In This Article:
TORONTO, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the six months ended October 31, 2022.
HIGHLIGHTS
-
Total revenues for the six months ended October 31, 2022 were $1,360,032 compared to $1,454,704 for the same period in 2021;
-
Net loss for the first half fiscal 2023 was $ 1.19 per share, compared to net income of $0.25 per share in the first half fiscal 2022.
-
The non-GAAP financial measure Net Operating Income for the first half fiscal 2023 was $1,153,009 compared to $1,211,929 in the first half fiscal 2022.
FINANCIAL HIGHLIGHTS
Revenues and net income
Total revenues for the six months ended October 31, 2022 declined $94,672 compared to the six months ended October 31, 2022, a result of reduced property revenue, partially offset by improved finance income.
|
|
|
|
|
|
| Six months ended | |||||
|
|
|
|
|
|
| October 31 | |||||
|
|
|
|
|
|
| 2022 |
| 2021 | |||
| Property revenue |
|
|
| $ | 1,303,395 |
|
| $ | 1,434,893 | ||
| Finance income |
|
|
|
| 56,637 |
|
|
| 19,811 | ||
| Total revenues |
|
|
| $ | 1,360,032 |
|
| $ | 1,454,704 | ||
|
|
|
|
|
|
|
|
| ||||
| Net income (loss) attributable to common and special shareholders |
|
|
|
| ($ | 2,153,525 | ) | $ | 444,734 | ||
|
|
|
|
|
|
|
|
| ||||
| Average common and special shares outstanding |
| 1,808,360 |
|
|
| 1,808,360 | |||||
|
|
|
|
|
|
|
|
| ||||
| Income (loss) per share |
|
|
| ($ | 1.19 | ) |
| $ | 0.25 | ||
Components of the $2,598,259 decrease in net income for the six months ended October 31, 2021 compared to the six months ended October 31, 2020 are:
| Changes in net income - Six months ended October 31, 2022 |
| |||||||
| compared to six months ended October 31, 2021 |
|
| ||||||
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
| Unfavourable change in fair value adjustment |
| ($ | 2,945,958 | ) |
| |||
| Decrease in net operating income |
|
|
| (58,920 | ) |
| ||
| Increase in current taxes |
|
|
|
| (43,074 | ) |
| |
| Increase in strategic review expenses |
|
|
| (40,456 | ) |
| ||
| Increase loss on disposal |
|
|
|
| (10,254 | ) |
| |
| Decrease in administrative expenses |
|
|
| 13,914 |
|
| ||
| Increase in finance income |
|
|
|
| 36,826 |
|
| |
| Increase in recovery of deferred taxes |
|
|
| 449,663 |
|
| ||
| Decrease in net income |
|
|
| ($ | 2,598,259 | ) |
| |
|
|
|
|
|
|
|
| ||
Non-GAAP financial measures