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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 ended October 31, 2013. HIGHLIGHTS -- Total revenues for the six months ended October 31, 2013 were $1,979,695 compared to $2,043,180 for the same period in 2012; -- Net operating income in Q1 2013 was $1,683,458 compared to $1,766,732 in 2012; -- Adjusted funds from operations in Q1 2013 were $0.47 per share, compared to $0.58 per share in 2012. FINANCIAL HIGHLIGHTS ---------------------------------------------------------------------------- Six months ended October 31 2013 2012 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Property revenue $ 1,944,273 $ 2,007,794 Finance income 35,422 35,386 ---------------------------------------------------------------------------- Total revenues $ 1,979,695 $ 2,043,180 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Property revenue $ 1,944,273 $ 2,007,794 Property operating expenses (260,815) (241,062) ---------------------------------------------------------------------------- Net operating income $ 1,683,458 $ 1,766,732 ---------------------------------------------------------------------------- Adjusted funds from operations $ 843,310 $ 1,054,546 ---------------------------------------------------------------------------- Net income attributable to common and special shareholders $ 419,584 $ 339 ---------------------------------------------------------------------------- Average common and special shares outstanding 1,808,360 1,808,360 Income per share $ 0.23 $ 0.00 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Significant components of the $419,245 increase in net income between the six months ended October 31, 2013 compared to the six months ended October 31, 2012 are: Changes in net income - six months ended October 31, 2013 compared to six months ended October 31, 2012 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Change in fair value of investment properties $ 365,195 Change in deferred taxes on investment properties 267,971 Change in current taxes (97,302) Change in net operating income (83,274) Other items (33,345) ------------ Change in net income $ 419,245 ------------ ------------ NET OPERATING INCOME Net operating income for the six months ended October 31, 2013, decreased by $83,274 to $1,683,458 compared to $1,766,732 in 2012. The decrease was predominantly the result of both reduced rental revenues and increased property operating expenses. ADJUSTED FUNDS FROM OPERATIONS ---------------------------------------------------------------------------- Six months ended October 31 2013 2012 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Funds from operations $ 874,545 $ 1,088,466 Items not affecting cash: Straight line rent (16,528) (33,920) Sustaining capital expenditures (14,707) ---------------------------------------------------------------------------- Adjusted funds from operations $ 843,310 $ 1,054,546 ---------------------------------------------------------------------------- For the six months ended October 31, 2013 the Company recorded Adjusted funds from operations of $843,310 ($0.47 per share) compared to $1,054,546 ($0.58 per share) in 2012. This decrease is largely the result of lower operating income and higher current taxes. SALE OF COMPANY As reported in a press release dated August 6, 2013 the Company has 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 been engaged to conduct a property condition survey and an environmental assessment of all properties at an estimated cost of $300,000. The Company's quarterly financial statements for the six months ended October 31, 2013, 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 FOR FURTHER INFORMATION PLEASE CONTACT: The Becker Milk Company Limited G.W.J. Pottow President 416-698-2591
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