For Immediate Release The Toronto Stock Exchange: BPF.UN
BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 2016 FOURTH QUARTER
AND ANNUAL RESULTS INCLUDING DISTRIBUTABLE CASH PER UNIT OF $1.388 FOR THE YEAR, AN INCREASE OF 1.8%
Payout ratio of 98.9% for the Year despite weaker general economic conditions
in regions affected by the oil and gas industry.
Highlights
· System-Wide Gross Sales1 of $270.8 million for the Period and $1.08 billion for the Year.
· Franchise Sales2 from royalty pool restaurants of $204.1 million for the Period and $828.6 million for the Year, representing a decrease of 0.6% for the Period and an increase of 1.8% for the Year, versus the same periods one year ago.
· Distributable Cash3 per Unit decreased 2.6% for the Period and increased 1.8% for the Year.
· Payout Ratio4 of 101.1% for the Period and 98.9% for the Year. Fund’s cash balance at the end of the Year was $3.5 million, an increase of $0.3 million from the prior year.
· Same Store Sales Growth of negative 3.1% for the Period and negative 0.3% for the Year.
· Boston Pizza opened 11 net new full service restaurants and completed 50 restaurant renovations in 2016.
· On February 8, 2017, the Trustees declared January 2017 distributions to unitholders of 11.5 cents per Unit payable on February 28, 2017.
VANCOUVER, BC, February 16, 2017 - Boston Pizza Royalties Income Fund (the “Fund”) and Boston Pizza International Inc. (“BPI”) reported financial results today for the fourth quarter period from October 1, 2016 to
December 31, 2016 (the “Period”) and January 1, 2016 to December 31, 2016 (the “Year”). A copy of this press release, the annual consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) of the Fund and BPI are available at www.sedar.com and www.bpincomefund.com. The Fund will host a conference call to discuss the results on February 16, 2017 at 8:30 am Pacific Time (11:30 am Eastern Time). The call can be accessed by dialling 1-800-319-4610 or 604-638-5340. A replay will be available until March 16, 2017 by dialling 1-855-669-9658 or 604-674-8052 and entering the access code: 1134 followed by the # sign.