The Becker Milk Company Limited: Six Month Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 12/10/14 -- The Becker Milk Company Limited (the "Company") (TSX: BEK.B) is pleased to report the results for the six months ended October 31, 2014.
HIGHLIGHTS
FINANCIAL HIGHLIGHTS
Significant components of the $98,203 increase in net income between the six months ended October 31, 2014 compared to the six months ended October 31, 2013 are:
NET OPERATING INCOME
Net operating income for the six months ended October 31, 2014 was higher compared with the previous year, increasing $42,509 to $1,725,966 compared to $1,683,457 in 2013, principally as a result of reduced property operating expenses.
ADJUSTED FUNDS FROM OPERATIONS
For the six months ended October 31, 2014 the Company recorded adjusted funds from operations of $793,641 ($0.44 per share) compared to $853,379 ($0.47 per share) in 2013. Reduced funds from operations and higher sustaining capital expenditures were partially offset by a reversal of the non-cash adjustment for straight line rent.
STRATEGIC REVIEW
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. This process has not reached any conclusion and is ongoing. In support of this process an engineering firm has conducted property condition surveys and environmental assessments of all properties. Management believes none of these assessments have found any circumstances that require immediate remediation to meet currently legislated environmental obligations.
As at October 31, 2014 legal and engineering costs of $538,783 had been incurred in connection with the potential sale of the Company.
The Company''s interim financial statements for the six months ended October 31, 2014, 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
Tel: 416-698-2591
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Datum: 10.12.2014 - 11:20 Uhr
Sprache: Deutsch
News-ID 1324407
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