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The Becker Milk Company Limited: Three Month Financial Results and Regular Dividend

TORONTO, Sept. 14, 2018 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the three months ended July 31, 2018.

HIGHLIGHTS

  • Total revenues for the three months ended July 31, 2018 were $769,250 compared to $894,428 for the same period in 2017;
  • Net operating income for Q1 fiscal 2019 was $625,269 compared to $764,803 in fiscal 2018;
  • Net income for Q1 fiscal 2019 was $ 0.07 per share, compared to $0.27 per share in fiscal 2018.

FINANCIAL HIGHLIGHTS

Net operating income for the three months ended July 31, 2018 decreased $139,534 compared with the previous year to $625,269, as a result of decreased revenue, resulting from the sale of properties.

                 
          Three months ended
            July 31    
            2018       2017    
Property revenue $750,064     $889,476    
Finance income   19,186       4,952    
Total revenues $769,250     $894,428    
                 
Property revenue $750,064     $889,476    
Property operating expenses   (124,795)       (124,673)    
Net operating income $625,269     $764,803    
                 
Adjusted funds from operations $243,581     $365,356    
                 
Net income attributable to common and special shareholders $133,350     $484,748    
                 
Average common and special shares outstanding   1,808,360       1,808,360    
                 
Income per share $0.07     $0.27    
             

Components of the $351,398 decrease in net income for the three months ended July 31, 2018 compared to the three months ended July 31, 2017 are:

   
Changes in net income - Three months ended July 31, 2018  
compared to three months July 31, 2017  
             
Decrease in net operating income ($139,534)    
Decrease in fair value adjustment   (279,976)    
Increase in administrative expenses   (23,564)    
Decrease in current taxes   41,573    
Increase in recovery of deferred taxes on investment properties   26,046    
Increase in finance income   14,234    
Decrease in loss on disposal   7,470    
Decrease in strategic expenses   2,353    
Decrease in net income ($351,398)    
       

ADJUSTED FUNDS FROM OPERATIONS

For the three months ended July 31, 2018 the Company recorded adjusted funds from operations of $243,581 ($0.13 per share) compared to $365,356 ($0.20 per share) in 2017.

           
          Three months ended
          July 31
            2018       2017
Funds from operations $269,675     $369,647
Items not affecting cash:      
  Straight line rent     -       0
  Expenses related to strategic review   (1,938)       4,291
  Sustaining capital expenditures   (24,156)       0
Adjusted funds from operations $243,581     $365,356
               
Adjusted funds from operations per share $0.13     $0.20
             

STRATEGIC REVIEW

Since 2014 the Board of Directors has been evaluating strategic directions for the Company and has engaged in discussions with potential acquirors. None of those discussions are active at this time. During this period a programme of divesting less desirable sites has resulted in the sale of 15 investment properties. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.

DIVIDEND

The Directors of the Company have declared the regular semi-annual dividend on Class B Special and Common Shares of 40 cents per share. This dividend of 40 cents will be paid to those shareholders of record as of September 21, 2018 and payable on October 01, 2018.

The dividends for Canadian tax purposes will be considered as an eligible dividend.

The Company’s interim financial statements for the three months ended July 31, 2018, 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
Tel: 416-698-2591

/EIN News/ --

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