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The Becker Milk Company Limited: 2024 Annual Financial Results

In this article:

TORONTO, July 16, 2024 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the year ended April 30, 2024.

HIGHLIGHTS

  • Total revenues for the year ended April 30, 2024 were $3,045,648 compared to $2,860,435 for the same period in 2023;

  • The non-IFRS financial measure Net Operating Income for the year was $2,375,060 compared to $2,294,028 in 2023;

  • Net income for the year was $0.07 per share, compared to a net loss of $0.43 per share in 2023.

FINANCIAL HIGHLIGHTS

Total revenue for the year ended April 30, 2024 improved $185,213 compared to the year ended April 30, 2023, a result of both higher property revenue and finance income.

Year ended

April 30

2024

2023

Property revenue

$2,792,736

$2,712,093

Finance income

252,912

148,342

Total revenues

$3,045,648

$2,860,435

Net income (loss) attributable to common

and special shareholders

$124,478

($778,354)

Average common and special shares outstanding

1,808,360

1,808,360

Income (loss) per share

$0.07

($0.43)

Components of the $902,832 improvement in net income for the year ended April 30, 2024 compared to the year ended April 30, 2023 were:

Changes in Net Income - Year ended April 30, 2024

compared to year ended April 30, 2023

Decrease in the unfavourable fair value adjustment

$702,473

Increase in finance income

104,570

Increase in net operating Income

81,032

Decrease in expenses related to strategic review

40,641

Increase in gain on disposal

17,199

Decrease in administrative expenses

485

Decrease in recovery of deferred income taxes

(19,738)

Increase in current taxes

(23,830)

Decrease in net loss

$902,832

The decrease in the unfavourable fair value adjustment to investment properties was the result of a reduced upward adjustment in investment property capitalization rates during year ended April 30, 2024, as compared to the year ended April 30, 2023.

Non-IFRS financial measures

Net operating income

The non-IFRS financial measure Net Operating Income for the year ended April 30, 2024 was $2,375,060, a $81,032 increase compared with the previous year. This increase was primarily the result of improved property revenue related to higher recovery of operating costs from tenants.

Year ended

April 30

2024

2023

Property revenue

$2,792,736

$2,712,093

Property operating expenses

(417,676)

(418,065)

Net operating income

$2,375,060

$2,294,028

Funds from operations and Adjusted funds from operations

For the year ended April 30, 2024 the Company recorded Adjusted funds from operations of $920,029 ($0.51 per share) compared to $612,280 ($0.34 per share) in 2023.

Year ended

April 30

2024

2023

Net income (loss)

$124,478

($778,354)

Add (deduct) items not affecting cash:

Adjustment to fair value of investment properties

987,885

1,690,358

Loss (gain) on sale of investment properties

(2,122)

15,077

Tax on gains from sale of property

27,755

54,736

Deferred income taxes

(150,082)

(169,820)

Funds from operations

987,914

811,997

Deduct non-operating items:

Expenses related to strategic review

-

40,641

Sustaining capital expenditures

(67,885)

(240,358)

Adjusted funds from operations

$920,029

$612,280

Adjusted funds from operations per share

$0.51

$0.34

STRATEGIC REVIEW

The Board of Directors continually evaluates strategic directions for the Company and has engaged in discussions with potential acquirers. While the Company has engaged in some discussions within the last year, none of those discussions are active at this time. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.

The Company’s annual financial statements for the year ended April 30, 2024, along with the Management’s Discussion and Analysis will be filed with SEDAR at www.sedarplus.ca.

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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