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:
G.W.J. Pottow
President
416-698-2591