The Becker Milk Company Limited

March 05, 2010 13:29 ET

The Becker Milk Company Limited: Nine Month Financial Results

TORONTO, ONTARIO--(Marketwire - March 5, 2010) - The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report the results for the nine months ending January 31, 2010 from our real estate and investment management business.

Revenue of $ 2,993,049 for the current nine months compares to $ 3,027,159 for the same period ending January 31, 2009.

Net income for the nine months ending January 31, 2010 of $ 1,676,043 [$ 916,568 in 2009] is equivalent to 93 cents per share [51 cents in 2009].

During the quarter ended January 31, 2010, it was determined that the company's tax treatment of certain transactions has passed the limitation period for reassessment. As a result an amount of $350,000 income tax plus an additional amount of $164,700 interest thereon, accrued and disclosed in prior years as current income tax payable, has been reversed to current income tax expense. This reversal has increased net income during the period by an amount equivalent to 28 cents per share.

The Directors of the Company have declared a regular dividend on Class B Special and Common Shares of 30 cents per share. The regular dividend of 30 cents will be paid to those shareholders of record as of March 17, 2010 and payable on March 29, 2010.

The dividends for Canadian tax purposes will be considered as an eligible dividend.

For the Board of Directors

G.W.J. Pottow, President

Contact Information

  • The Becker Milk Company Limited
    G.W.J. Pottow