For Immediate Release Toronto Stock Exchange: BPF.UN
BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES INCREASE IN DISTRIBUTIONS
VANCOUVER, BC, OCTOBER 9, 2003 - Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) is pleased to announce that it is increasing monthly cash distributions.
The monthly distributions will increase 2.0% from $0.085 per unit to $0.0867 per unit beginning with the September, 2003 distributions. This increase in distributions is a result of strong Same Store Sales Growth and is the second increase in distributions for 2003. The Fund previously increased distributions in May by 2.0% from $0.0833 per unit to $0.085 per unit. Boston Pizza continues to demonstrate positive growth even in the face of a challenging industry environment. The Fund will periodically review distribution levels based on its policy of smoothing the distribution flow to unitholders. The distribution of $0.0867 per unit will be paid to unitholders of record on October 21, 2003 and will be payable on or before October 31, 2003.
The Fund is a limited purpose, open-ended trust established under the laws of British Columbia to acquire indirectly certain trade marks and trade names used by Boston Pizza International Inc. (“BPI”) in its Boston Pizza restaurants in Canada. The trade marks are licensed to BPI for 99 years for which BPI pays the Fund 4% of franchise revenues of its 162 Boston Pizza restaurants in Canada as at November 1, 2002.
Since January 1, 2003, ten new Boston Pizza restaurants have opened, bringing the total number of restaurants open in Canada to 173. Same Store Sales Growth for the period January 1, 2003 through August 31, 2003 was 3.6%, compared to the same period last year.
The trustees of the Fund have approved the contents of this press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Director, Investor Relations
® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trade-marks and unregistered Canadian trade-marks containing the words "Boston", "BP", and/or "Pizza" are trade-marks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.
© Boston Pizza International Inc. 2003