The Becker Milk Company Limited: Three Month Financial Results and Regular Dividend
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 09/11/15 -- The Becker Milk Company Limited (the "Company") (TSX: BEK.B) is pleased to report the results for the three months ended July 31, 2015.
HIGHLIGHTS
FINANCIAL HIGHLIGHTS
Significant components of the $104,108 increase in net income between the three months ended July 31, 2015 compared to the three months ended July 31, 2014 are:
NET OPERATING INCOME
Net operating income for the three months ended July 31, 2015 was almost unchanged compared with the previous year, increasing $779 to $874,072 compared to $874,851 in 2014, as slightly higher revenues were offset by slightly higher operating costs.
ADJUSTED FUNDS FROM OPERATIONS
For the three months ended July 31, 2015 the Company recorded adjusted funds from operations of $398,997 ($0.22 per share) compared to $386,441 ($0.21 per share) in 2014. The absence of sustaining capital expenditures in 2015 offset reduced funds from operations.
STRATEGIC REVIEW
During the second quarter of fiscal 2014, the Company''s Board of Directors re-initiated its 2008 review of strategies available to the Company to enhance shareholder value. The Company retained PricewaterhouseCoopers Real Estate Inc. ("PWC") to explore a possible sale of the Company. The Company previously announced that PWC had completed the initial steps in the sale process and that the Company was engaged in advanced discussions with a single potential acquirer. These discussions have now been terminated. The Company will continue to review its strategic alternatives and will update the market as appropriate and as required.
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 July 31, 2015 legal and engineering costs of $767,315 had been incurred in connection with the potential sale of the Company.
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 September 23, 2015 and payable on October 6, 2015.
The dividends for Canadian tax purposes will be considered as an eligible dividend.
The Company''s interim financial statements for the three months ended July 31, 2015, 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: 11.09.2015 - 06:00 Uhr
Sprache: Deutsch
News-ID 1384819
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