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Boston Pizza Royalties Income Fund Announces Record Franchise

Boston Pizza Royalties Income Fund Announces Record Franchise Sales
and Record Royalty Income for Third Quarter 2012 
Trustees Declare October Distribution to Unitholders of 9.8 Cents per
Unit 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/12 -- Boston
Pizza Royalties Income Fund (TSX:BPF.UN) and Boston Pizza
International Inc. -  
Highlights 


 
--  Same store sales growth of 1.0% for the Period and 3.7% YTD. 
--  Record Franchise Sales(1) from royalty pool restaurants and record
    royalty income of $186.1 million and $7.4 million respectively, the
    highest levels posted in any quarter since the inception of the Fund. 
--  Distributable Cash(2) increased 5.5% for the Period and 7.0% YTD versus
    the same periods in 2011. 
--  Payout Ratio(3) was 94.6% for the Period and 99.5% YTD. 
--  Net loss reported for the Period of $1.6 million and YTD of $2.3 million
    are due to non-cash accounting items of $5.9 million and $15.5 million,
    respectively, that do not affect the Fund's business operations or its
    ability to pay distributions to unitholders. 
--  The Fund announced a Normal Course Issuer Bid which permits the
    repurchase for cancellation of up to 1,442,522 units. 

 
Boston Pizza Royalties Income Fund (the "Fund") and Boston Pizza
International Inc. ("BPI") each reported today financial results for
the period from July 1, 2012 to September 30, 2012 (the "Period") and
from January 1, 2012 to September 30, 2012 ("YTD"). A copy of this
press release, the consolidated interim financial statements for the
Period and related Management's Discussion and Analysis 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 November
9, 2012 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time). The call
can be accessed by dialling 1-800-319-4610 or 604-638-5340. A replay
will be available until December 8, 2012 by dialling 1-800-319-6413
or 604-638-9010 and entering the pin code: 4452 followed by the #
sign. 
Same store sales growth ("SSSG"), a key driver of distribution growth
for unitholders of the Fund, was 1.0% for the Period and 3.7% YTD
compared to 6.1% and 4.5%, respectively, for the same periods in
2011. Franchise Sales(1), the basis upon w
hich royalties are paid by
Boston Pizza International Inc. ("BPI") to the Fund, exclude revenue
from the sale of liquor, beer, wine and tobacco and approved national
promotions and discounts. On a Franchise Sales(1) basis, SSSG was
0.9% for the Period and 3.5% YTD compared to 5.6% and 4.6%,
respectively, for the same periods in 2011. The positive SSSG in the
Period and YTD was principally due to higher takeout and delivery
sales resulting from continued promotion of Boston Pizza's online
ordering system and higher chicken wing sales resulting from the
introduction of "All Meat Wings" earlier in 2012. Franchise Sales(1)
of restaurants in the royalty pool were a record $186.1 million for
the Period and a record $546.3 million YTD compared to $183.2 million
and $521.9 million, respectively, in the same periods in 2011. The
increases in Franchise Sales(1) for the Period and YTD are attributed
to the positive SSSG experienced in the Period and YTD and the
addition of three net new restaurants to the Fund's royalty pool on
January 1, 2012. 
"We are very pleased with Boston Pizza's record sales results for the
third quarter of 2012, particularly when compared against the already
strong sales levels we achieved one year ago," said Mark Pacinda,
President and CEO of BPI. "Also during the Period, we reached
significant milestones on several operating initiatives including the
opening of our first ever 'fast casual' format Boston Pizza
restaurant and the launch of our new national menu, which introduced
26 new items like Pulled Pork Pizza, The Meatball Grinder Sandwich
and Chipotle Chicken Club." 
The Fund's net loss was $1.6 million for the Period with a net loss
of $2.3 million YTD compared to net income of $5.5 million and of
$15.3 million, respectively, in the same periods in 2011. The
decreases in net income for the Period and YTD were driven mainly by
changes in the fair value adjustment on Class B units of Boston Pizza
Royalties Limited Partnership (the "Class B Unit liability") of $7.0
million and $18.1 million, respectively. The Fund's net income under
International Financial Reporting Standards ("IFRS") contains
non-cash items, such as the fair value adjustment on the Class B Unit
liability, that do not affect the Fund's business operations or its
ability to pay distributions to unitholders. In the Fund's view, net
income is not the only or most meaningful measurement of the Fund's
ability to pay distributions. Consequently, the Fund has provided the
non-IFRS metrics of Distributable Cash(2) and Payout Ratio(3) to
provide investors with more meaningful information regarding the
amount of cash that the Fund has generated to pay distributions.
Readers are cautioned that Distributable Cash(2) and Payout Ratio(2)
are non-IFRS financial measures that do not have standardized
meanings prescribed by IFRS and therefore may not be comparable to
similar measures presented by other issuers. For a reconciliation
between cash flow from operating activities (the most directly
comparable IFRS measure) and Distributable Cash(2) and a detailed
discussion on the Fund's Distributable Cash(2) and Payout Ratio(3),
please see the Fund's Management's Discussion and Analysis for the
Period. 
The Fund's Distributable Cash(2) was $4.5 million or $0.311 per unit
of the Fund ("Unit") for the Period and $12.8 million or $0.881 per
Unit YTD compared to $4.3 million or $0.294 per Unit and $12.0
million or $0.823 per Unit for the same periods, respectively, in
2011. This represents increases of 5.5% for the Period and 7.0% YTD
compared to the same periods, respectively, one year ago. These
increases were driven by higher royalty revenue partially offset by
changes in non-cash working capital. Distributions for the Period and
YTD were funded entirely by cash flow from operations. No debt was
incurred at any point during the Period or YTD to fund distributions. 
The Fund's Payout Ratio(3) was 94.6% for the Period and 99.5% YTD
compared to 93.7% and 94.7% in the same periods, respectively, one
year ago. The Fund's Payout Ratio(3) for the Period and YTD increased
compared to the same periods one year ago primarily due to the
distribution increase beginning with the February 2012 distribution
to unitholders. The Fund strives to provide unitholders with regular
monthly distributions, and as a result, the Fund will generally
experience seasonal fluctuations in its Payout Ratio(3). On a
trailing 12-month basis, the Fund's Payout Ratio(3) was 99.2% as at
September 30, 2012. The Fund's Payout Ratio(3) is likely to be higher
in the first and fourth quarters compared to the second and third
quarters since Boston Pizza restaurants experience higher Franchise
Sales(1) during the summer months when restaurants open their patios
and benefit from increased tourist traffic. Higher Franchise Sales(1)
generally result in increases in Distributable Cash(2). A key feature
of the Fund is that it is a "top line" structure, in which BPI pays
the Fund a royalty equal to 4% of Franchise Sales(1) from restaurants
in the Fund's royalty pool. Accordingly, Fund unitholders are not
directly exposed to changes in the operating costs or profitability
of BPI or of individual Boston Pizza restaurants. Given this
structure, and that the Fund has no curr
ent mandate to retain capital
for other purposes, it is expected that the Fund will maintain a
Payout Ratio(3) close to 100% over time as the trustees of the Fund
continue to distribute all available cash in order to maximize
returns to unitholders. As the Payout Ratio(3) is calculated from a
formula which includes Distributable Cash(2), which is a non-IFRS
measure, a reconciliation of Payout Ratio(3) to an IFRS measure is
not possible. For a reconciliation of Distributable Cash(2) to its
closest IFRS measure, cash flows from operating activities, see the
"Operating Results - Distributable Cash / Payout Ratio" section in
the Fund's most recent Management's Discussion and Analysis. 
On August 22, 2012, the Fund announced that it had received Toronto
Stock Exchange ("TSX") approval of a Notice of Intention to Make a
Normal Course Issuer Bid through the facilities of the TSX from
September 4, 2012 to no later than August 31, 2013 (the "2012 NCIB").
The 2012 NCIB permits the Fund to repurchase for cancellation up to
1,442,522 Units, being approximately 9.9% of the Fund's issued and
outstanding units (as at August 17, 2012) and approximately 10.0% of
its public float, then comprised of 14,452,221 units. Unitholders may
obtain, without charge, a copy of the Notice of Intention to Make a
Normal Course Issuer Bid that the Fund filed with the TSX by
contacting the Vice President of Investor Relations for the Fund. As
of November 8, 2012, the Fund had not purchased any Units under the
2012 NCIB. 
The trustees of the Fund announced a cash distribution to unitholders
of 9.8 cents per Unit for October 2012. The distribution will be
payable to unitholders of record at the close of business on November
21, 2012 and will be paid on November 30, 2012. The Fund periodically
reviews distribution levels based on its policy of stable and
sustainable distribution flow to unitholders. Since the Fund's
initial public offering in 2002, unitholders have received 15
distribution increases. The most recent distribution increase of 6.5%
was effective for the February distribution payable in March and
increased the monthly distribution amount from 9.2 cents per Unit to
9.8 cents per Unit. Including the October 2012 distribution, which
will be paid in November 2012, the Fund will have paid out 124
consecutive monthly distributions totalling $154.6 million or $12.58
per Unit. 
FINANCIAL SUMMARY 
The tables below sets out selected information from the consolidated
interim financial statements of the Fund, which consolidates the
accounts of Boston Pizza Royalties Limited Partnership, together with
other data and should be read in conjunction with the interim
consolidated financial statements of the Fund. 


