The Becker Milk Company Limited: 2024 Annual Financial Results
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
