For Immediate Release Toronto Stock Exchange: BPF.UN
BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES SECOND INCREASE IN MONTHLY DISTRIBUTIONS IN 2005 THE SEVENTH INCREASE IN MONTHLY DISTRIBUTIONS SINCE INCEPTION
VANCOUVER, BC, October 5, 2005 – Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) is pleased to announce that it is once again increasing monthly cash distributions.
The monthly distributions will increase 2% from $0.0990 per unit to $0.1010 per unit beginning with the September 2005 distributions. The Fund periodically reviews distribution levels based on its policy of smoothing the distribution flow to Unitholders. The monthly distribution of $0.1010 per unit for the period from September 1, 2005 to September 30, 2005 will be paid to Unitholders of record at the close of business on October 21, 2005 and will be payable on October 31, 2005.
“It is an exciting time for our organization as our 2005 same store sales growth continues to be strong. This year we will open more restaurants than at any other year in our history,” said Mike Cordoba, Chief Executive Officer of Boston Pizza International Inc. Cordoba went on to say, "We continue to demonstrate our commitment to pass on the successes of Boston Pizza to unitholders as this is our seventh increase in distributions since the inception of the Fund three years ago.”
Same Store Sales Growth for the period January 1, 2005 through August 31, 2005 was 6.6%, 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, 20 new restaurants have opened, bringing the total number of restaurants open in Canada as of October 5, 2005 to 215.
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
FOR FURTHER INFORMATION PLEASE CONTACT:
Boston Pizza Royalties Income Fund
Jordan Holm - Vice President of Investor Relations
Tel: 604-303-6083
investorrelations(at)bostonpizza.com
www.bpincomefund.com
® 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