Mr. G.W.J. Pottow reports

THE BECKER MILK COMPANY LIMITED: NINE MONTH FINANCIAL RESULTS AND REGULAR DIVIDEND

The Becker Milk Company Ltd. has released the results for the nine months ended Jan. 31, 2024.

Highlights:

• Total revenues for the nine months ended January 31, 2024 were $2,326,873 compared to $2,162,713 for the same period in 2023.
• The non-GAAP financial measure Net Operating Income for the first nine months fiscal 2024 was $1,847,990 compared to $1,767,529 for the first nine months fiscal 2023.
• Net loss for the first nine months fiscal 2024 was $0.13 per share, compared to $1.02 net loss per share for the first nine months fiscal 2023.

FINANCIAL HIGHLIGHTS

Total revenue for the nine months ended January 31, 2024 improved $164,160 compared to the nine months ended January 31, 2023, largely a result of higher finance income.

Components of the $1,614,216 decrease in the net loss for the nine months ended January 31, 2024 compared to the nine months ended January 31, 2023 are:

The decrease in the unfavourable fair value adjustment to investment properties was the result of a lower upward adjustment in investment property capitalization rates during nine months ended January 31, 2024, as compared to the nine months ended January 31, 2023.

Non-GAAP financial measures

Net operating income

The non-GAAP financial measure Net Operating Income for the nine months ended January 31, 2024 was $1,847,990, a $80,461 increase compared with the previous year. This increase was the result of both improved revenue and reduced property operating expenses.

Funds from operations and Adjusted funds from operations

For the nine months ended January 31, 2024 the Company recorded Adjusted funds from operations of $773,728 ($0.43 per share) compared to $636,382 ($0.35 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.

DIVIDEND

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 March 20, 2024, and payable on March 28, 2024.

The dividends for Canadian tax purposes will be considered as an eligible dividend.

The Company's interim financial statements for the nine months ended January 31, 2024, along with the Management's Discussion and Analysis will be filed with SEDAR.