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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 - Mar 17, 2014) - The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report the results for the nine months ended January 31, 2014.
HIGHLIGHTS
FINANCIAL HIGHLIGHTS
Nine months ended | ||||||
January 31 | ||||||
2014 | 2013 | |||||
Property revenue | $ | 2,945,085 | $ | 3,024,383 | ||
Finance income | 48,377 | 54,127 | ||||
Total revenues | $ | 2,993,462 | $ | 3,078,510 | ||
Property revenue | $ | 2,945,085 | $ | 3,024,383 | ||
Property operating expenses | (401,609 | ) | (383,128 | ) | ||
Net operating income | $ | 2,543,476 | $ | 2,641,255 | ||
Adjusted funds from operations | $ | 977,596 | $ | 1,530,621 | ||
Net income attributable to common and special shareholders | $ | 406,870 | $ | 646,637 | ||
Average common and special shares outstanding | 1,808,360 | 1,808,360 | ||||
Income per share | $ | 0.22 | $ | 0.36 |
Significant components of the $239,767 decrease in net income between the nine months ended January 31, 2014 compared to the nine months ended January 31, 2013 are:
Changes in net income - nine months ended January 31, 2014 compared to nine months ended January 31, 2013
Change in fair value of investment properties | $ | 12,607 | |
Change in deferred taxes on investment properties | 322,510 | ||
Change in current taxes | 10,630 | ||
Change in net operating income | (97,780 | ) | |
Change in administrative expenses | (37,429 | ) | |
Change in expenses related to potential sale | (444,556 | ) | |
Other items | (5,749 | ) | |
Change in net income | $ | (239,767 | ) |
NET OPERATING INCOME
Net operating income for the nine months ended January 31, 2014, decreased by $97,779 to $2,543,476 compared to $2,641,255 in 2013. The decrease was predominantly the result of both reduced rental revenues and increased property operating expenses.
ADJUSTED FUNDS FROM OPERATIONS
Adjusted funds from operations
Nine months ended | |||||||
January 31 | |||||||
2014 | 2013 | ||||||
Funds from operations | $ | 1,020,592 | $ | 1,595,476 | |||
Items not affecting cash: | |||||||
Straight line rent | (28,289 | ) | (64,855 | ) | |||
Sustaining capital expenditures | (14,707 | ) | |||||
Adjusted funds from operations | $ | 977,596 | $ | 1,530,621 | |||
Adjusted funds from operations per share | $ | 0.54 | $ | 0.85 |
For the nine months ended January 31, 2014 the Company recorded Adjusted funds from operations of $977,596 ($0.54 per share) compared to $1,530,621 ($0.85 per share) in 2013. This decrease is largely the result of lower operating income and higher administrative expenses related to property surveys and environmental assessments.
SALE OF COMPANY
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.
To date legal and engineering costs of $444,556 have been incurred in connection with the potential sale of the Company.
DIVIDEND
The Directors of the Company have declared a dividend on Class B Special and Common Shares of 40 cents per share. The dividend of 40 cents will be paid to those shareholders of record as of March 28, 2014 and payable on April 10, 2014.
The dividends for Canadian tax purposes will be considered as an eligible dividend.
The Company's quarterly financial statements for the nine months ended January 31, 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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