Nine Month Financial Results and Regular Dividend

| Source: The Becker Milk Company Limited

TORONTO, March 13, 2018 (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, 2018.


  • Total revenues for the nine months ended January 31, 2018 were $2,560,850 compared to $2,813,449 for the same period in 2017;
  • Net operating income for Q3 fiscal 2018 was $2,139,917 compared to $2,396,286 in fiscal 2017;
  • Net income for Q3 fiscal 2018 was $ 0.61 per share, compared to $0.19 per share in fiscal 2017.


Net operating income for the nine months ended January 31, 2018 decreased $256,369 compared with the previous year to $2,139,917, as a result of decreased revenue, resulting from vacancies and the sale of properties.

 Nine months ended
 January 31
  2018     2017 
Property revenue$2,533,628  $2,796,401 
Finance income 27,222   17,048 
Total revenues$2,560,850  $2,813,449 
Property revenue$2,533,628  $2,796,401 
Property operating expenses (393,711)  (400,115)
Net operating income$2,139,917  $2,396,286 
Adjusted funds from operations$943,241  $1,042,132 
Net income attributable to common and special shareholders                                         $1,103,368  $348,308 
Average common and special shares outstanding 1,808,360   1,808,360 
Income per share$0.61  $0.19 

Components of the $755,060 decrease in net income for the nine months ended January 31, 2018 compared to the nine months ended January 31, 2017 are:                                                                                                                                            

Changes in net income - Nine months ended January 31, 2018
compared to nine months ended January 31, 2017
Provision for environmental liability 
Decrease in net operating income($256,369)
Increase in fair value adjustment1,000,892 
Decrease in administrative expenses157,443 
Decrease in recovery of deferred taxes on investment properties(30,745)
Increase in current taxes(71,704)
Increase in finance income10,174 
Increase in loss on disposal(26,576)
Increase in strategic expenses(28,055)
Increase in net income$755,060 


For the nine months ended January 31, 2018 the Company recorded adjusted funds from operations of $943,241 ($0.52 per share) compared to $1,042,132 ($0.58 per share) in 2017.

  Nine months ended
  January 31
   2018     2017 
Funds from operations$1,000,296  $1,078,524 
Items not affecting cash:   
 Straight line rent -   33,834 
 Expenses related to strategic review                                                                          (28,055)  - 
 Sustaining capital expenditures (29,000)  (70,226)
 Sustaining capital expenditures   
Adjusted funds from operations$943,241  $1,042,132 
Adjusted funds from operations per share$0.52  $0.58 


As reported in a press release dated August 6, 2013 the Company retained PricewaterhouseCoopers Real Estate Inc. to explore the possible sale of the Company. Although this arrangement terminated in fiscal 2016, the Company continues to review its strategic alternatives and will update the market as appropriate and as required.

As at January 31, 2018 total legal and engineering costs of $853,870 had been incurred in connection with the potential sale of the Company.


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 22, 2018 and payable on March 30, 2018.

The dividends for Canadian tax purposes will be considered as an eligible dividend.

The Company’s interim financial statements for the nine months ended January 31, 2018, along with the Management’s Discussion and Analysis will be filed with SEDAR at

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