The Becker Milk Company Limited: 2014 Annual Financial Results
28 June 2014 - 7:00AM
Marketwired
The Becker Milk Company Limited: 2014 Annual Financial Results
TORONTO, ONTARIO--(Marketwired - Jun 27, 2014) - 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
|
|
Year ended |
|
|
|
April 30, 2014 |
|
|
|
2014 |
|
2013 |
|
|
Property revenue |
$ |
3,887,131 |
|
$ |
4,017,858 |
|
|
Finance income |
|
61,678 |
|
|
71,177 |
|
|
Total revenues |
$ |
3,948,809 |
|
$ |
4,089,035 |
|
|
|
|
|
|
|
|
|
|
Property revenue |
$ |
3,887,131 |
|
$ |
4,017,858 |
|
|
Property operating expenses |
|
(519,826 |
) |
|
(529,822 |
) |
|
Net operating income |
$ |
3,367,305 |
|
$ |
3,488,036 |
|
|
|
|
|
|
|
|
|
|
Adjusted funds from operations |
$ |
1,334,110 |
|
$ |
1,937,615 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to common and special shareholders |
$ |
157,460 |
|
$ |
991,791 |
|
|
|
|
|
|
|
|
|
|
Average common and special shares outstanding |
|
1,808,360 |
|
|
1,808,360 |
|
|
|
|
|
|
|
|
|
|
Income per share |
$ |
0.09 |
|
$ |
0.55 |
|
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:
|
|
|
|
|
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 |
) |
|
Change in net income |
$ |
(834,331 |
) |
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
|
|
|
Year ended |
|
|
April 30, 2014 |
|
|
2014 |
|
2013 |
|
| 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 |
) |
| Adjusted funds from operations |
$ |
1,334,110 |
|
$ |
1,937,615 |
|
|
|
|
|
|
|
|
| Adjusted funds from operations per share |
$ |
0.74 |
|
$ |
1.07 |
|
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
The Becker Milk Company LimitedG.W.J.
PottowPresident416-698-2591
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