The Becker Milk Company Limited: Three Month Financial Results and Regular Dividends

TORONTO, ONTARIO--(Marketwire - Sept. 11, 2012) - The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report the results for the three months ending July 31, 2012.

HIGHLIGHTS

• Total revenues for the three months ending July 31, 2012 were $1,021,729 compared to $988,979 for the same period in 2011;
• Net operating income in Q1 2012 was $896,589 compared to $805,502 in 2011;
• Adjusted funds from operations in Q1 2012 were $0.26 per share, compared to
• $0.18 per share in 2011.

FINANCIAL HIGHLIGHTS
	Three months ended July 31
	2012				2011
Property revenue	$	1,005,735			$	976,492
Finance income		15,994				12,487
Total revenues	$	1,021,729			$	988,979
Property revenue	$	1,005,735			$	976,492
Property operating expenses		(109,145	)			(170,988	)
Net operating income	$	896,590			$	805,504
Adjusted funds from operations	$	465,871			$	328,801
Net income attributable to common and special shareholders	$	(142,357	)		$	233,061
Average common and special shares outstanding		1,808,360				1,808,360
Income per share	$	(0.08	)		$	0.13

Significant components of the $375,418 decrease in net income between the three months ended July 31, 2012 compared to the three months ended July 31, 2011 are:

Changes in net income - three months ended July 31, 2012 compared to three months ended July 31, 2011
Change in fair value of investment properties	$	(278,701	)
Change in deferred taxes on investment properties		(153,218	)
Net operating income		91,087
Other items		(34,586	)
Change in net income	$	(375,418	)

NET OPERATING INCOME

Net operating income for the three months ended July 31, 2012, increased by $91,087 to $896,589 compared to $805,502 in 2011. The increase was predominantly the result of both increased rental revenues and reduced property operating expenses.

ADJUSTED FUNDS FROM OPERATIONS

		Three months ended
		July 31
		2012				2011
Net income attributable to common and special shareholders		$	(142,357	)		$	233,061
Items not affecting cash:
	Fair value losses on investment properties		468,080				189,379
	Deferred income taxes		149,728				(3,490	)
	Straight line rent		(9,580	)			(19,379	)
	Sustaining capital expenditures						(70,770	)
Adjusted funds from operations		$	465,871			$	328,801

For the three months ended July 31, 2012 the Company recorded Adjusted funds from operations of $465,871 ($0.26 per share) compared to $328,801 ($0.18 per share) in 2011. This increase is largely the result of higher operating income combined with reduced sustaining capital expenditures.

DIVIDEND

The Directors of the Company have declared a regular dividend on Class B Special and Common Shares of 35 cents per share. The regular dividend of 35 cents will be paid to those shareholders of record as of September 24, 2012 and payable on October 5, 2012.

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

The Company's annual financial statements for the three months ended July 31, 2012, 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