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The Becker Milk Company Limited: Six Month Financial Results

TORONTO, ONTARIO -- (Marketwire) -- 12/14/12 -- The Becker Milk Company Limited (the "Company") (TSX:BEK.B) is pleased to report the results for the six months ending October 31, 2012.


--  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 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.

For the Board of Directors
G.W.J. Pottow

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