The Becker Milk Company Limited: Three Month Financial Results and Regular Dividend
In This Article:
TORONTO, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the three months ended July 31, 2024.
HIGHLIGHTS
-
Total revenues for the three months ended July 31, 2024 were $727,502 compared to $742,639 for the same period in 2023;
-
The non-GAAP financial measure Net Operating Income for Q1 fiscal 2025 was $607,453 compared to $583,806 in fiscal 2024;
-
Net income for Q1 fiscal 2025 was $0.14 per share for the year, compared to $0.14 net income per share in Q1 fiscal 2024.
FINANCIAL HIGHLIGHTS
Total revenues for the three months ended July 31, 2024 fell $15,137 compared to the three months ended July 31, 2023, a result of reduced finance income.
| Three months ended | ||||||||
| July 31 | ||||||||
| 2024 | 2023 | |||||||
| Property revenue | $679,578 | $669,478 | ||||||
| Finance income | 47,924 | 73,161 | ||||||
| Total revenues | $727,502 | $742,639 | ||||||
| Net income attributable to common and special shareholders | $250,407 | $247,951 | ||||||
| Average common and special shares outstanding | 1,808,360 | 1,808,360 | ||||||
| Income (loss) per share | $0.14 | $0.14 | ||||||
Components of the $2,456 decrease in net income for the three months ended July 31, 2024 compared to the three months ended July 31, 2023 are:
| Changes in Net Income - Three months ended July 31, 2024 | |||||||
| compared to three months ended July 31, 2023 | |||||||
| Provision for environmental liability | |||||||
| Increase in the favourable fair value adjustment | $973,948 | ||||||
| Decrease in current taxes | 55,153 | ||||||
| Increase in net operating income | 23,647 | ||||||
| Decrease in administrative expenses | 1,421 | ||||||
| Decrease in gain on disposal | (2,122 | ) | |||||
| Decrease in finance income | (25,237 | ) | |||||
| Increase in deferred tax charges | (1,024,354 | ) | |||||
| Decrease in net loss | $2,456 | ||||||
Investment property capitalization rates were reduced 25 basis-points or 0.025% during the three months ended July 31, 2024. Compared to the three months ended July 31, 2023 there was a $984,200 favourable change in the fair value adjustment to investment properties.
Non-IFRS financial measures
Net operating income
The non-IFRS financial measure Net Operating Income for the three months ended July 31, 2024 was $607,453, a $23,647 increase compared with the previous year. This increase was the result of improved revenue and reduced operating expenses.
| Three months ended | ||||||||
| July 31 | ||||||||
| 2024 | 2023 | |||||||
| Property revenue | $679,578 | $669,478 | ||||||
| Property operating expenses | (72,125 | ) | (85,672 | ) | ||||
| Net operating income | $607,453 | $583,806 | ||||||
Funds from operations and adjusted funds from operations
For the three months ended July 31, 2024 the Company recorded Adjusted funds from operations of $246,638 ($0.06 per share) compared to $246,390 ($0.14 per share) in 2023.