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Boston Pizza Royalties Income Fund Increases Monthly Cash Distributions to Unitholders by 6.2% and Announces 2015 Annual and Fourth Quarter Results

10/02/2016 1:53:18 PM

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

 

BOSTON PIZZA ROYALTIES INCOME FUND INCREASES MONTHLY CASH DISTRIBUTIONS TO UNITHOLDERS BY 6.2% AND ANNOUNCES 2015 ANNUAL AND FOURTH QUARTER RESULTS

 

Distributable cash per unit increase of 13.3% for the fourth quarter of 2015 and 11.0% for the year 

 

Highlights

  • Record fourth quarter and annual System-Wide Gross Sales1 of $272.0 million and $1.06 billion, respectively.
  • Franchise Sales2 from royalty pool restaurants of $205.4 million for the Period and $814.0 million for the Year, representing increases of 4.0% and 4.1%, respectively, versus the same periods one year ago.
  • Distributable Cash3 per Unit increased 13.3% for the Period and 11.0% for the Year.
  • Payout Ratio4 of 92.8% for the Period and 94.0% for the Year.
  • Same Store Sales Growth of 2.2% for the Period and 1.8% for the Year.
  • Boston Pizza opened six net new full service restaurants and completed 54 restaurant renovations in 2015.
  • Fund’s cash balance at the end of the Period was $3.2 million.
  • On May 6, 2015, the Fund completed an acquisition of additional interest in Franchise Sales of Boston Pizza restaurants in Canada, which subsequently resulted in a 6.2% increase to monthly distributions to unitholders to 10.83 cents from 10.20 cents beginning with the April 2015 distribution.
  • Today, the Fund’s trustees declared the January 2016 distribution to unitholders of 11.5 cents per Unit, an additional increase of 6.2% compared to the December 2015 distribution of 10.83 cents, marking the 18th time the monthly rate has been increased since the inception of the Fund. 

VANCOUVER, BC, February 10, 2016 - Boston Pizza Royalties Income Fund (the “Fund”) and Boston Pizza International Inc. (“BPI”) reported financial results today for the fourth quarter period from October 1, 2015 to
December 31, 2015 (the “Period”)
and for the fiscal year from January 1, 2015 to December 31, 2015 (the “Year”).  A copy of this press release, the annual consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) of the Fund and BPI are available at www.sedar.com and www.bpincomefund.com.  The Fund will host a conference call to discuss the results on February 10, 2016 at 8:30 am Pacific Time (11:30 am Eastern Time).  The call can be accessed by dialling 1-800-319-4610 or 604-638-5340. A replay will be available until March 10, 2016 by dialling 1-855-669-9658 or 604-674-8052 and entering the pin code: 00256 followed by the # sign.

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