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

TORONTO, Sept. 12, 2022 (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, 2022.

HIGHLIGHTS

• Total revenues for the three months ended July 31, 2022 were $697,122 compared to $728,422 for the same period in 2021.
• Net income for Q1 fiscal 2023 was $ 0.02 per share, compared to $ 0.13 per share in fiscal 2022.
• The non-GAAP financial measure Net Operating Income for Q1 fiscal 2023 was $592,376 compared to $606,740 in fiscal 2022.

FINANCIAL HIGHLIGHTS

Revenues and net income

Total revenues for the three months ended July 31, 2022 declined $31,300 compared to the three months ended July 31, 2022, a result of reduced property revenue from property disposals.

Components of the $200,158 decrease in net income for the three months ended July 31, 2021 compared to the three months ended July 31, 2020 are:

Non-GAAP financial measures

Net operating income

The non-GAAP financial measure Net Operating Income for the three months ended July 31, 2022 was $592,376, a $14,364 decrease compared with the previous year as a result of decreased revenue for the quarter.

Funds from operations and adjusted funds from operations

For the three months ended July 31, 2022 the Company recorded funds from operations of $204,176 ($0.10 per share) compared to $246,493 ($0.14 per share) in 2021. Adjusted funds from operations were $189,736 ($0.10 per share) in the three months ended July 31, 2022 compared to $246,493 ($0.14 per share) in 2021.

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 Board has followed a programme of divesting less desirable sites, which has resulted in the sale of 28 investment properties over the past 8 years. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.

DIVIDEND

The Directors of the Company have declared the regular semi-annual dividend on Class B Special and Common Shares of 40 cents per share. This dividend of 40 cents will be paid to those shareholders of record as of September 21, 2022 and payable on September 30, 2022.

The dividends for Canadian tax purposes will be considered as an eligible dividend.

The Company’s interim financial statements for the three months ended July 31, 2022, 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