The Becker Milk Company Limited

Three Month Financial Results and Regular Dividend

TORONTO, Sept. 12, 2023 (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, 2023.

HIGHLIGHTS

• Total revenues for the three months ended July 31, 2023 were $742,639 compared to $697,122 for the same period in 2022;
• The non-GAAP financial measure Net Operating Income for Q1 fiscal 2024 was $583,806 compared to $592,376 in fiscal 2023;
• Net income for Q1 fiscal 2024 was $0.14 per share for the year, compared to $0.02 net income per share in Q1 fiscal 2023.
  

FINANCIAL HIGHLIGHTS

Total revenues for the three months ended July 31, 2023 improved $45,517 compared to the three months ended July 31, 2022, a result of higher finance income.

	Three months ended
	July 31
	2023	2022
Property revenue	$669,478	$678,652
Finance income	73,161	18,470
Total revenues	$742,639	$697,122
Net income (loss) attributable to common and special shareholders	$247,951	$32,763
Average common and special shares outstanding	1,808,360	1,808,360
Income (loss) per share	$0.14	$0.02

Components of the $215,188 decrease in net income for the three months ended July 31, 2023 compared to the three months ended July 31, 2022 are:

Changes in Net Income - Three months ended July 31, 2023
compared to three months ended July 31, 2022
Favourable change in fair value adjustment	$240,000
Increase in finance income	54,691
Decrease in expenses related to strategic review	14,440
Increase in gain on disposal	12,376
Decrease in net operating income	(8,570)
Increase in administrative expenses	(9,770)
Increase in current taxes	(32,329)
Decrease in recovery of deferred income taxes	(55,650)
Increase in net income	$215,188

As investment property capitalization rates were unchanged during the three months ended July 31, 2023, compared to the three months ended July 31, 2022 there was a favourable change in the fair value adjustment to investment properties.