 
----------------------------------------------------------------------------
                                       Q3 2012   Q3 2011  YTD 2012  YTD 2011
----------------------------------------------------------------------------
(in thousands of dollars - except restaurants, SSSG, Payout Ratio(3) and per
 Unit items)                                                                
----------------------------------------------------------------------------
System-wide Gross Sales(4)             239,269   235,911   703,289   672,159
Number of restaurants in Royalty                                            
 Pool(5)                                   341       336       341       336
Franchise Sales(1) reported by                                              
 restaurants in the Royalty Pool       186,084   183,163   546,258   521,864
                                                                            
Revenues                                                                    
Royalty revenue - 4% of Franchise                                           
 Sales(1)                                7,443     7,327    21,850    20,875
Interest income                            453       454     1,361     1,361
----------------------------------------------------------------------------
Total revenues                           7,896     7,781    23,211    22,236
                                                                            
Expenses                                                                    
Administrative expenses and interest                                        
 on bank debt                            (616)     (449)   (1,605)   (1,462)
Interest expense on BPI on Class B                                          
 Units and Class C Units(6)            (1,628)   (1,447)   (4,317)   (3,772)
Fair value adjustment on Class B                                            
 Unit liability(7)                     (5,890)     1,148  (15,500)     2,577
Fair value adjustment on interest                                           
 rate swap                                  67         -        67         -
----------------------------------------------------------------------------
Subtotal                               (8,067)     (748)  (21,355)   (2,657)
Current income tax expense             (1,350)   (1,449)   (4,002)   (4,078)
Deferred income tax expense               (60)     (100)     (150)     (220)
----------------------------------------------------------------------------
Total expenses                         (9,477)   (2,297)  (25,507)   (6,955)
----------------------------------------------------------------------------
                                                                            
Net Income (loss)                                                           
Net income (loss)                      (1,581)     5,484   (2,292)    15,281
Basic earnings (loss) per Unit          (0.11)      0.38    (0.16)      1.05
Diluted earnings (loss) per Unit        (0.11)      0.24    (0.16)      0.79
                                                                            
Distributable Cash(2) /                                                     
 Distributions / Payout Ratio(3)                                            
Cash flows from operating activities     6,189     7,266    12,169    20,453
  Class C distributions to BPI           (450)     (450)   (1,350)   (1,350)
  BPI Class B entitlement              (1,211)   (1,077)   (3,509)   (3,029)
 SIFT tax on Units(8)                        -   (1,449)     5,523   (4,078)
----------------------------------------------------------------------------
Distributable Cash(2)                    4,528     4,290    12,833    11,996
Distributions payable(9)                 4,284     4,021    12,764    11,365
Payout Ratio(3)                          94.6%     93.7%     99.5%     94.7%
Distributable Cash per Unit(2)           0.311     0.294     0.881     0.823
Distributions payable per Unit(9)        0.294     0.276     0.876     0.780
                                                                            
