For Immediate Release Toronto Stock Exchange: BPF.UN
BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES FIRST QUARTER 2017 RESULTS
INCLUDING Franchise Sales of $202.4 million for the PERIOD
AN increase OF 2.2% versus one year ago
SSSG of 0.0% for the Period despite continued weak general economic conditions in oil and gas regions and the impact of 2016 being a leap year.
Highlights
- System-Wide Gross Sales1 of $261.2 million for the Period, an increase of 2.8% versus the same period one year ago.
- Franchise Sales2 from royalty pool restaurants of $202.4 million for the Period, an increase of 2.2% versus the same period one year ago.
- Same Store Sales Growth of 0.0% for the Period.
- Distributable Cash3 per Unit decreased 2.5% for the Period to 31.2 cents versus 32.0 cents for same period one year ago.
- Payout Ratio4 of 110.6% for the Period compared to 105.7% for the same period one year ago, and 100.0% on a trailing 12-month basis. Cash balance at the end of the Period was $2.9 million.
- 11 net new Boston Pizza restaurants opened in 2016, and were added to the Fund’s royalty pool on January 1, 2017.
- Trustees declared April 2017 distribution to unitholders of 11.5 cents per Unit.
VANCOUVER, BC, May 11, 2017 - Boston Pizza Royalties Income Fund (the “Fund”) and Boston Pizza International Inc. (“BPI”) reported financial results today for the first quarter period from January 1, 2017 to March 31, 2017 (the “Period”). A copy of this press release, the condensed consolidated interim 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 May 11, 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 June 11, 2017 by dialling 1-855-669-9658 or 604‑674‑8052 and entering the access code: 1389 followed by the # sign.