![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Becker Milk Co Ltd | TSX:BEK.B | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.40 | 12.14 | 12.40 | 0 | 18:58:34 |
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
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
1 Year Becker Milk Chart |
1 Month Becker Milk Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions