Press Release Details

View all news

Boston Pizza Royalties Income Fund Announces May 2004 Distribution

June 08, 2004

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN


VANCOUVER, BC, JUNE 8, 2004  - Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) announced today a cash distribution of $0.09 per unit for the period from May 1, 2004 to May 31, 2004.  The distribution will be paid to unitholders of record at the close of business on June 21, 2004 and will be payable on or before June 30, 2004.

Same Store Sales Growth for the period January 1, 2004 through April 30, 2004 was 9.1%, 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 November 1 of each year.  Since November 1, 2003, eight new restaurants have opened, bringing the total number of restaurants open in Canada as of June 8, 2004 to 185.  

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 177 Boston Pizza restaurants in Canada as at November 1, 2003. 

The Fund also announces that, the Federal Court of Appeal held up an earlier decision by the Federal Court of Canada regarding a portion of the litigation involving the Fund and Boston Pizza International Inc. (“BPI”) versus Boston Market Group Canada and Global Restaurant Operations of Ireland Limited (“The Boston Market Group”).  The Fund and BPI had appealed the July 2003 Federal Court of Canada’s decision to only dismiss part of the counterclaim brought by The Boston Market Group.  The Fund and BPI were seeking a summary judgment for the full dismissal of the counterclaim brought by The Boston Market Group.  The Federal Court of Appeal agreed with the trial judge that there was a triable issue before the court and that portions of the counterclaim should proceed to trial and not be dismissed on a summary basis.  The court did not rule on the substantive merits of the counterclaim.  The Fund and BPI remain confident that they will prevail at trial.

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

Robert Groom
Director, Investor Relations
Tel: 604-270-1108


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

Categories: Press Releases
View all news