The Becker Milk Company Limited: Nine Month Financial Results and Regular Dividend
10 Mars 2020 - 10:30PM
The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is
pleased to report the results for the nine months ended January 31,
2020.
HIGHLIGHTS
- Total revenues for the nine months ended January 31, 2020 were
$2,439,865 compared to $2,277,173 for the same period in 2019;
- Net operating income for Q3 fiscal 2020 was $1,973,203 compared
to $1,840,617 in fiscal 2019;
- Net income for Q3 fiscal 2020 was $ 0.41 per share, compared to
$0.39 per share in fiscal 2019.
FINANCIAL HIGHLIGHTS
Net operating income for the nine months ended
January 31, 2020 increased $132,586 compared with the previous year
to $1,973,203, principally as a result of increased revenue.
|
Nine months ended |
|
January
31 |
|
|
2020 |
|
|
|
2019 |
|
Property
revenue |
$2,329,337 |
|
|
$2,204,756 |
|
Finance
income |
|
110,528 |
|
|
|
72,417 |
|
Total revenues |
$2,439,865 |
|
|
$2,277,173 |
|
|
|
|
|
Property
revenue |
$2,329,337 |
|
|
$2,204,756 |
|
Property
operating expenses |
|
(356,134 |
) |
|
|
(364,139 |
) |
Net operating income |
$1,973,203 |
|
|
$1,840,617 |
|
|
|
|
|
Adjusted funds from operations |
$920,305 |
|
|
$766,017 |
|
|
|
|
|
Net income attributable to common and special shareholders |
$741,431 |
|
|
$704,817 |
|
|
|
|
|
Average
common and special shares outstanding |
|
1,808,360 |
|
|
|
1,808,360 |
|
|
|
|
|
Income per share |
$0.41 |
|
|
$0.39 |
|
Components of the $36,614 increase in net income
for the nine months ended January 31, 2020 compared to the nine
months ended January 31, 2019 are:
Changes in
net income - Nine months ended January 31, 2020 |
compared to
nine months ended January 31, 2019 |
|
|
Increase in recovery of deferred taxes |
204,332 |
|
Increase in
net operating income |
132,586 |
|
Decrease in
negative fair value adjustment |
98,156 |
|
Increase in
finance income |
38,111 |
|
Decrease in
administrative expenses |
32,983 |
|
Increase in
strategic review expenses |
(4,534 |
) |
Increase in
loss on disposal |
($14,017 |
) |
Increase in
current taxes |
(206,966 |
) |
Decrease in
gain on expropriation settlement |
(244,037 |
) |
Increase in
net income |
$36,614 |
|
ADJUSTED FUNDS FROM
OPERATIONS
For the nine months ended January 31, 2020 the
Company recorded adjusted funds from operations of $920,305 ($0.51
per share) compared to $766,017 ($0.42 per share) in 2019.
|
|
Nine months ended |
|
|
January
31 |
|
|
|
2020 |
|
|
|
2019 |
|
Funds from operations |
$926,777 |
|
|
$792,111 |
|
Items not affecting cash: |
|
|
|
|
Expenses
related to strategic review |
|
(6,472 |
) |
|
|
(1,938 |
) |
|
Sustaining
capital expenditures |
|
0 |
|
|
|
(24,156 |
) |
Adjusted funds from operations |
$920,305 |
|
|
$766,017 |
|
|
|
|
|
|
Adjusted funds from operations per share |
$0.51 |
|
|
$0.42 |
|
STRATEGIC REVIEW
Since 2014 the Board of Directors has been
evaluating strategic directions for the Company and in discussions
with potential acquirors from time to time. During this period a
programme of divesting less desirable sites has resulted in the
sale of 21 investment properties. The Company continues to review
its strategic alternatives and will update the market as
appropriate, and as required.
The Company’s interim financial statements for
the nine months ended January 31, 2020, along with the Management’s
Discussion and Analysis will be filed with SEDAR at
www.sedar.com.
DIVIDEND
The Directors of the Company have declared a
dividend on Class B Special and Common Shares of 40 cents per
share. The dividend of 40 cents will be paid to those shareholders
of record as of March 18, 2020 and payable on March 27, 2020.
The dividends for Canadian tax purposes will be
considered as an eligible dividend.
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 DirectorsG.W.J. Pottow,
PresidentTel: 416-698-2591
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