The Becker Milk Company Limited: Nine Month Financial Results and Regular Dividend
TORONTO, March 15, 2021 (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, 2021.
HIGHLIGHTSTotal revenues for the nine months ended January 31, 2021 were $2,262,016 compared to $2,439,865 for the same period in 2020.Net operating income for Q3 fiscal 2021 was $1,885,131 compared to $1,973,203 in fiscal 2020.Net income for Q3 fiscal 2021 was $ 0.35 per share, compared to $0.41 per share in fiscal 2020.FINANCIAL HIGHLIGHTSNet operating income for the nine months ended January 31, 2021 was $1,885,131, a $88,072 decrease compared with the previous year as a result of decreased revenue for the quarter.Components of the $109,931 decrease in net income for the nine months ended January 31, 2021 compared to the nine months ended January 31, 2020 are:
ADJUSTED FUNDS FROM OPERATIONSFor the nine months ended January 31, 2021 the Company recorded adjusted funds from operations of $666,526 ($0.37 per share) compared to $923,914 ($0.51 per share) in 2020.STRATEGIC REVIEWThe Board of Directors continually evaluates strategic directions for the Company and has engaged in discussions with potential acquirors. 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 24 investment properties over the past 6 years. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.The Company’s interim financial statements for the nine months ended January 31, 2021, along with the Management’s Discussion and Analysis will be filed with SEDAR at www.sedar.com.DIVIDENDThe Directors of the Company have declared a dividend on Class B Special and Common Shares of 40 cents per share. The dividend of 40 cents will be paid to those shareholders of record as of March 23, 2021 and payable on March 31, 2021.The dividends for Canadian tax purposes will be considered as an eligible dividend.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
HIGHLIGHTSTotal revenues for the nine months ended January 31, 2021 were $2,262,016 compared to $2,439,865 for the same period in 2020.Net operating income for Q3 fiscal 2021 was $1,885,131 compared to $1,973,203 in fiscal 2020.Net income for Q3 fiscal 2021 was $ 0.35 per share, compared to $0.41 per share in fiscal 2020.FINANCIAL HIGHLIGHTSNet operating income for the nine months ended January 31, 2021 was $1,885,131, a $88,072 decrease compared with the previous year as a result of decreased revenue for the quarter.Components of the $109,931 decrease in net income for the nine months ended January 31, 2021 compared to the nine months ended January 31, 2020 are:
ADJUSTED FUNDS FROM OPERATIONSFor the nine months ended January 31, 2021 the Company recorded adjusted funds from operations of $666,526 ($0.37 per share) compared to $923,914 ($0.51 per share) in 2020.STRATEGIC REVIEWThe Board of Directors continually evaluates strategic directions for the Company and has engaged in discussions with potential acquirors. 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 24 investment properties over the past 6 years. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.The Company’s interim financial statements for the nine months ended January 31, 2021, along with the Management’s Discussion and Analysis will be filed with SEDAR at www.sedar.com.DIVIDENDThe Directors of the Company have declared a dividend on Class B Special and Common Shares of 40 cents per share. The dividend of 40 cents will be paid to those shareholders of record as of March 23, 2021 and payable on March 31, 2021.The dividends for Canadian tax purposes will be considered as an eligible dividend.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
