For Immediate Release Toronto Stock Exchange: BPF.UN
BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES ANOTHER INCREASE IN MONTHLY DISTRIBUTIONS
VANCOUVER, BC, NOVEMBER 10, 2004 - Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) is pleased to announce that it is increasing its monthly cash distributions for the third time in 2004.
The monthly distributions will increase 1.8% from $0.095 per unit to $0.0967 per unit beginning with the October 2004 distributions (to be paid in November, 2004). Strong Same Store Sales Growth of 7.4% for the period January 1, 2004 through September 31, 2004 is largely responsible for the three distributions increases in 2004.
"This increase is the third distribution increase for the Fund in 2004 and clearly demonstrates our commitment to get royalty revenues generated by our restaurants into the hands of our Unitholders,” said Mike Cordoba, Chief Executive Officer of Boston Pizza International Inc. Cordoba went on to say, “I am also pleased to announce that we exceeded our new store opening target. From November 2, 2003 to November 1, 2004 our team opened 18 new restaurants. These 18 restaurants will be added to the Fund’s royalty pool on January 1, 2005.”
The Fund periodically reviews distribution levels based on its policy of smoothing the distribution flow to Unitholders. The distribution of $0.0967 per unit will be paid to Unitholders of record at the close of business on November 21, 2004 and will be payable on or before November 30, 2004.
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 177 Boston Pizza restaurants in Canada as at November 1, 2003.
The trustees of the Fund have approved the contents of this news 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. 2004