The Becker Milk Company Limited: Nine Month Financial Results and Regular Dividend
2022年3月15日 - 6:30AM
The Becker Milk Company Limited (the “Company”) (TSX-BEK.B)
is pleased to report the results for the nine months ended January
31, 2022.
HIGHLIGHTS
- Total revenues for the nine months ended January 31, 2022 were
$2,144,664 compared to $2,262,016 for the same period in 2021;
- Net income for Q3 fiscal 2022 was $ 0.30 per share, compared to
$ 0.35 per share in fiscal 2021.
- The non-GAAP financial measure Net Operating Income for Q3
fiscal 2022 was $1,707,230 compared to $1,885,131 in fiscal
2021;
FINANCIAL HIGHLIGHTS
Revenues and net income
Total revenues for the nine months ended January
31, 2022 declined $117,352 compared to the nine months ended
January 31, 2021, a result of reduced property revenue and finance
income.
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Nine months ended |
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January 31 |
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2022 |
|
|
2021 |
Property revenue |
|
|
$ |
2,114,767 |
|
$ |
2,201,208 |
Finance income |
|
|
|
|
29,897 |
|
|
60,808 |
Total revenues |
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|
|
$ |
2,144,664 |
|
$ |
2,262,016 |
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Net income attributable to common and special shareholders |
$ |
547,923 |
|
$ |
631,501 |
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Average common and special shares outstanding |
|
1,808,360 |
|
|
1,808,360 |
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Income per share |
|
|
$ |
0.30 |
|
$ |
0.35 |
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Components of the $83,578 decrease in net income
for the nine months ended January 31, 2022 compared to the nine
months ended January 31, 2021 are:
Decrease in net operating income |
|
($ |
177,901 |
) |
Decrease in finance income |
|
|
(30,911 |
) |
Increase in loss on disposal |
|
|
(10,402 |
) |
Decrease in deferred tax recovery |
|
|
(6,366 |
) |
Decrease in strategic review expenses |
|
3,737 |
|
Decrease in negative fair value adjustment |
|
15,000 |
|
Decrease in current taxes |
|
|
|
53,476 |
|
Decrease in administrative expenses |
|
69,789 |
|
Decrease in net income |
|
|
($ |
83,578 |
) |
Non-GAAP financial measures
Net operating income
The non-GAAP financial measure Net Operating
Income for the nine months ended January 31, 2022 was $1,707,230, a
$177,901 decrease compared with the previous year as a result of
both decreased revenue and increased property operating expenses
for the period.
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Nine months ended |
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January 31 |
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2022 |
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|
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2021 |
|
Property revenue |
|
|
$ |
2,114,767 |
|
|
$ |
2,201,208 |
|
Property operating expenses |
|
|
(407,537 |
) |
|
|
(316,077 |
) |
Net operating income |
|
|
$ |
1,707,230 |
|
|
$ |
1,885,131 |
|
Adjusted funds from operations
For the nine months ended January 31, 2022 the
Company recorded adjusted funds from operations of $535,819 ($0.30
per share) compared to $666,527 ($0.37 per share) in 2021.
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Nine months ended |
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January 31 |
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2022 |
|
|
|
2021 |
|
Net income |
|
|
|
$ |
547,923 |
|
|
$ |
631,501 |
|
Add (deduct) items not affecting cash: |
|
|
|
|
Fair value adjustment to investment properties |
|
25,000 |
|
|
|
40,000 |
|
|
Loss (gain) on sale of investment properties |
|
4,583 |
|
|
|
(5,819 |
) |
|
Tax on gains from sale of property |
|
9,065 |
|
|
|
27,700 |
|
|
Deferred income taxes |
|
|
(16,752 |
) |
|
|
(23,118 |
) |
|
Expenses related to strategic review |
|
0 |
|
|
|
(3,737 |
) |
|
Sustaining capital expenditures |
|
(34,000 |
) |
|
|
0 |
|
Adjusted funds from operations |
|
$ |
535,819 |
|
|
$ |
666,527 |
|
Adjusted funds from operations per share |
$ |
0.30 |
|
|
$ |
0.37 |
|
STRATEGIC REVIEW
The Board of Directors continually evaluates
strategic directions for the Company and has engaged in discussions
with potential acquirors. The Board has followed a programme of
divesting less desirable sites, which has resulted in the sale of
26 investment properties over the past 7 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, 2022, along with the Management’s
Discussion and Analysis will be filed with SEDAR at
www.sedar.com.
DIVIDEND
The 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, 2022 and payable on March 31, 2022.
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
Becker Milk (TSX:BEK.B)
過去 株価チャート
から 12 2024 まで 1 2025
Becker Milk (TSX:BEK.B)
過去 株価チャート
から 1 2024 まで 1 2025