The Becker Milk Company Limited

Three Month Financial Results and Regular Dividend

TORONTO, Sept. 10, 2020 (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, 2020.

HIGHLIGHTS

• Total revenues for the three months ended July 31, 2020 were $768,472 compared to $797,868 for the same period in 2019;
• Net operating income for Q1 fiscal 2021 was $639,922 compared to $671,539 in fiscal 2020;
• Net income for Q1 fiscal 2021 was $0.15 per share, compared to $0.13 per share in fiscal 2020.

FINANCIAL HIGHLIGHTS

Net operating income for the three months ended July 31, 2020 was $639,922, a $31,617 decrease compared with the previous year as a result of decreased revenue for the quarter.

	Three months ended
	July 31
		2020			2019
Property revenue	$737,933			$772,534
Finance income		30,539			25,334
Total revenues	$768,472			$797,868
Property revenue	$737,933			$772,534
Property operating expenses		(98,011)			(100,995)
Net operating income	$639,922			$671,539
Adjusted funds from operations	$242,090			$285,212
Net income attributable to common and special shareholders	$268,108			$233,447
Average common and special shares outstanding		1,808,360			1,808,360
Income per share	$0.15			$0.13

Components of the $34,661 increase in net income for the three months ended July 31, 2020 compared to the three months ended July 31, 2019 are: