BEK.BThat tells us little.
Becker Milk loses $1.84-million in nine months
2023-03-14 17:39 ET - News Release
Mr. G.W.J. Pottow reports
THE BECKER MILK COMPANY LIMITED: NINE MONTH FINANCIAL RESULTS AND REGULAR DIVIDEND
The Becker Milk Company Ltd. has released the results for the nine months ended Jan. 31, 2023.
Highlights:
- Total revenues for the nine months ended Jan. 31, 2023, were $2,162,713 compared with $2,144,664 for the same period in 2022;
- Net loss for the first nine months fiscal 2023 was $1.02 per share, compared with net income of 30 cents per share in the first nine months of fiscal 2022;
- The non-GAAP (generally accepted accounting principles) financial measure net operating income for the first nine months fiscal 2023 was $1,767,529 compared with $1,707,230 in the first nine months fiscal 2022.
Financial highlights
Revenues and net income
Total revenues for the nine months ended Jan. 31, 2023, improved $18,049 compared with the nine months ended Jan. 31, 2022, a result of higher finance income, partially offset by a decline in property revenue.
Components of the $2,391,444 decrease in net income for the nine months ended Jan. 31, 2023, compared with the nine months ended Jan. 31, 2022, are shown in the attached table.
Non-GAAP financial measures
Net operating income
The non-GAAP financial measure net operating income for the nine months ended Jan. 31, 2023, was $1,767,529, a $60,299 increase compared with the previous year. Reduced revenue was more than offset by a reduction in operating expenses. Property disposals and the impact of settlement of rent negotiations with the company's largest tenant were the principal reasons for the revenue reduction.
Funds from operations and adjusted funds from operations
For the nine months ended Jan. 31, 2023, the company recorded funds from operations of $675,915 (31 cents per share) compared with $535,819 (30 cents per share) in 2022. Adjusted funds from operations were $561,398 (31 cents per share) in the nine months ended Jan. 31, 2023, compared with $535,819 (30 cents per share) in 2022.
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 program of divesting less desirable sites, which has resulted in the sale of 30 investment properties over the past eight 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 March 22, 2023, and payable on March 30, 2023.
The dividends for Canadian tax purposes will be considered as an eligible dividend.