TORONTO, ONTARIO--(Marketwired - July 2, 2015) - The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report the results for the year ended April 30, 2015.
HIGHLIGHTS
- Total revenues for the year ended April 30, 2015 were $3,968,896 compared to $3,948,809 for the same period in 2014;
- Net operating income for the year was $3,475,361 compared to $3,367,305 in 2014;
- Net income for the year for the year was $1.01 per share, compared to $0.09 per share in 2014.
FINANCIAL HIGHLIGHTS
Net operating income for the year ended April 30, 2015 increased compared with the previous year by $108,056 to $3,475,361, as a result of both increased revenue and reduced operating costs.
Year ended | ||||
April 30 | ||||
2015 | 2014 | |||
Property revenue | $3,952,076 | $3,887,131 | ||
Finance income | 16,820 | 61,678 | ||
Total revenues | $3,968,896 | $3,948,809 | ||
Property revenue | $3,952,076 | $3,887,131 | ||
Property operating expenses | (476,715 | ) | (519,826 | ) |
Net operating income | $3,475,361 | $3,367,305 | ||
Adjusted funds from operations | $1,518,157 | $1,334,110 | ||
Net income attributable to common and special shareholders | $1,834,215 | $157,460 | ||
Average common and special shares outstanding | 1,808,360 | 1,808,360 | ||
Income per share | $1.01 | $0.09 |
Components of the $1,676,755 increase in net income for the year ended April 30, 2015 compared to the year ended April 30, 2014 are:
Changes in net income - Year ended April 30, 2015 | ||
compared to Year ended April 30, 2014 | ||
Increase in adjustment of fair value of investment properties | 1,715,202 | |
Decrease in expenses related to strategic review | 362,260 | |
Increase in net operating income | 108,056 | |
Decrease in loss on mortgage settlement | 17,100 | |
Decrease in loss on disposal | 15,609 | |
Increase in administrative expenses | (528 | ) |
Decrease in finance income | (44,858 | ) |
Increase in current taxes | (187,981 | ) |
Increase in deferred taxes on investment properties | (308,105 | ) |
Increase in net income | $1,676,755 |
ADJUSTED FUNDS FROM OPERATIONS
For the year ended April 30, 2015 the Company recorded adjusted funds from operations of $1,518,157 ($0.84 per share) compared to $1,334,110 ($0.74 per share) in 2014
Year ended | |||||
April 30 | |||||
2015 | 2014 | ||||
Funds from operations | $1,575,204 | $1,338,255 | |||
Items not affecting cash: | |||||
Straight line rent | 53,081 | 10,562 | |||
Sustaining capital expenditures | (110,128 | ) | (14,707 | ) | |
Adjusted funds from operations | $1,518,157 | $1,334,110 | |||
Adjusted funds from operations per share | $0.84 | $0.74 |
STRATEGIC REVIEW
As reported in a press release dated August 6, 2013 the Company retained PricewaterhouseCoopers Real Estate Inc. to explore the possible sale of the Company. This process has not reached any conclusion and is ongoing. In support of this process an engineering firm has conducted property condition surveys and environmental assessments of all properties. Management believes none of these assessments have found any circumstances that require immediate remediation to meet currently legislated environmental obligations.
As at April 30, 2015 total legal and engineering costs of $701,586 had been incurred in connection with the potential sale of the Company.
The Company's annual financial statements for the year ended April 30, 2015, 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
Contact Information:
President
416-698-2591