2021 Third Quarter Results Toronto Stock Exchange: BPF.UN
Easing of COVID-19 related restrictions resulted in Same Restaurant Sales of
positive 13.3% for the Period.
HIGHLIGHTS
- By the end of the Period, approximately 380 or 98% of Boston Pizza restaurants were providing on-premises dining services and take-out and delivery.
- System-Wide Gross Sales1 of $266.4 million for the Period and $586.0 million YTD, representing an increase of 12.3% and a decrease of 1.0%, respectively, versus the same periods one year ago.
- Franchise Sales2 from royalty pool restaurants of $213.0 million for the Period and $476.9 million YTD, representing an increase of 14.9% and 2.2%, respectively, versus the same periods one year ago.
- Same Restaurant Sales3 of positive 13.3% for the Period and positive 0.3% YTD. As COVID-19 began to adversely affect sales in Boston Pizza restaurants in March of 2020, the Fund believes that it is also useful to calculate and report SRS comparing 2021 gross sales to 2019 gross sales. If SRS were calculated comparing gross sales in the Period and YTD to gross sales in the same periods in 2019, SRS would be negative 3.8% and negative 28.1%, respectively.
- SRS on a Franchise Sales basis of positive 15.1% for the Period and positive 3.1% YTD. If SRS were calculated comparing Franchise Sales in the Period and YTD to Franchise Sales in the same periods in 2019, SRS would be negative 1.5% and negative 24.7%, respectively.
- Distributable Cash4 per Unit increased 22.5% for the Period and 32.0% YTD.
- Payout Ratio5 of 62.9% for the Period and 117.6% YTD, and 106.8% on a trailing 12-month basis. Cash balance at the end of the Period was $4.5 million.
- The monthly distribution rate was increased from $0.065 per Unit to $0.085 per Unit beginning with the September 2021 distribution that was paid in October 2021.
- On November 10, 2021, the trustees of the Fund declared the October 2021 distribution to unitholders of the Fund ("Unitholders") of $0.085 per Unit.
VANCOUVER, BC, Nov. 11, 2021 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") and Boston Pizza International Inc. ("BPI") reported financial results today for the third quarter period from July 1, 2021 to September 30, 2021 (the "Period") and January 1, 2021 to September 30, 2021 ("YTD"). 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 November 11, 2021 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 December 11, 2021 by dialling 1-800-319-6413 or 604-638-9010 and entering the access code: 7769 followed by the # sign. The replay will also be available at www.bpincomefund.com.
"Boston Pizza restaurants across the country benefitted from the easing of regional operating restrictions due to improved COVID-19 conditions during the quarter. We are pleased that the improved sales performance at our restaurants have supported an increase to the Fund's distribution rate." said Jordan Holm, President of BPI. "However, we anticipate that COVID-19 will continue to have a negative impact on our restaurants during the remainder of the year. We continue to focus on the safety of guests and staff in Boston Pizza restaurants and serving our communities with take-out, delivery and on-premise dining."