The Becker Milk Company Limited: Three Month Financial Results and Regular Dividend
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 09/12/16 -- The Becker Milk Company Limited (the "Company") (TSX: BEK.B) is pleased to report the results for the three months ended July 31, 2016.
HIGHLIGHTS
FINANCIAL HIGHLIGHTS
Net operating income for the three months ended July 31, 2016 decreased $75,018 compared with the previous year to $799,054, as a result of decreased revenue and increased property operating costs.
Components of the $139,922 decrease in net income for the three months ended July 31, 2016 compared to the three months ended July 31, 2015 are:
ADJUSTED FUNDS FROM OPERATIONS
For the three months ended July 31, 2016 the Company recorded adjusted funds from operations of $288,923 ($0.16 per share) compared to $398,997 ($0.22 per share) in 2015
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. 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. Although those discussions were terminated in fiscal 2016, the Company continues to review its strategic alternatives and will update the market as appropriate and as required.
As at July 31, 2016 total legal and engineering costs of $825,815 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, 2016 and payable on October 6, 2016.
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, 2016, 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:
G.W.J. Pottow
President
416-698-2591
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Datum: 12.09.2016 - 11:53 Uhr
Sprache: Deutsch
News-ID 1457576
Anzahl Zeichen: 4633
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TORONTO, ONTARIO
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Retailers
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