, 2013 are:
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Provision for environmental liability $ (850,000)
Change in fair value of investment properties 73,831
Change in loss on disposal 58,391
Change in deferred taxes on investment properties 568,183
Change in current taxes 39,463
Change in net operating income (120,731)
Change in administrative expenses (62,046)
Change in expenses related to strategic review (531,923)
Other items (9,499)
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Change in net income $ (834,331)
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NET OPERATING INCOME
Net operating income for the year ended April 30, 2014 was reduced compared with
the previous year, decreasing $120,731 to $3,367,305 compared to $3,488,036 in
2013, principally as a result of reduced revenue.
ADJUSTED FUNDS FROM OPERATIONS
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Year ended
April 30, 2014
2014 2013
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Funds from operations $ 1,338,255 $ 2,022,991
Items not affecting cash:
Straight line rent 10,562 (66,128)
Sustaining capital expenditures (14,707) (19,248)
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Adjusted funds from operations $ 1,334,110 $ 1,937,615
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Adjusted funds from operations per share $ 0.74 $ 1.07
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For the year ended April 30, 2014 the Company recorded adjusted funds from
operations of $1,334,110 ($0.74 per share) compared to $1,937,615 ($1.07 per
share) in 2013. This decrease is largely the result of the costs of a strategic
review during the year amounting to $531,923 as described below.
STRATEGIC REVIEW
As reported in a press release dated August 6, 2013 the Company 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 conducted property condition surveys and
environmental assessments of all properties. Management believes none of these
assessments have found any circumstances that require immediate remediation to
meet currently legislated environmental obligations.
As at April 30, 2014 legal and engineering costs of $531,923 had been incurred
in connection with the potential sale of the Company.
The Company's annual financial statements for the year ended April 30, 2014,
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
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