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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 |
The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report the results for the six months ending October 31, 2012.
HIGHLIGHTS
-- Total revenues for the six months ended October 31, 2012 were $2,043,180 compared to $1,988,053 for the same period in 2011; -- Net operating income for the year-to-date period was $1,766,732 compared to $1,655,849 in 2011; -- Adjusted funds from operations were $0.58 per share, compared to $0.43 per share in 2011. FINANCIAL HIGHLIGHTS ---------------------------------------------------------------------------- Six months ended Oct 31 2012 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Property revenue $ 2,007,795 $ 1,956,424 Finance income 35,385 31,629 ---------------------------------------------------------------------------- Total revenues $ 2,043,180 $ 1,988,053 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Property revenue $ 2,007,795 $ 1,956,424 Property operating expenses (241,062) (300,573) ---------------------------------------------------------------------------- Net operating income $ 1,766,733 $ 1,655,851 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Adjusted funds from operations $ 1,056,537 $ 780,463 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net income attributable to common and special shareholders $ 339 $ 492,708 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Average common and special shares outstanding 1,808,360 1,808,360 Income per share $ 0.00 $ 0.27 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Significant components of the $492,369 decrease in net income between the six months ended October 31, 2012 compared to the six months ended October 31, 2011 are:
Changes in net income - six months ended October 31, 2012 compared to six months ended October 31, 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Change in fair value of investment properties ($504,657) Change in deferred taxes on investment properties (243,446) Net operating income 110,882 Administrative expenses 49,403 Provision for current income taxes 91,692 Other items 3,757 ---------------- Change in net income ($492,369) ---------------- ----------------
NET OPERATING INCOME
Net operating income for the six months ended October 31, 2012, increased by $110,883 to $1,766,732 compared to $1,655,849 in 2011. The increase resulted from both increased rental revenues and reduced property operating expenses.
ADJUSTED FUNDS FROM OPERATIONS Six months ended October 31 2012 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net income attributable to common and special shareholders $ 339 $ 492,708 Items not affecting cash: Fair value losses on investment properties 850,430 345,773 Deferred income taxes 237,697 (5,749) Straight line rent (31,929) (19,379) Sustaining capital expenditures (32,890) ---------------------------------------------------------------------------- Adjusted funds from operations $ 1,056,537 $ 780,463 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Adjusted funds from operations per share $ 0.58 $ 0.43 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
For the six months ended October 31, 2012 the Company recorded Adjusted funds from operations of $1,056,537 ($0.58 per share) compared to $780,463 ($0.43 per share) in 2011. This increase is largely the result of higher operating income combined with reduced sustaining capital expenditures.
The Company's interim unaudited financial statements for the six months ended October 31, 2012, 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.
Contacts: For the Board of Directors G.W.J. Pottow President 416-698-2591
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