TORONTO, ONTARIO--(Marketwire - Dec. 14, 2012) - The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report the results for the six months ending October 31, 2012.

HIGHLIGHTS

Total revenues for the six months ended October 31, 2012 were $2,043,180 compared to $1,988,053 for the same period in 2011;
Net operating income for the year-to-date period was $1,766,732 compared to $1,655,849 in 2011;
Adjusted funds from operations were $0.58 per share, compared to $0.43 per share in 2011.

FINANCIAL HIGHLIGHTS

	Six months ended
	Oct 31
	2012			2011
Property revenue	$	2,007,795		$	1,956,424
Finance income		35,385			31,629
Total revenues	$	2,043,180		$	1,988,053

Property revenue	$	2,007,795		$	1,956,424
Property operating expenses		(241,062	)		(300,573	)
Net operating income	$	1,766,733		$	1,655,851

Adjusted funds from operations	$	1,056,537		$	780,463

Net income attributable to common and special shareholders	$	339		$	492,708

Average common and special shares outstanding		1,808,360			1,808,360

Income per share	$	0.00		$	0.27

Significant components of the $492,369 decrease in net income between the six months ended October 31, 2012 compared to the six months ended October 31, 2011 are:

Changes in net income - six months ended October 31, 2012
	compared to six months ended October 31, 2011

Change in fair value of investment properties	($504,657	)
Change in deferred taxes on investment properties	(243,446	)
Net operating income	110,882
Administrative expenses	49,403
Provision for current income taxes	91,692
Other items	3,757

Change in net income	($492,369	)

NET OPERATING INCOME

Net operating income for the six months ended October 31, 2012, increased by $110,883 to $1,766,732 compared to $1,655,849 in 2011. The increase resulted from both increased rental revenues and reduced property operating expenses.

ADJUSTED FUNDS FROM OPERATIONS

		Six months ended
		October 31
		2012			2011
Net income attributable to common and special shareholders		$	339		$	492,708
Items not affecting cash:
	Fair value losses on investment properties		850,430			345,773
	Deferred income taxes		237,697			(5,749	)
	Straight line rent		(31,929	)		(19,379	)
	Sustaining capital expenditures					(32,890	)
Adjusted funds from operations		$	1,056,537		$	780,463

Adjusted funds from operations per share		$	0.58		$	0.43

For the six months ended October 31, 2012 the Company recorded Adjusted funds from operations of $1,056,537 ($0.58 per share) compared to $780,463 ($0.43 per share) in 2011. This increase is largely the result of higher operating income combined with reduced sustaining capital expenditures.

The Company's interim unaudited financial statements for the six months ended October 31, 2012, along with the Management's Discussion and Analysis will be filed with SEDAR at [ www.sedar.com ].

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

Contributing Sources

Market Wire

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Six Month Financial Results

The Becker Milk Company Limited: Six Month Financial Results