Business
Pizza Pizza Limited Releases 2005, Fiscal Year-End Financial Statements
Pizza Pizza Limited Releases 2005, Fiscal Year-End Financial Statements.
About this update from Pizza Pizza Royalty Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Dec. 30 /CNW/ - Pizza Pizza Limited (\"Pizza Pizza\") reported its\nannual consolidated financial results today for the fiscal year ended \nOctober 2, 2005. The annual financial statements and the related Management's\nDiscussion and Analysis are available at www.sedar.com, under the Pizza Pizza\nRoyalty Income Fund company profile.\nThis is the initial filing for Pizza Pizza Limited, a privately-held\ncompany, following the initial public offering by the Pizza Pizza Royalty\nIncome Fund (the \"Fund\"). The Pizza Pizza consolidated financial statements\nconsolidate Pizza Pizza Royalty Limited Partnership, in which the Fund holds\nan effective 80% interest. The Fund has previously filed quarterly financial\nstatements for the period ended September 30, 2005, which are available at\nwww.sedar.com and www.pizzapizzaroyaltyincomefund.com. Subsequent to this\nfiling, Pizza Pizza Limited is changing its fiscal year date to end on the\nSunday closest to December 31st. Pizza Pizza and the Fund will then have\ncoterminous year end dates.\nSame store sales at Pizza Pizza restaurants grew by 6% for the quarter\nended September 30, 2005, over the same quarter in 2004. These results are\nconsistent with the 5.7% total same store sales growth for Pizza Pizza's\nfiscal year 2005, when compared with 5.9% for the fiscal year 2004.\nPizza Pizza opened six traditional and ten non-traditional locations\nduring fiscal 2005; three traditional locations and one non-traditional\nlocation closed during the fiscal year. In 2006, management of Pizza Pizza\nexpects to grow the number of restaurants in Ontario by 3% and to continue\nresearching potential expansion opportunities outside its predominantly\nOntario market, with potential expansion coming either through organic growth\nor acquisitions. Additionally, Pizza Pizza expects to continue franchising its\ncompany-owned restaurants.\nPizza Pizza continues its innovative history by recently introducing the\nelectronic Pizza Pizza Club Card, which allows customers to receive prizes and\ndiscount offerings in addition to loading the card for personal use or to give\nas a gift. The Club Card is part of Pizza Pizza's strategy to encourage\ncustomers to visit our re-imaged restaurants. With over 90% of our traditional\nrestaurants expanded or relocated within the last five years and the fin...