The Becker Milk Company Limited

2023 Annual Financial Results

TORONTO, July 18, 2023 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the year ended April 30, 2023.

HIGHLIGHTS

• Total revenues for the year ended April 30, 2023 were $2,860,435 compared to $2,670,042 for the same period in 2022;
• Net operating income for the year was $2,294,028 compared to $2,121,894 in 2022;
• There was a net loss of $0.43 per share for the year, compared to $3.13 net income per share in 2022.

FINANCIAL HIGHLIGHTS

Net operating income for the year ended April 30, 2023 increased $172,134 to $2,294,028 as compared with the previous year, primarily as a result of a non-recurring increase in total property revenue related to completion of negotiations with Mac’s Convenience Stores Inc. regarding base rents for most of its locations. In addition, property operating expenses were lower in the year ended April 30, 2023.

	Year ended
	April 30
	2023		2022
Property revenue	$2,712,093		$2,630,175
Finance income	148,342		39,867
Total revenues	$2,860,435		$2,670,042
Net income (loss) attributable to common and special shareholders	($778,354)		$5,665,984
Average common and special shares outstanding	1,808,360		1,808,360
Income (loss) per share	($0.43)		$3.13

	Year ended
	April 30
	2023		2022
Property revenue	$2,712,093		$2,630,175
Property operating expenses	(418,065)		(508,281)
Net operating income	$2,294,028		$2,121,894

Components of the $6,444,338 decrease in net income for the year ended April 30, 2023 compared to the year ended April 30, 2022 are: