Business
Pizza Pizza Royalty Income Fund Announces January Distribution and Sustained Growth in Same-Store Sales
Pizza Pizza Royalty Income Fund Announces January Distribution and Sustained Growth in Same-Store Sales.
About this update from Pizza Pizza Royalty Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Jan. 12 /CNW/ - Pizza Pizza Royalty Income Fund (the \"Fund\")\n(TSX: PZA.UN) today announced a cash distribution of $0.0681 per unit for the\nmonth of January, 2006. The distribution will be payable to unitholders of\nrecord at the close of business on January 31, 2006, and will be paid on\nFebruary 15, 2006.\nBusiness activities underlying the Fund continue to be solid as Pizza\nPizza Limited (\"Pizza Pizza\") experienced a 6% growth over the same period\nlast year in same-store sales for the quarter ending December 31, 2005. System\nSales of the Pizza Pizza restaurants in the Royalty Pool described below for\nthe quarter ended December 31, 2005, were approximately $ 89,650,000.\n\"Pizza Pizza's steady and sustained growth is a reflection of its\ncontinued quest for innovation and doing our utmost to meet - and surpass -\nconsumer expectations,\" said Daniel Vukovich, COO for Pizza Pizza. \"We've been\nable to accomplish this through a collective effort by our marketing team,\nproduct developers, nutritionists, franchise partners and the entire Pizza\nPizza staff.\"\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\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","...