BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES ANOTHER INCREASE IN MONTHLY DISTRIBUTIONS, THE SIXTH INCREASE SINCE INCEPTION
VANCOUVER, BC, June 7, 2005 – Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) is pleased to announce that it is increasing its monthly cash distributions.
The monthly distributions will increase 2.4% from $0.0967 per unit to $0.0990 per unit beginning with the May 2005 distributions. The Fund periodically reviews distribution levels based on its policy of smoothing the distribution flow to Unitholders. The monthly distribution of $0.0990 per unit for the period from May 1, 2005 to May 31, 2005 will be paid to Unitholders of record at the close of business on June 21, 2005 and will be payable on June 30, 2005.
"This increase is the sixth distribution increase for the Fund since the IPO in 2002 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.
Same Store Sales Growth for the period January 1, 2005 through April 30, 2005 was 5.2%, 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, eight new restaurants have opened, bringing the total number of restaurants open in Canada as of June 7, 2005 to 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 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:
Robert Groom
Director, Investor Relations
Tel: 604-270-1108
® 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