For Immediate Release Toronto Stock Exchange: BPF.UN
BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES AUGUST, 2003 DISTRIBUTION
VANCOUVER, BC, SEPTEMBER 10, 2003 - Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) announced today a cash distribution of $0.0850 per unit for the period from August 1, 2003 to August 31, 2003. The distribution will be paid to unitholders of record at the close of business on September 21, 2003 and will be payable on or before September 30, 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 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, ten new restaurants have opened, bringing the total number of restaurants open in Canada as of September 10, 2003 to 172. Same store sales growth for the 12-month period ending July 31, 2003 was 4.61% This calculation is based on all locations in Canada that have been open 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
E-mail: investorrelations@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. 2003
® 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. 2003