The Becker Milk Company Limited
TSX : BEK.B

June 28, 2013 12:46 ET

The Becker Milk Company Limited: 2013 Annual Financial Results

TORONTO, ONTARIO--(Marketwired - June 28, 2013) - The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report the results for the year ended April 30, 2013.

HIGHLIGHTS

  • Total revenues for the year ended April 30, 2013 were $4,089,035 compared to $4,113,897 for the same period in 2012;
  • Net operating income for the year was $991,791 compared to $3,222,229 in 2012;
  • Net income for the year for the year was $0.55 per share, compared to $1.78 per share in 2012.

FINANCIAL HIGHLIGHTS

Year ended April 30
2013 2012
Property revenue $ 4,017,858 $ 4,051,440
Finance income 71,177 62,457
Total revenues $ 4,089,035 $ 4,113,897
Property revenue $ 4,017,858 $ 4,051,440
Property operating expenses (529,822 ) (560,261 )
Net operating income $ 3,488,036 $ 3,491,179
Adjusted funds from operations $ 1,937,615 $ 1,801,307
Net income attributable to common and special shareholders $ 991,791 $ 3,222,229
Average common and special shares outstanding 1,808,360 1,808,360
Income per share $ 0.55 $ 1.78

Significant components of the $2,230,438 decrease in net income between the year ended April 30, 2013 compared to the year ended April 30, 2012 are:

Change in fair value adjustment of investment properties ($2,198,805 )
Loss on disposal of investment property (99,000 )
Change in deferred tax provision (45,146 )
Net operating income (3,143 )
Administrative expenses 81,872
Provision for current income taxes 25,064
Other items 8,720
Change in net income ($2,230,438 )

NET OPERATING INCOME

Net operating income for the year ended April 30, 2013 remained consistent with the previous year, decreasing only $3,143 to $3,488,036 compared to $3,491,179 in 2012.

ADJUSTED FUNDS FROM OPERATIONS

Year ended April 30
2013 2012
Net income attributable to common and special shareholders $ 991,791 $ 3,222,229
Items not affecting cash:
Fair value losses on investment properties 627,976 (1,570,829 )
Loss on disposal of investment property 99,000
Deferred income taxes 304,224 259,078
Straight line rent (66,128 ) (65,205 )
Sustaining capital expenditures (19,248 ) (43,966 )
Adjusted funds from operations $ 1,937,615 $ 1,801,307
Adjusted funds from operations per share $ 1.07 $ 1.00

For the year ended April 30, 2013 the Company recorded Adjusted funds from operations of $1,937,615 ($1.07 per share) compared to $1,801,307 ($1.00 per share) in 2012. This increase is largely the result of reduced operating and administrative expenses.

The Company's annual financial statements for the year ended April 30, 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 a nd 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.

Contact Information

  • The Becker Milk Company Limited
    G.W.J. Pottow
    President
    416-698-2591