Press Release Details

View all news

Boston Pizza Royalties Income Fund and Boston Pizza International Inc. Announce First Quarter 2003 Results

May 16, 2003

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

BOSTON PIZZA ROYALTIES INCOME FUND AND BOSTON PIZZA INTERNATIONAL INC.
ANNOUNCE FIRST QUARTER 2003 RESULTS

VANCOUVER, BC, (May 16, 2003) - Boston Pizza Royalties Income Fund (the "Fund")(TSX: BPF.UN) and Boston Pizza International Inc. ("BPI") each reported today their first quarter financial results for 2003. The reporting period for both sets of financial statements is January 1, 2003 to March 31, 2003. A copy of the combined 2003 first quarter report is available at www.sedar.com and www.bpincomefund.com .

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.

BPI continues to operate the Boston Pizza franchise system, develop new Boston Pizza restaurants in Canada, and has emerged as one of Canada’s leading restaurant companies. The organization continues to grow based on its "Three Pillars of Success": a commitment to franchisee profitability, a commitment to the growth and development of the Boston Pizza brand, and a commitment to the constant improvement of the guest experience.

Royalties paid to the Fund will be adjusted annually to include the franchise revenues of the new Boston Pizza restaurants opened prior to November 1 of each year. Since November 1, 2002, six new restaurants have been opened bringing the total number of restaurants open in Canada as of May 15, 2003 to 168. Same store sales growth for the 12-month period ending March 30, 2003 was 5.0%. This calculation is based on all locations in Canada that have been opened for a minimum of 24 months.

The trustees of the Fund have approved the contents of this press release.

FOR FURTHER INFORMATION PLEASE CONTACT:
Robert Groom
Director, Investor Relations
Tel: 604-270-1108

FOR FURTHER INFORMATION PLEASE CONTACT:

Boston Pizza Royalties Income Fund
Jordan Holm - Vice President of Investor Relations
Tel: 604-303-6083

www.bpincomefund.com

Categories: Press Releases
View all news