TORONTO, Sept. 11, 2025 (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, 2025.
HIGHLIGHTS
- Total revenues for the three months ended July 31, 2025 were $716,740 compared to $727,502 for the same period in 2024;
- The non-GAAP financial measure Net Operating Income for Q1 fiscal 2026 was $606,179 compared to $607,453 in fiscal 2025;
- Net income for Q1 fiscal 2026 was $0.25 per share for the year, compared to $0.14 net income per share in Q1 fiscal 2025.
FINANCIAL HIGHLIGHTS
Total revenues for the three months ended July 31, 2025 fell $10,762 compared to the three months ended July 31, 2024, a result of reduced finance income.
| Three months ended | |||
| July 31 | |||
| 2025 | 2024 | ||
| Property revenue | $679,971 | $679,578 | |
| Finance income | 36,769 | 47,924 | |
| Total revenues | $716,740 | $727,502 | |
| Net income attributable to common | |||
| and special shareholders | $453,611 | $250,407 | |
| Average common and special shares outstanding | 1,808,360 | 1,808,360 | |
| Income per share | $0.25 | $0.14 | |
Components of the $203,204 decrease in net income for the three months ended July 31, 2025 compared to the three months ended July 31, 2024 are:
| Changes in Net Income - Three months ended July 31, 2025 | ||
| compared to three months ended July 31, 2024 | ||
| Decrease in deferred tax charges | $981,358 | |
| Increase in proceeds of expropriation settlement | 331,220 | |
| Decrease in administrative expenses | 2,802 | |
| Decrease in net operating income | (1,274) | |
| Decrease in finance income | (11,155) | |
| Increase in current taxes | (80,455) | |
| Decrease in the favourable fair value adjustment | (1,019,292) | |
| Increase in net income | $203,204 | |
Investment property capitalization rates were unchanged during the three months ended July 31, 2025. Compared to the three months ended July 31, 2024 there was a $1,019,292 unfavourable 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, 2025 was $606,179, a $1,274 decrease compared with the previous year.
| Three months ended | ||||
| July 31 | ||||
| 2025 | 2024 | |||
| Property revenue | $679,971 | $679,578 | ||
| Property operating expenses | (73,792) | (72,125) | ||
| Net operating income | $606,179 | $607,453 | ||
Funds from operations and adjusted funds from operations
For the three months ended July 31, 2025 the Company recorded Adjusted funds from operations of $186,918 ($0.10 per share) compared to $110,586 ($0.06 per share) in 2024.
| Three months ended | |||||
| July 31 | |||||
| 2025 | 2024 | ||||
| Net income | $453,611 | $250,407 | |||
| Add (deduct) items not affecting cash: | |||||
| Adjustment to fair value of investment properties | 45,344 | (973,948) | |||
| Proceeds of expropriation settlement | (331,220) | - | |||
| Tax on expropriation settlement | 75,706 | - | |||
| Deferred income taxes | (11,179) | 970,179 | |||
| Funds from operations | 232,262 | 246,638 | |||
| Deduct non-operating items: | |||||
| Sustaining capital expenditures | (45,344) | (136,052) | |||
| Adjusted funds from operations | $186,918 | $110,586 | |||
| Adjusted funds from operations per share | $0.10 | $0.06 | |||
STRATEGIC REVIEW
The Board of Directors continually evaluates strategic directions for the Company. Although the Company has previously engaged in discussions with potential acquirers, none of those discussions are active currently. 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 19, 2025, and payable on September 29, 2025.
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, 2025, 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
