TORONTO, Sept. 12, 2024 (GLOBE NEWSWIRE) — The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the three months ended July 31, 2024.

HIGHLIGHTS

• Total revenues for the three months ended July 31, 2024 were $727,502 compared to $742,639 for the same period in 2023;
• The non-GAAP financial measure Net Operating Income for Q1 fiscal 2025 was $607,453 compared to $583,806 in fiscal 2024;
• Net income for Q1 fiscal 2025 was $0.14 per share for the year, compared to $0.14 net income per share in Q1 fiscal 2024.

FINANCIAL HIGHLIGHTS

Total revenues for the three months ended July 31, 2024 fell $15,137 compared to the three months ended July 31, 2023, a result of reduced finance income.

Components of the $2,456 decrease in net income for the three months ended July 31, 2024 compared to the three months ended July 31, 2023 are:

Investment property capitalization rates were reduced 25 basis-points or 0.025% during the three months ended July 31, 2024. Compared to the three months ended July 31, 2023 there was a $984,200 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 three months ended July 31, 2024 was $607,453, a $23,647 increase compared with the previous year. This increase was the result of improved revenue and reduced operating expenses.

Funds from operations and adjusted funds from operations

For the three months ended July 31, 2024 the Company recorded Adjusted funds from operations of $246,638 ($0.06 per share) compared to $246,390 ($0.14 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.

DIVIDEND

The Directors of the Company have declared the regular semi-annual dividend on Class B Special and Common Shares of 40 cents per share. This dividend of 40 cents will be paid to those shareholders of record as of September 20, 2024, and payable on September 30, 2024.

The dividends for Canadian tax purposes will be considered as an eligible dividend.

The Company’s interim financial statements for the three months ended July 31, 2024, 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