Pizza Pizza Announces Fourth Quarter and Full-Year 2011 Financial Results and February Dividend
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 02/22/12 -- Attention Business Editors:
Pizza Pizza Royalty Income Fund (the "Fund") (TSX: PZA.UN) today announced a cash dividend of $0.0584 per unit for the month of February 2012. The deemed dividend, a portion of which is return of capital, will be eligible for the enhanced dividend tax credit if paid or allocated to a Canadian resident. The dividend will be payable to unitholders of record at the close of business on February 29, 2012, and will be paid on March 15, 2012.
The Fund also announced the following unaudited financial results for the fourth quarter and year ended December 31, 2011.
SALES
For 2011, same store sales growth ("SSSG") was 2.6% compared to the prior year 2010. By brand, Pizza Pizza reported SSSG of 2.4% and Pizza 73 reported 3.9% for the year. In the fourth quarter SSSG was 1.4% compared to the same quarter in 2010 with Pizza Pizza reporting SSSG of 1.1% and Pizza 73 reporting 3% for the quarter. SSSG is the key driver of yield growth for Fund unitholders.
Total sales reported by restaurants in the Royalty Pool in 2011 increased 2.7% to $467.9 million compared to $455.8 million in 2010. For the fourth quarter, Royalty Pool sales increased 1.1% to $123.6 million compared to $122.3 million for the same quarter in 2010. The increase in sales is a result of the increase in SSSG plus the increase in the number of restaurants in the 2011 Royalty Pool to 695 compared to 671 in 2010.
DEEMED DIVIDENDS
In conjunction with the new federal tax legislation which became effective January 1, 2011, the Fund declared deemed dividends for the year of $15.3 million or $0.7008 per unit which equates to a 90% payout ratio. For the fourth quarter, the Fund declared dividends of $3.8 million or $0.1752 per unit equating to an 84% payout ratio.
Pizza Pizza Royalty Limited Partnership increased its working capital balance by $1.5 million during the year, bringing the working capital reserve balance to $2.8 million at December 31, 2011.
The audited, consolidated financial statements of the Fund, together with the related Management's Discussion and Analysis, will be made available on or before March 29, 2012.
FINANCIAL HIGHLIGHTS
Forward Looking Statements
Certain statements in this report may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this report, such statements include such words as "may", "will", "expect", "believe", "plan", and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this report. These forward-looking statements involve a number of risks and uncertainties. The following are some factors that could cause actual results to differ materially from those expressed in or underlying such forward-looking statements: competition; changes in demographic trends; changing consumer preferences and discretionary spending patterns; changes in national and local business and economic conditions; legislation and governmental regulation; accounting policies and practices; changes in the Fund's distribution policy, tax position and availability and use of deductions and related structuring decisions; and the results of operations and financial condition of the Fund. The foregoing list of factors is not exhaustive and should be considered in conjunction with the other risks and uncertainties described in the Fund's Annual Information Form. The Fund assumes no obligation to update these forward looking statements, except as required by applicable securities laws.
Contacts:
Pizza Pizza Limited
Curt Feltner
Chief Financial Officer
(416) 967-1010
Pizza Pizza Limited
Christine D'Sylva
Investor Relations Director
(416) 967-1010
or
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Datum: 22.02.2012 - 15:44 Uhr
Sprache: Deutsch
News-ID 1085791
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