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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 three months ending July 31, 2012. HIGHLIGHTS -- Total revenues for the three months ending July 31, 2012 were $1,021,729 compared to $988,979 for the same period in 2011; -- Net operating income in Q1 2012 was $896,589 compared to $805,502 in 2011; -- Adjusted funds from operations in Q1 2012 were $0.26 per share, compared to -- $0.18 per share in 2011. FINANCIAL HIGHLIGHTS ---------------------------------------------------------------------------- Three months ended July 31 2012 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Property revenue $ 1,005,735 $ 976,492 Finance income 15,994 12,487 ---------------------------------------------------------------------------- Total revenues $ 1,021,729 $ 988,979 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Property revenue $ 1,005,735 $ 976,492 Property operating expenses (109,145) (170,988) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net operating income $ 896,590 $ 805,504 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Adjusted funds from operations $ 465,871 $ 328,801 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net income attributable to common and special shareholders $ (142,357) $ 233,061 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Average common and special shares outstanding 1,808,360 1,808,360 Income per share $ (0.08) $ 0.13 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Significant components of the $375,418 decrease in net income between the three months ended July 31, 2012 compared to the three months ended July 31, 2011 are: Changes in net income - three months ended July 31, 2012 compared to three months ended July 31, 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Change in fair value of investment properties $ (278,701) Change in deferred taxes on investment properties (153,218) Net operating income 91,087 Other items (34,586) -------------- Change in net income $ (375,418) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- NET OPERATING INCOME Net operating income for the three months ended July 31, 2012, increased by $91,087 to $896,589 compared to $805,502 in 2011. The increase was predominantly the result of both increased rental revenues and reduced property operating expenses. ADJUSTED FUNDS FROM OPERATIONS ---------------------------------------------------------------------------- Three months ended July 31 2012 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net income attributable to common and special shareholders $ (142,357) $ 233,061 Items not affecting cash: Fair value losses on investment properties 468,080 189,379 Deferred income taxes 149,728 (3,490) Straight line rent (9,580) (19,379) Sustaining capital expenditures (70,770) ---------------------------------------------------------------------------- Adjusted funds from operations $ 465,871 $ 328,801 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- For the three months ended July 31, 2012 the Company recorded Adjusted funds from operations of $465,871 ($0.26 per share) compared to $328,801 ($0.18 per share) in 2011. This increase is largely the result of higher operating income combined with reduced sustaining capital expenditures. DIVIDEND The Directors of the Company have declared a regular dividend on Class B Special and Common Shares of 35 cents per share. The regular dividend of 35 cents will be paid to those shareholders of record as of September 24, 2012 and payable on October 5, 2012. The dividends for Canadian tax purposes will be considered as an eligible dividend. The Company's annual financial statements for the three months ended July 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. For the Board of Directors G.W.J. Pottow, President
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