Business
Pizza Pizza Royalty Income Fund announces first quarter 2006 results
Pizza Pizza Royalty Income Fund announces first quarter 2006 results.
About this update from Pizza Pizza Royalty Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, May 4 /CNW/ - Today, Pizza Pizza Royalty Income Fund (the\n\"Fund\") reported financial results for the quarter ended March 31, 2006 (the\n\"Period\"). As the Fund's initial public offering date was July 6, 2005, there\nare no prior year comparables for the Period.\nSame Store Sales Growth (\"SSSG\") was 5.4% for the Period compared with\nthe same period in 2005. As a result of the SSSG increase during the reporting\nPeriod, the Fund increased its February 2006 distribution by 2%, from $0.0681\nto $0.0695 per unit.\nSystem sales for Pizza Pizza Limited (\"Pizza Pizza\") for the first\nquarter of the calendar year have generally been the softest quarter and the\nfourth quarter system sales have been the strongest. This seasonality has been\nrepeated in the past two quarters. The Fund's earnings were $3.685 million for\nthe Period or $0.205 per unit and the Fund declared distributions of $3.718\nmillion or $0.207 per unit for the Period.\nPizza Pizza opened nine restaurants and closed two during the quarter\nbringing the total number to 512 locations.\n\nFINANCIAL HIGHLIGHTS\n\nEquity and interest income earned by the Fund through its interest in the\nPartnership and from the PPL Loan has been derived as shown in the table\nbelow:\n\n>\n%SEDAR: 00022262EF\n\n\n","length":11575,"tagName":"div"}]