BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES APRIL, 2005 DISTRIBUTION
VANCOUVER, BC, MAY 10, 2005 - Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) announced today a cash distribution of $0.0967 per unit for the period from April 1, 2005 to April 30, 2005. The distribution will be paid to unitholders of record at the close of business on May 21, 2005 and will be payable on May 31, 2005.
Same Store Sales Growth for the period January 1, 2005 through March 31, 2005 was 4.8%, compared to the same period last year.
Royalties paid to the Fund will be adjusted annually to include the franchise revenues of the new Boston Pizza restaurants opened prior to December 31 of each year. Since November 1, 2004, five new restaurants have opened, bringing the total number of restaurants open in Canada as of May 10, 2005 to 200.
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 195 Boston Pizza restaurants in Canada as at November 1, 2004.
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. 2005