TORONTO, ONTARIO--(Marketwired - Jun 27, 2014) - The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report the results for the year ended April 30, 2014.
HIGHLIGHTS
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Total revenues for the year ended April 30, 2014 were $3,948,809 compared to $4,089,035 for the same period in 2013;
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Net operating income for the year was $3,367,305 compared to $3,488,036 in 2013;
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Net income for the year for the year was $ 0.09 per share, compared to $0.55 per share in 2013.
FINANCIAL HIGHLIGHTS
| Year ended | ||||||
| April 30, 2014 | ||||||
| 2014 | 2013 | |||||
| Property revenue | $ | 3,887,131 | $ | 4,017,858 | ||
| Finance income | 61,678 | 71,177 | ||||
| Total revenues | $ | 3,948,809 | $ | 4,089,035 | ||
| Property revenue | $ | 3,887,131 | $ | 4,017,858 | ||
| Property operating expenses | (519,826 | ) | (529,822 | ) | ||
| Net operating income | $ | 3,367,305 | $ | 3,488,036 | ||
| Adjusted funds from operations | $ | 1,334,110 | $ | 1,937,615 | ||
| Net income attributable to common and special shareholders | $ | 157,460 | $ | 991,791 | ||
| Average common and special shares outstanding | 1,808,360 | 1,808,360 | ||||
| Income per share | $ | 0.09 | $ | 0.55 | ||
Significant components of the $834,331 decrease in net income between the year ended April 30, 2014 compared to the year ended April 30, 2013 are:
| Provision for environmental liability | $ | (850,000 | ) |
| Change in fair value of investment properties | 73,831 | ||
| Change in loss on disposal | 58,391 | ||
| Change in deferred taxes on investment properties | 568,183 | ||
| Change in current taxes | 39,463 | ||
| Change in net operating income | (120,731 | ) | |
| Change in administrative expenses | (62,046 | ) | |
| Change in expenses related to strategic review | (531,923 | ) | |
| Other items | (9,499 | ) | |
| Change in net income | $ | (834,331 | ) |
NET OPERATING INCOME
Net operating income for the year ended April 30, 2014 was reduced compared with the previous year, decreasing $120,731 to $3,367,305 compared to $3,488,036 in 2013, principally as a result of reduced revenue.
ADJUSTED FUNDS FROM OPERATIONS
| Year ended | |||||||
| April 30, 2014 | |||||||
| 2014 | 2013 | ||||||
| Funds from operations | $ | 1,338,255 | $ | 2,022,991 | |||
| Items not affecting cash: | |||||||
| Straight line rent | 10,562 | (66,128 | ) | ||||
| Sustaining capital expenditures | (14,707 | ) | (19,248 | ) | |||
| Adjusted funds from operations | $ | 1,334,110 | $ | 1,937,615 | |||
| Adjusted funds from operations per share | $ | 0.74 | $ | 1.07 | |||
For the year ended April 30, 2014 the Company recorded adjusted funds from operations of $1,334,110 ($0.74 per share) compared to $1,937,615 ($1.07 per share) in 2013. This decrease is largely the result of the costs of a strategic review during the year amounting to $531,923 as described below.