The Becker Milk Company Limited: Three Month Financial Results and Regular Dividend
TORONTO, Sept. 10, 2020 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the three months ended July 31, 2020.
HIGHLIGHTS
- Total revenues for the three months ended July 31, 2020 were $768,472 compared to $797,868 for the same period in 2019;
- Net operating income for Q1 fiscal 2021 was $639,922 compared to $671,539 in fiscal 2020;
- Net income for Q1 fiscal 2021 was $0.15 per share, compared to $0.13 per share in fiscal 2020.
FINANCIAL HIGHLIGHTS
Net operating income for the three months ended July 31, 2020 was $639,922, a $31,617 decrease compared with the previous year as a result of decreased revenue for the quarter.
| Three months ended | |||||
| July 31 | |||||
| 2020 | 2019 | ||||
| Property revenue | $737,933 | $772,534 | |||
| Finance income | 30,539 | 25,334 | |||
| Total revenues | $768,472 | $797,868 | |||
| Property revenue | $737,933 | $772,534 | |||
| Property operating expenses | (98,011) | (100,995) | |||
| Net operating income | $639,922 | $671,539 | |||
| Adjusted funds from operations | $242,090 | $285,212 | |||
| Net income attributable to common and special shareholders | $268,108 | $233,447 | |||
| Average common and special shares outstanding | 1,808,360 | 1,808,360 | |||
| Income per share | $0.15 | $0.13 | |||
Components of the $34,661 increase in net income for the three months ended July 31, 2020 compared to the three months ended July 31, 2019 are:
| Changes in net income - Three months ended July 31, 2020 | |||||
| compared to three months ended July 31, 2019 | |||||
| Decrease in current taxes | $267,743 | ||||
| Increase in fair value adjustment | 70,000 | ||||
| Decrease in loss on disposal | 25,708 | ||||
| Decrease in strategic review expenses | 6,472 | ||||
| Increase in finance income | 5,205 | ||||
| Decrease in net operating income | (31,617) | ||||
| Increase in administrative expenses | (48,196) | ||||
| Decrease in recovery of deferred taxes | (260,654) | ||||
| Increase in net income | $34,661 | ||||
ADJUSTED FUNDS FROM OPERATIONS
For the three months ended July 31, 2020 the Company recorded adjusted funds from operations of $242,090 ($0.13 per share) compared to $285,212 ($0.16 per share) in 2019.
| Three months ended | ||||||
| July 31 | ||||||
| 2020 | 2019 | |||||
| Funds from operations | $242,090 | $291,684 | ||||
| Deduct: | ||||||
| Expenses related to strategic review | - | (6,472) | ||||
| Adjusted funds from operations | $242,090 | $285,212 | ||||
| Adjusted funds from operations per share | $0.13 | $0.16 | ||||
STRATEGIC REVIEW
The Board of Directors continually evaluates strategic directions for the Company and has engaged in discussions with potential acquirors. None of those discussions are active at this time. The Board has followed a programme of divesting less desirable sites, which has resulted in the sale of 21 investment properties over the past 6 years. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.
DIVIDEND
The Directors of the Company have declared the regular semi-annual dividend on Class B Special and Common Shares of 40 cents per share. This dividend of 40 cents will be paid to those shareholders of record as of September 21, 2020 and payable on September 30, 2020.
The dividends for Canadian tax purposes will be considered as an eligible dividend.
The Company’s interim financial statements for the three months ended July 31, 2020, 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
Tel: 416-698-2591
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