The Becker Milk Company Limited: Six Months Financial Results

TORONTO, Dec. 12, 2024 (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, 2024.

HIGHLIGHTS

• Total revenues for the six months ended October 31, 2024, were $1,451,462 compared to $1,488,135 for the same period in 2023;
• The non-GAAP financial measure Net Operating Income for year-to-date Q2 fiscal 2025 was $1,191,698 compared to $1,181,810 in fiscal 2024;
• Net income for year-to-date Q2 fiscal 2025 was $0.78 per share for the year, compared to $0.30 net loss per share in Q2 fiscal 2024.

FINANCIAL HIGHLIGHTS

Total revenues for the six months ended October 31, 2024, fell $36,673 compared to the six months ended October 31, 2023, a result of reduced finance income.

Components of the $1,955,607 decrease in net income for the six months ended October 31, 2024, compared to the six months ended October 31, 2023, are:

Investment property capitalization rates were reduced 50 basis-points or 0.05% during the six months ended October 31, 2024. When compared to the six months ended October 31, 2023, there was a $3,301,603 favourable change in the fair value adjustment to investment properties.

Non-IFRS financial measures

Net operating income

The non-IFRS financial measure Net Operating Income for the six months ended October 31, 2024, was $1,191,698, a $9,888 increase compared with the previous year. This increase was the result of improved revenue offsetting increased property operating expenses.

Funds from operations and adjusted funds from operations

For the six months ended October 31, 2024, the Company recorded Adjusted funds from operations of $300,304 ($0.17 per share) compared to $482,063 ($0.27 per share) in 2023.

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, 2024, 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