Subject: EARNINGS
The Becker Milk Company Limited Six Month Financial Results
TORONTO, Dec. 13, 2018 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the "Company") (TSX-BEK.B) is pleased to report the results for the six months ended October 31, 2018.
HIGHLIGHTS
- Total revenues for the six months ended October 31, 2018 were $1,522,067 compared to $1,732,564 for the same period in 2017;
- Net operating income for Q2 fiscal 2019 was $1,247,974 compared to $1,457,513 in fiscal 2018;
- Net income for Q2 fiscal 2019 was $ 0.23 per share, compared to $0.43 per share in fiscal 2018.
FINANCIAL HIGHLIGHTS
Net operating income for the six months ended October 31, 2018 decreased $209,539 compared with the previous year to $1,247,974, as a result of decreased revenue, resulting from vacancies and the sale of properties.
| Six months ended | |||||||||||
| October 31 | |||||||||||
| 2018 | 2017 | ||||||||||
| Property revenue | $1,478,029 | $1,713,025 | |||||||||
| Finance income | 44,038 | 19,539 | |||||||||
| Total revenues | $1,522,067 | $1,732,564 | |||||||||
| Property revenue | $1,478,029 | $1,713,025 | |||||||||
| Property operating expenses | (230,055 | ) | (255,512 | ) | |||||||
| Net operating income | $1,247,974 | $1,457,513 | |||||||||
| Adjusted funds from operations | $524,795 | $643,264 | |||||||||
| Net income attributable to common and special shareholders | $406,908 | $774,823 | |||||||||
| Average common and special shares outstanding | 1,808,360 | 1,808,360 | |||||||||
| Income per share | $0.23 | $0.43 | |||||||||
Components of the $367,915 decrease in net income for the six months ended October 31, 2018 compared to the six months ended October 31, 2017 are:
| Changes in net income - Six months ended October 31, 2018 | ||||||||
| compared to three months October 31, 2017 | ||||||||
| Decrease in net operating income | ($209,539 | ) | ||||||
| Decrease in fair value adjustment | (265,156 | ) | ||||||
| Increase in administrative expenses | (30,198 | ) | ||||||
| Decrease in recovery of deferred taxes on investment properties | (4,957 | ) | ||||||
| Decrease in current taxes | 94,659 | |||||||
| Increase in finance income | 24,499 | |||||||
| Decrease in loss on disposal | 12,127 | |||||||
| Decrease in strategic expenses | 10,650 | |||||||
| Decrease in net income | ($367,915 | ) | ||||||
ADJUSTED FUNDS FROM OPERATIONS
For the six months ended October 31, 2018 the Company recorded adjusted funds from operations of $524,795 ($0.29 per share) compared to $643,264 ($0.36 per share) in 2017.
| Six months ended | ||||||||||
| October 31 | ||||||||||
| 2018 | 2017 | |||||||||
| Funds from operations | $550,889 | $655,852 | ||||||||
| Items not affecting cash: | ||||||||||
| Straight line rent | ||||||||||
| Expenses related to strategic review | (1,938 | ) | 12,588 | |||||||
| Sustaining capital expenditures | (24,156 | ) | - | |||||||
| Adjusted funds from operations | $524,795 | $643,264 | ||||||||
| Adjusted funds from operations per share | $0.29 | $0.36 | ||||||||
STRATEGIC REVIEW
Since 2014 the Board of Directors has been evaluating strategic directions for the company and has engaged in discussions with potential acquirors. None of those discussions are active at this time. During this period a programme of divesting less desirable sites has resulted in the sale of 15 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 six months ended October 31, 2018, 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
Tel: 416-698-2591
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