The Becker Milk Company Limited: Nine Month Financial Results and Regular Dividends
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/13/12 -- The Becker Milk Company Limited (the "Company") (TSX: BEK.B) is pleased to report the results for the nine months ending January 31, 2012.
These results are, and all future results will be, reported under International Financial Reporting Standards (IFRS) and historical results have been restated to IFRS for comparison purposes. Reconciliations between IFRS and Canadian Generally Accepted Accounting Principles have been included in the Company's unaudited interim financial statements for the period ended January 31, 2012.
HIGHLIGHTS
FINANCIAL HIGHLIGHTS
Significant components of the $145,159 change in net income between the nine months ended January 31, 2012 compared to the nine months ended January 31, 2011 are:
NET OPERATING INCOME
Net operating income for the nine months ended January 31, 2012, increased by $54,997 to $2,642,749 compared to $2,587,752 in 2011. The increase was predominantly the result of the successful completion of a number of lease renewal negotiations and reduced property operating expenses.
For the nine months ended January 31, 2012 the Company recorded Adjusted funds from operations of $1,278,653 ($0.71 per share) compared to $1,242,935 ($0.69 per share) in 2011. This increase is largely the result of higher operating income combined with reduced current income tax rates and lower sustaining capital expenditures, offset by higher administration expenses related to the implementation of IFRS reporting standards.
DIVIDEND
The Directors of the Company have declared a regular dividend on Class B Special and Common Shares of 35 cents per share. The regular dividend of 35 cents will be paid to those shareholders of record as of March 27, 2012 and payable on April 10, 2012.
The dividends for Canadian tax purposes will be considered as an eligible dividend.
The Company's interim unaudited financial statements for the nine months ended January 31, 2012, 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
Contacts:
The Becker Milk Company Limited
G.W.J. Pottow
President
416-698-2591
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Datum: 13.03.2012 - 15:45 Uhr
Sprache: Deutsch
News-ID 1092489
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