Mr. G.W.J. Pottow reports

THE BECKER MILK COMPANY LIMITED: 2024 ANNUAL FINANCIAL RESULTS

The Becker Milk Company Ltd. has released its results for the year ended April 30, 2024.

Highlights:

• Total revenues for the year ended April 30, 2024, were $3,045,648, compared with $2,860,435 for the same period in 2023.
• The non-IFRS (international financial reporting standards) financial measure net operating income for the year was $2,375,060, compared with $2,294,028 in 2023.
• Net income for the year was seven cents per share, compared with a net loss of 43 cents per share in 2023.

Financial highlights

Total revenues for the year ended April 30, 2024, improved $185,213 compared with the year ended April 30, 2023, a result of both higher property revenue and finance income.

Components of the $902,832 improvement in net income for the year ended April 30, 2024, compared with the year ended April 30, 2023, are described in an attached table.

The decrease in the unfavourable fair value adjustment to investment properties was the result of a reduced upward adjustment in investment property capitalization rates during year ended April 30, 2024, as compared with the year ended April 30, 2023.

Non-IFRS financial measures

Net operating income

The non-IFRS financial measure net operating income for the year ended April 30, 2024, was $2,375,060, a $81,032 increase compared with the previous year. This increase was primarily the result of improved property revenue related to higher recovery of operating costs from tenants.

Funds from operations and adjusted funds from operations

For the year ended April 30, 2024, the company recorded adjusted funds from operations of $920,029 (51 cents per share), compared with $612,280 (34 cents per share) in 2023.

Strategic review

The board of directors continually evaluates strategic directions for the company and has engaged in discussions with potential acquirers. While the company has engaged in some discussions within the last year, none of those discussions are active at this time. The company continues to review its strategic alternatives, and will update the market as appropriate and as required.

The company's annual financial statements for the year ended April 30, 2024, along with the management's discussion and analysis, will be filed with SEDAR+.

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 with similarly titled measures presented by the other publicly traded entities.