Other                                                                       
Same store sales growth (SSSG)            1.0%      6.1%      3.7%      4.5%
Number of restaurants opened during                                         
 the period                                  1         0         3         5
Number of restaurants closed during                                         
 the period                                  0         2         2         4
----------------------------------------------------------------
------------
                                                 Sep 30,             Dec 31,
                                                    2012                2011
----------------------------------------------------------------------------
Total assets                                     264,391             261,571
Total liabilities                                116,246              99,794
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                            Q3        Q2        Q1        Q4
                                          2012      2012      2012      2011
----------------------------------------------------------------------------
(in thousands of dollars - except restaurants, SSSG, Payout Ratio(1) and per
 Unit items)                                                                
System-wide Gross Sales(4)             239,269   237,955   226,065   232,713
Number of restaurants in Royalty                                            
 Pool(5)                                   341       341       342       336
Franchise Sales(1) reported by                                              
 restaurants in the Royalty Pool       186,081   183,593   176,581   177,465
                                                                            
Revenues                                                                    
Royalty revenue - 4% of Franchise                                           
 Sales(1)                                7,443     7,344     7,063     7,098
Interest income                            453       453       455       454
----------------------------------------------------------------------------
Total revenues                           7,896     7,797     7,518     7,552
                                                                            
Expenses                                                                    
Administrative expenses and interest                                        
 on bank debt                            (616)     (512)     (477)     (432)
Interest accrued to BPI on Class B                                          
 Units and Class C Units(6)            (1,628)   (1,628)   (1,061)   (2,042)
Fair value adjustment on Class B                                            
 Unit liability(7)                       5,890     1,953  (11,563)   (3,308)
Fair value adjustment on interest                                           
 rate swap                                  67         -         -         -
----------------------------------------------------------------------------
Subtotal                               (8,067)     (187)  (13,101)   (5,782)
Current income tax expense             (1,350)   (1,351)   (1,301)   (1,396)
Deferred income tax expense               (60)      (70)      (20)      (70)
----------------------------------------------------------------------------
Total expenses                         (9,477)   (1,608)  (14,422)   (7,248)
----------------------------------------------------------------------------
                                                                            
Net Income (loss)                                                           
Net income (loss)                      (1,581)     6,189   (6,904)       304
Basic earnings (loss) per Unit          (0.11)      0.42    (0.47)      0.02
Diluted earnings (loss) per Unit        (0.11)      0.24    (0.47)      0.02
                                                                            
Distributable Cash(2) /                                                     
 Distributions / Payout Ratio(3)                                            
Cash flows from operating activities     6,189     5,903        77     7,037
  Class C distributions to BPI           (450)     (450)     (450)     (450)
  BPI Class B entitlement              (1,211)   (1,178)   (1,154)   (1,099)
 SIFT tax on Units(8)                        -       (1)     5,524   (1,396)
----------------------------------------------------------------------------
Distributable cash(2)                    4,528     4,274     3,997     4,092
Distributions payable(9)                 4,284     4,284     4,196     4,021
Payout Ratio(3)                          94.6%    100.2%    105.0%     98.3%
Distributable cash per Unit(2)           0.311     0.293     0.274     0.281
Distributions payable per Unit(9)        0.294     0.294     0.288     0.276
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                            Q3        Q2        Q1        Q4
                                          2011      2011      2011      2010
----------------------------------------------------------------------------
(in thousands of dollars - except restaurants, SSSG, payout ratio and per   
 Unit items)                                                                
System-wide Gross Sales(4)             235,911   228,766   207,482   215,303
Number of restaurants in Royalty                                            
 Pool(5)                                   336       338       339       334
Franchise Sales(1) reported by                                              
 restaurants in the Royalty Pool       183,163   175,568   163,133   166,181
                                                                            
Revenues                                                                    
Royalty revenue - 4% of Franchise                                           
 Sales                                   7,327     7,023     6,525     6,647
Interest income                            454       455       452       452
----------------------------------------------------------------------------
Total revenues                           7,781     7,478     6,977     7,099
                                                                            
Expenses                                                                    
Administrative expenses and interest                                        
 on bank debt                            (449)     (511)     (502)     (687)
Interest accrued to holders of                                              
 Units(10)                                   -         -         -   (3,352)
Interest accrued to BPI on Class B                                          
 Units and Class C Units(6)            (1,447)   (1,388)     (937)   (1,852)
Fair value adjustment on Class B                                            
 Unit liability(7)                       1,148     2,707   (1,278)   (2,916)
----------------------------------------------------------------------------
Subtotal                                 (748)       808   (2,717)   (8,807)
Current income tax expense             (1,449)   (1,366)   (1,263)         -
Deferred income tax expense              (100)      (70)      (50)      (80)
----------------------------------------------------------------------------
Total expenses                         (2,297)     (628)   (4,030)   (8,887)
----------------------------------------------------------------------------
                                                                            
