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
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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.
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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.
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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) |
|
|
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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 |
|
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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 |
|
|
|
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Funds from operations and Adjusted funds from operations