Business
Pizza Pizza Royalty Income Fund Announces April Distribution
Pizza Pizza Royalty Income Fund Announces April Distribution.
About this update from Pizza Pizza Royalty Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, April 18 /CNW/ - Pizza Pizza Royalty Income Fund (the \"Fund\")\n(TSX: PZA.UN) today announced a cash distribution of $0.0695 per unit for the\nmonth of April, 2006. The distribution will be payable to unitholders of\nrecord at the close of business on April 28, 2006, and will be paid on May 15,\n2006.\nPizza Pizza restaurants experienced 5.4% same store sales growth (\"SSSG\")\nfor the most recent quarter ended March 31, 2006; SSSG for the past two fiscal\nyears were 5.7% for 2005 and 5.9% for 2004. Sales were slightly, negatively\nimpacted by a three-week teachers' strike at 27 non-traditional college\nlocations; the locations reopened March 27, 2006.\n\nThe Fund\nThe Fund is a limited purpose, open-ended trust established under the\nlaws of Ontario to indirectly acquire certain trademarks and trade names used\nby Pizza Pizza in its restaurants. The trademarks are licensed to Pizza Pizza\nfor 99 years, for which Pizza Pizza pays the Fund a royalty equal to 6% of the\nsystem sales of its 501 Pizza Pizza restaurants in Canada as at January 1,\n2006 (the \"Royalty Pool\"). A key attribute of the Fund is that it is based on\ntop-line, system sales of the Royalty Pool restaurants and not on the\nprofitability of either Pizza Pizza or the restaurants in the Royalty Pool.\nThe success of the Fund depends primarily on the ability of Pizza Pizza to\nmaintain and increase system sales of the Royalty Pool and to meet its royalty\nobligations.\n\nThe Company\nPizza Pizza Limited, a privately held-Canadian corporation, is one of\nCanada's most successful players in the quick service restaurant industry.\nFounded in 1967, Pizza Pizza is guided by a mission to provide the \"best food,\nmade especially for you\" and a focus on quality ingredients, customer service,\ncommunity contribution and continual innovation.\nThe Fund's trust units are listed on the Toronto Stock Exchange under the\nsymbol PZA.UN.\n\n%SEDAR: 00022262EF\n\n\n","length":1996,"tagName":"div"}]