The Becker Milk Company Limited: 2025 Annual Financial Results

TORONTO, July 17, 2025 (GLOBE NEWSWIRE) — The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the year ended April 30, 2025.

HIGHLIGHTS

• Total revenues for the year ended April 30, 2025, were $2,992,082 compared to $3,045,648 for the same period in 2024;
• The non-IFRS financial measure Net Operating Income for the year was $2,386,854 compared to $2,375,060 in 2024;
• Net income for the year was $1.57 per share, compared to net income of $0.07 per share in 2024.

FINANCIAL HIGHLIGHTS

Total revenue for the year ended April 30, 2025, improved $53,566 compared to the year ended April 30, 2024, a result of both higher property revenue and finance income.

	Year ended
	April 30
	2025				2024
Property revenue	$2,834,413				$2,792,736
Finance income		157,669				252,912
Total revenues	$2,992,082				$3,045,648
Net income attributable to common and special shareholders	$2,847,590				$124,478
Average common and special shares outstanding		1,808,360				1,808,360
Income per share	$1.57				$0.07

Components of the $2,723,112 improvement in net income for the year ended April 30, 2025 compared to the year ended April 30, 2024 were:

Changes in Net Income – Year ended April 30, 2025
compared to year ended April 30, 2024
Provision for environmental liability
Increase in the favourable fair value adjustment		3,231,103
Decrease in current taxes		47,805
Increase in net operating income		11,794
Increase in administrative expenses		(10,010)
Increase in loss on disposal		(27,883)
Decrease in finance income		(95,243)
Increase in deferred tax charges		(434,454)
Increase in net income	$2,723,112

The increase in the favourable fair value adjustment to investment properties was the result of a downward adjustment in investment property capitalization rates during year ended April 30, 2025, as compared to the year ended April 30, 2024.

Non-IFRS financial measures

Net operating income

The non-IFRS financial measure Net Operating Income for the year ended April 30, 2025 was $2,386,854, a $11,794 increase compared with the previous year. This increase was primarily the result of improved property revenue related to higher recovery of operating costs from tenants.

	Year ended
	April 30
	2025				2024
Property revenue	$2,834,413				$2,792,736
Property operating expenses		(447,559)				(417,676)
Net operating income	$2,386,854				$2,375,060

Funds from operations and Adjusted funds from operations

For the year ended April 30, 2025 the Company recorded Adjusted funds from operations of $705,034 ($0.39 per share) compared to $920,029 ($0.51 per share) in 2024.

	Year ended
	April 30
	2025				2024
Net income	$2,847,590				$124,478
Add (deduct) items not affecting cash:
Adjustment to fair value of investment properties		(2,243,218)				987,885
Gain on sale of investment properties		25,761				(2,122)
Tax on gains from sale of property		27,311				27,755
Deferred income taxes		284,372				(150,082)
Funds from operations		941,816				987,914
Deduct non-operating items:
Sustaining capital expenditures		(236,782)				(67,885)
Adjusted funds from operations	$705,034				$920,029
Adjusted funds from operations per share	$0.39				$0.51

STRATEGIC REVIEW

The Board of Directors continually evaluates strategic directions for the Company and has engaged in discussions with potential acquirers. While the Company has engaged in some discussions within the last year, none of those discussions are active at this time. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.

The Company’s annual financial statements for the year ended April 30, 2025, along with the Management’s Discussion and Analysis will be filed with SEDAR at www.sedarplus.ca.

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
Tel: 416-698-2591