Boston Pizza Royalties Income Fund (TSX: BPF.UN, Stock Forum) delivered a tasty treat for investors when the company announced financial results from its Q4 and year-end 2014 noting a quarterly system-wide gross sales total of $260.2 million and a record year-end system-wide gross sales total of $1.0 billion.
According to the news release, franchise sales from royalty pool restaurants came to $197.5 million for the quarter and $781.9 million for the year, while same store sales growth totaled 5.3% in Q4 and 1.7% for the year.
The company reported opening eight net new full service restaurants and completed a record 53 restaurant renovations during the year and stated that the fund has paid out 150 consecutive monthly distributions to shareholders totaling $15.22 per unit since its IPO.
Company President and CEO, Mark Pacinda, commented on the delicious results, “It was a year of milestones as we celebrated Boston Pizza's 50th anniversary in August by serving a record 85,000 gourmet pizzas in a single day to our guests from coast to coast.”
He went on to illustrate, “We then achieved system-wide gross sales of $1.0 billion for the year, a first for any full-service restaurant brand in Canadian history.”
Then concluded, “Our results in 2014 were driven by same store sales growth, the opening of new Boston Pizza restaurants and continued investment in the brand as evidenced by a record number of renovations completed during the Year.”
There will be a conference call today to discuss the results at 8:30 am PST. Details for said call can be found on the news release.
Boston Pizza Royalties Income Fund was in the news recently when the Vancouver-based fund announced back at the beginning of January that it had added 14 new restaurants in 2014 to the royalty pool.
Shares gained 1.22% on the news to $21.51 per share.
Currently there are 15.4m outstanding shares with a market cap of $332.3 million.