Net Income (loss)                                                           
Net income (loss)                        5,484     6,850     2,947   (1,788)
Basic earnings (loss) per Unit            0.38      0.47      0.20    (0.12)
Diluted earnings (loss) per Unit          0.24      0.23      0.20    (0.12)
                                                                            
Distributable Cash(2) /                                                     
 Distributions / Payout Ratio(3)                                            
Cash flows from operating activities     7,266     6,922     6,265     6,425
  Class C distributions to BPI           (450)     (450)     (450)
     (450)
  BPI Class B entitlement              (1,077)   (1,023)     (952)     (948)
 SIFT tax on Units(8)                  (1,449)   (1,366)   (1,263)         -
----------------------------------------------------------------------------
Distributable cash(2)                    4,290     4,083     3,600     5,027
Interest accrued(10) / distributions                                        
 payable(9)                              4,021     3,672     3,672     5,027
Payout Ratio(3)                          93.7%     89.9%    102.0%    100.0%
Distributable cash per Unit(2)           0.294     0.280     0.247     0.345
Interest(10) / distributions payable                                        
 per Unit(9)                             0.276     0.252     0.252     0.345
----------------------------------------------------------------------------

 
OUTLOOK 
The Canadian Restaurant and Foodservices Association has forecast
overall sales growth of 4.1% for the Canadian full-service restaurant
sector in 2012. BPI's management believes that Boston Pizza is well
positioned to continue outperforming this overall growth rate by
attracting a wide variety of guests into the restaurant, sports bar
and take-out/delivery parts of each location, offering a compelling
value proposition to our guests and continuing to open new Boston
Pizza locations across Canada. 
The two principal factors that affect SSSG are changes in customer
traffic and changes in average guest cheque. BPI's strategies to
drive higher guest traffic include a larger marketing budget versus
the previous year along with a revised calendar of national and local
store promotions. Increased average cheque levels are expected to be
achieved through a combination of culinary innovation and annual menu
re-pricing. BPI management recognizes that Franchise Sales1 results
during the last three months of 2011 were comparatively stronger than
those posted in the first nine months of 2011 and that results from
the remainder of 2012 will be compared against those stronger sales
levels. In addition, BPI's franchise agreement requires that each
Boston Pizza restaurant undergo a complete store renovation every
seven years and 30 locations have already completed renovations in
2012 with more underway or planned for later this year. Restaurants
typically close for two to three weeks to complete the renovation and
experience an incremental sales increase in the year following the
re-opening. 
Boston Pizza remains well positioned for future expansion as
evidenced by the four new Boston Pizza restaurants that have opened
to date in 2012, with three more new locations under construction
that are scheduled to open later in the year. BPI's management
believe that Boston Pizza will continue to strengthen its position as
the number one casual dining brand in Canada by pursuing further
restaurant development opportunities across the country. 
Certain information in this press release may constitute
"forward-looking information" that involves known and unknown risks,
uncertainties, future expectations and other factors which may cause
the actual results, performance or achievements of the Fund, Boston
Pizza Holdings Trust, the Partnership, Boston Pizza Holdings Limited
Partnership, Boston Pizza Holdings GP Inc., Boston Pizza GP Inc.,
BPI, Boston Pizza restaurants, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking information. When used
in this press release, forward-looking information may include words
such as "anticipate", "estimate", "may", "will", "expect", "believe",
"plan" and other similar terminology. This information reflects
current expectations regarding future events and operating
performance and speaks only as of the date of this press release.
Except as required by law, the Fund and BPI assume no obligation to
update previously disclosed forward-looking information. 
For a complete list of the risks associated with forward-looking
information and our business, please refer to the "Risks and
Uncertainties" and "Note Regarding Forward-Looking Information"
sections included in the Fund's most recent Management's Discussion
and Analysis for the Period available at www.sedar.com and
www.bpincomefund.com. The trustees of the Fund have approved the
contents of this press release. 
(1)  Franchise sales is the basis on which the royalty is payable; it
means the revenues of Boston Pizza restaurants in respect of which
