The Becker Milk Company Limited: Six Month Financial Results
17 12월 2013 - 8:03AM
Marketwired
The Becker Milk Company Limited: Six Month Financial Results
TORONTO, ONTARIO--(Marketwired - Dec 16, 2013) - The Becker Milk
Company Limited (the "Company") (TSX:BEK.B) is pleased to report
the results for the six months ended October 31, 2013.
HIGHLIGHTS
- Total revenues for the six months ended October 31, 2013 were
$1,979,695 compared to $2,043,180 for the same period in 2012;
- Net operating income in Q1 2013 was $1,683,458 compared to
$1,766,732 in 2012;
- Adjusted funds from operations in Q1 2013 were $0.47 per share,
compared to $0.58 per share in 2012.
FINANCIAL
HIGHLIGHTS
|
Six months ended |
|
|
October 31 |
|
|
2013 |
|
2012 |
|
Property revenue |
$ |
1,944,273 |
|
$ |
2,007,794 |
|
Finance income |
|
35,422 |
|
|
35,386 |
|
Total revenues |
$ |
1,979,695 |
|
$ |
2,043,180 |
|
|
|
Property revenue |
$ |
1,944,273 |
|
$ |
2,007,794 |
|
Property operating expenses |
|
(260,815 |
) |
|
(241,062 |
) |
Net operating income |
$ |
1,683,458 |
|
$ |
1,766,732 |
|
|
|
Adjusted funds from operations |
$ |
843,310 |
|
$ |
1,054,546 |
|
|
|
Net income attributable to common and special shareholders |
$ |
419,584 |
|
$ |
339 |
|
|
|
Average common and special shares outstanding |
|
1,808,360 |
|
|
1,808,360 |
|
|
|
Income per share |
$ |
0.23 |
|
$ |
0.00 |
|
Significant
components of the $419,245 increase in net income between the six
months ended October 31, 2013 compared to the six months ended
October 31, 2012 are:
Changes in net
income - six months ended October 31, 2013 compared to six months
ended October 31, 2012
|
|
|
|
Change in fair value of investment properties |
$ |
365,195 |
|
Change in deferred taxes on investment properties |
|
267,971 |
|
Change in current taxes |
|
(97,302 |
) |
Change in net operating income |
|
(83,274 |
) |
Other
items |
|
(33,345 |
) |
Change in net income |
$ |
419,245 |
|
NET OPERATING
INCOME
Net operating income
for the six months ended October 31, 2013, decreased by $83,274 to
$1,683,458 compared to $1,766,732 in 2012. The decrease was
predominantly the result of both reduced rental revenues and
increased property operating expenses.
ADJUSTED FUNDS FROM
OPERATIONS
|
Six months ended |
|
|
October 31 |
|
|
2013 |
|
2012 |
|
Funds from operations |
$ |
874,545 |
|
$ |
1,088,466 |
|
Items not affecting cash: |
|
|
|
|
|
|
|
Straight line rent |
|
(16,528 |
) |
|
(33,920 |
) |
|
Sustaining capital expenditures |
|
(14,707 |
) |
|
|
|
Adjusted funds from operations |
$ |
843,310 |
|
$ |
1,054,546 |
|
For the six months
ended October 31, 2013 the Company recorded Adjusted funds from
operations of $843,310 ($0.47 per share) compared to $1,054,546
($0.58 per share) in 2012. This decrease is largely the result of
lower operating income and higher current taxes.
SALE OF COMPANY
As reported in a
press release dated August 6, 2013 the Company has 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
been engaged to conduct a property condition survey and an
environmental assessment of all properties at an estimated cost of
$300,000.
The Company's
quarterly financial statements for the six months ended October 31,
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 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
The Becker Milk Company LimitedG.W.J.
PottowPresident416-698-2591
Becker Milk (TSX:BEK.B)
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Becker Milk (TSX:BEK.B)
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