World News: 14:54 GMT Friday 14th September 2018. [The Becker Milk Company Limited via Globe Newswire via SPi World News]
TORONTO, Sept. 14, 2018 (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, 2018.
Net operating income for the three months ended July 31, 2018 decreased $139,534 compared with the previous year to $625,269, as a result of decreased revenue, resulting from the sale of properties.
Components of the $351,398 decrease in net income for the three months ended July 31, 2018 compared to the three months ended July 31, 2017 are:
For the three months ended July 31, 2018 the Company recorded adjusted funds from operations of $243,581 ($0.13 per share) compared to $365,356 ($0.20 per share) in 2017.
Since 2014 the Board of Directors has been evaluating strategic directions for the Company and has engaged in discussions with potential acquirors. None of those discussions are active at this time. During this period a programme of divesting less desirable sites has resulted in the sale of 15 investment properties. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.
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 21, 2018 and payable on October 01, 2018.
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, 2018, along with the Management’s Discussion and Analysis will be filed with SEDAR at .
For the Board of DirectorsG.W.J. Pottow, PresidentTel: 416-698-2591
Globe Newswire: 14:54 GMT Friday 14th September 2018
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