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The Becker Milk Company Limited: Six Month Financial Results

TORONTO, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the six months ended October 31, 2023.

HIGHLIGHTS

  • Total revenues for the six months ended October 31, 2023 were $1,488,135 compared to $1,360,032 for the same period in 2022;
  • The non-GAAP financial measure Net Operating Income for the first half fiscal 2024 was $1,181,810 compared to $1,153,009 for the first half fiscal 2023;
  • Net loss for the first half fiscal 2024 was $0.30 per share, compared to $1.19 net loss per share for the first half fiscal 2023.

FINANCIAL HIGHLIGHTS

Total revenue for the six months ended October 31, 2023 improved $128,103 compared to the six months ended October 31, 2022, largely a result of higher finance income.

          Six months ended
          October 31
            2023       2022  
Property revenue       $1,345,934     $1,303,395  
Finance income         142,201       56,637  
Total revenues       $1,488,135     $1,360,032  
               
Net income (loss) attributable to common and special shareholders   ($546,853)       ($2,153,525)  
               
Average common and special shares outstanding     1,808,360       1,808,360  
               
Income (loss) per share         ($0.30)       ($1.19)  


Components of the $1,606,672 decrease in the net loss for the six months ended October 31, 2023 compared to the six months ended October 31, 2022 are:

Changes in Net Income - Six months ended October 31, 2023
compared to six months ended October 31, 2022
           
Favourable change in fair value adjustment     $1,753,573  
Increase in finance income         85,564  
Decrease in expenses related to strategic review     40,456  
Increase in net operating income         28,801  
Increase in gain on disposal         12,376  
Increase in administrative expenses       (22,210)  
Increase in current taxes         (33,791)  
Decrease in recovery of deferred income taxes     (258,097)  
Decrease in net loss       $1,606,672  


The decrease in the unfavourable change in the fair value adjustment to investment properties was the result of an upward adjustment in investment property capitalization rates during six months ended October 31, 2023, as compared to the six months ended October 31, 2022.

Non-GAAP financial measures

Net operating income

The non-GAAP financial measure Net Operating Income for the six months ended October 31, 2023 was $1,181,810, a $28,801 increase compared with the previous year. Improved revenue was partially offset by an increase in property operating expenses.

          Six months ended
          October 31
            2023       2022  
Property revenue       $1,345,934     $1,303,395  
Property operating expenses         (164,124)       (150,386)  
Net operating income       $1,181,810     $1,153,009  


Funds from operations and Adjusted funds from operations

For the six months ended October 31, 2023 the Company recorded Adjusted funds from operations of $482,063 ($0.27 per share) compared to $387,413 ($0.21 per share) in 2022.

          Six months ended
          October 31
            2023       2022  
Net income (loss)         ($546,853)       ($2,153,525)  
Add (deduct) items not affecting cash:          
  Adjustment to fair value of investment properties     1,203,385       2,956,958  
  Loss (gain) on sale of investment properties     (2,122)       10,254  
  Tax on gains from sale of property       54,736       9,065  
  Deferred income taxes         (183,698)       (441,795)  
Funds from operations         525,448       380,957  
Add (deduct) non-operating items:          
  Expenses related to strategic review       -       40,456  
  Sustaining capital expenditures       (43,385)       (34,000)  
Adjusted funds from operations       $482,063     $387,413  
Adjusted funds from operations per share     $0.27     $0.21  


STRATEGIC REVIEW

The Board of Directors continually evaluates strategic directions for the Company and has engaged in discussions with potential acquirers. While the Company has engaged in some discussions within the last year, none of those discussions are active at this time. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.

The Company’s interim financial statements for the six months ended October 31, 2023, 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