Western Grocer Serving the industry since 1916
TORONTO, Dec. 12, 2023 (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, 2023.
HIGHLIGHTS
- Total revenues for the six months ended October 31, 2023 were $1,488,135 compared to $1,360,032 for the same period in 2022;
- The non-GAAP financial measure Net Operating Income for the first half fiscal 2024 was $1,181,810 compared to $1,153,009 for the first half fiscal 2023;
- Net loss for the first half fiscal 2024 was $0.30 per share, compared to $1.19 net loss per share for the first half fiscal 2023.
FINANCIAL HIGHLIGHTS
Total revenue for the six months ended October 31, 2023 improved $128,103 compared to the six months ended October 31, 2022, largely a result of higher finance income.
Components of the $1,606,672 decrease in the net loss for the six months ended October 31, 2023 compared to the six months ended October 31, 2022 are:
The decrease in the unfavourable change in the fair value adjustment to investment properties was the result of an upward adjustment in investment property capitalization rates during six months ended October 31, 2023, as compared to the six months ended October 31, 2022.
Non-GAAP financial measures
Net operating income
The non-GAAP financial measure Net Operating Income for the six months ended October 31, 2023 was $1,181,810, a $28,801 increase compared with the previous year. Improved revenue was partially offset by an increase in property operating expenses.
Funds from operations and Adjusted funds from operations
For the six months ended October 31, 2023 the Company recorded Adjusted funds from operations of $482,063 ($0.27 per share) compared to $387,413 ($0.21 per share) in 2022.
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 interim financial statements for the six months ended October 31, 2023, along with the Management’s Discussion and Analysis will be filed with SEDAR at www.sedar.com.
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
