The Becker Milk Company Limited: Nine Month Financial Results and Regular Dividend

In This Article:

TORONTO, March 12, 2024 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the nine months ended January 31, 2024.

HIGHLIGHTS

  • Total revenues for the nine months ended January 31, 2024 were $2,326,873 compared to $2,162,713 for the same period in 2023.

  • The non-GAAP financial measure Net Operating Income for the first nine months fiscal 2024 was $1,847,990 compared to $1,767,529 for the first nine months fiscal 2023.

  • Net loss for the first nine months fiscal 2024 was $0.13 per share, compared to $1.02 net loss per share for the first nine months fiscal 2023.

FINANCIAL HIGHLIGHTS

Total revenue for the nine months ended January 31, 2024 improved $164,160 compared to the nine months ended January 31, 2023, largely a result of higher finance income.

 

Nine months ended

 

January 31

 

2024

 

2023

Property revenue

$2,120,481

 

$2,056,499

Finance income

206,392

 

106,214

Total revenues

$2,326,873

 

$2,162,713

 

 

 

 

Net income (loss) attributable to common and special shareholders

($229,305)

 

($1,843,521)

 

 

 

 

Average common and special shares outstanding

1,808,360

 

1,808,360

 

 

 

 

Income (loss) per share

($0.13)

 

($1.02)

 

 

 

 

Components of the $1,614,216 decrease in the net loss for the nine months ended January 31, 2024 compared to the nine months ended January 31, 2023 are:

Changes in Net Loss - Nine months ended January 31, 2024

compared to nine months ended January 31, 2023

 

 

Decrease in the unfavourable fair value adjustment

$1,762,273

Increase in finance income

100,178

Increase in net operating income

80,461

Decrease in expenses related to strategic review

40,641

Increase in gain on disposal

17,199

Increase in administrative expenses

(15,078)

Increase in current taxes

(40,001)

Decrease in recovery of deferred income taxes

(331,457)

Decrease in net loss

$1,614,216

 

 

The decrease in the unfavourable fair value adjustment to investment properties was the result of a lower upward adjustment in investment property capitalization rates during nine months ended January 31, 2024, as compared to the nine months ended January 31, 2023.

Non-GAAP financial measures

Net operating income

The non-GAAP financial measure Net Operating Income for the nine months ended January 31, 2024 was $1,847,990, a $80,461 increase compared with the previous year. This increase was the result of both improved revenue and reduced property operating expenses.

 

Nine months ended

 

January 31

 

2024

 

2023

Property revenue

$2,120,481

 

$2,056,499

Property operating expenses

(272,491)

 

(288,970)

Net operating income

$1,847,990

 

$1,767,529

 

 

 

 

Funds from operations and Adjusted funds from operations