The Becker Milk Company Limited: Six Month Financial Results
TORONTO, Dec. 10, 2020 (GLOBE NEWSWIRE) — The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the six months ended October 31, 2020.
HIGHLIGHTSTotal revenues for the six months ended October 31, 2020 were $1,524,336 compared to $1,618,664 for the same period in 2019;Net operating income for Q2 fiscal 2021 was $1,296,169 compared to $1,328,088 in fiscal 2020;Net income for Q2 fiscal 2021 was $ 0.23 per share, compared to $0.25 per share in fiscal 2020.FINANCIAL HIGHLIGHTSNet operating income for the six months ended October 31, 2020 was $1,296,169, a $31,919 decrease compared with the previous year as a result of decreased revenue for the quarter.Components of the $30,917 decrease in net income for the six months ended October 31, 2020 compared to the six months ended October 31, 2019 are:
ADJUSTED FUNDS FROM OPERATIONSFor the six months ended October 31, 2020 the Company recorded adjusted funds from operations of $475,292 ($0.26 per share) compared to $610,365 ($0.34 per share) in 2019.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 21 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 six months ended October 31, 2020, 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
HIGHLIGHTSTotal revenues for the six months ended October 31, 2020 were $1,524,336 compared to $1,618,664 for the same period in 2019;Net operating income for Q2 fiscal 2021 was $1,296,169 compared to $1,328,088 in fiscal 2020;Net income for Q2 fiscal 2021 was $ 0.23 per share, compared to $0.25 per share in fiscal 2020.FINANCIAL HIGHLIGHTSNet operating income for the six months ended October 31, 2020 was $1,296,169, a $31,919 decrease compared with the previous year as a result of decreased revenue for the quarter.Components of the $30,917 decrease in net income for the six months ended October 31, 2020 compared to the six months ended October 31, 2019 are:
ADJUSTED FUNDS FROM OPERATIONSFor the six months ended October 31, 2020 the Company recorded adjusted funds from operations of $475,292 ($0.26 per share) compared to $610,365 ($0.34 per share) in 2019.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 21 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 six months ended October 31, 2020, 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