the royalty is payable ("Franchise Sales"). The term "revenue" refers
to the gross revenue: (i) of the corporate Boston Pizza restaurants
in Canada owned by BPI; and (ii) reported to BPI by franchised Boston
Pizza restaurants in Canada, without audit or other form of
independent assurance, and in the case of both (i) and (ii), after
deducting revenue from the sale of liquor, beer, wine and tobacco and
revenue from BPI approved national promotions and discounts and
excluding applicable sales and similar taxes. Nevertheless, BPI
periodically conducts audits of the Franchise Sales reported to it by
its franchisees, and the Franchise Sales reported herein include
results from sales audits of earlier periods. 
(2) Distributable Cash is a non-IFRS financial measure that does not
have a standardized meaning prescribed by IFRS and therefore may not
be comparable to similar measures presented by other issuers. This
non-IFRS financial measure provides useful information to investors
regarding the amount of cash the Fund has generated for distribution
on the Units. Investors are cautioned that this should not be
construed as an alternative net income measure of profitability. The
preceding tables provide a reconciliation from this non-IFRS
financial measure to cash flows from operating activities, which is
the most directly comparable IFRS measure. 
(3) Payout Ratio is calculated by dividing the interest /
distributions payable by the Fund in respect of the applicable period
by the Distributable Cash generated in that period. Payout Ratio is a
non-IFRS financial measure that does not have a standardized meaning
prescribed by IFRS and therefore may not be comparable to similar
measures presented by other issuers. This non-IFRS financial measure
provides investors with useful information regarding the extent to
which the Fund distributes cash on the Units. Investors are cautioned
that this should not be construed as an alternative net income
measure of profitability. 
(4) System-wide gross sales means the gross revenue: (i) of the
corporate Boston Pizza restaurants in Canada owned by BPI; and (ii)
reported to BPI by franchised Boston Pizza restaurants in Canada,
without audit or other form of independent assurance, and in the case
of both (i) and (ii), including revenue from the sale of liquor,
beer, wine and tobacco and revenue from BPI approved national
promotions and discounts and excluding applicable sales and similar
taxes ("System-wide Gross Sales"). 
(5) Number of restaurants in the Royalty Pool excludes restaurants
that permanently closed during the applicable period. 
(6) The Class B general partner units of the Partnership (the "Class
B Units") and the Class C general partner units of the Partnership
(the "Class C Units") are classified as financial liabilities under
IFRS, and as such, amounts paid by the Partnership to BPI in respect
of the Class B Units and Class C Units are classified as interest
expense and not distributions. 
(7) The Fund is required under IFRS to fair value the Class B Unit
liability at the end of each period and adjust for any increase or
decrease in the fair value of that liability as compared to the fair
value of that liability at the end of the immediately preceding
period. This adjustment has no impact on the Fund's Distributable
Cash. 
(8) Specified Investment Flow through tax ("SIFT Tax") on Units is
the SIFT Tax expense for the respective period (as a negative number)
plus the amount of SIFT Tax paid in the respective period. 
(9) Under the declaration of trust governing the Fund, the Fund pays
distributions on the Units in respect of any particular calendar
month not later than the last business day of the immediately
subsequent month. Accordingly, distributions on the Units in respect
of the calendar month of January are paid no later than the last
business day of February, distributions on the Units in respect of
the calendar month of February are paid no later than the last
business day of March and so forth. Consequently, distributions
payable by the Fund on the Units in respect of the Period were the
July 2012 distribution (which was paid on August 31, 2012), the
August 2012 distribution (which was paid on September 28, 2012) and
the September 2012 distribution (which was paid on October 31, 2012).
Similarly, the distributions payable by the Fund on the Units in
respect of any other period are the distributions paid in the
immediately subsequent month of each month comprising such other
period. 
(10) Units are classified as a financial liability under IFRS in
respect of the period from January 1, 2010 through December 6, 2010,
and as a result the amounts paid by the Fund to Unitholders in
respect of that period are classified as interest expense of the Fund
and not distributions. From and after December 7, 2010, amounts paid
by the Fund to Unitholders are classified as distributions of the
Fund, as the Units are classified as equity from and after December
7, 2010.
Contacts:
Boston Pizza Royalties Income Fund
Jordan Holm
Vice President of Investor Relations
604-303-6083
investorrelations@bostonpizza.com
www.bpincomefund.com