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Name | Symbol | Market | Type |
---|---|---|---|
Boston Pizza Royalties Income Fund | TSX:BPF.UN | Toronto | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.07 | 0.45% | 15.71 | 15.70 | 15.72 | 15.78 | 15.65 | 15.78 | 24,017 | 20:56:36 |
COVID-19's continued impact on Boston Pizza's business resulted in Same Restaurant Sales2 of positive 25.5% for the fourth quarter of 2021 and negative 11.5% if compared to the fourth quarter of 2019.
HIGHLIGHTS
VANCOUVER, BC, Feb. 9, 2022 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") and Boston Pizza International Inc. ("BPI") reported financial results today for the fourth quarter period from October 1, 2021 to December 31, 2021 (the "Period") and January 1, 2021 to December 31, 2021 (the "Year"). A copy of this press release, the audited annual consolidated financial statements, related Management's Discussion and Analysis ("MD&A") of the Fund and BPI and Annual Information Form of the Fund are available at www.sedar.com and www.bpincomefund.com. The Fund will host a conference call to discuss the results on February 9, 2022 at 8:30 am Pacific Time (11:30 am Eastern Time). The call can be accessed by dialling 1-800-319-4610 or 604-638-5340. A replay will be available until March 9, 2022 by dialling 1-800-319-6413 or 604-638-9010 and entering the access code: 8275 followed by the # sign. The replay will also be available at www.bpincomefund.com. Capitalized terms used in this press release that are not otherwise defined have the meanings ascribed to them in the Fund's MD&A for the Period and the Year.
"We are encouraged to see our sales performance improve during the year compared to 2020. However, 2021 continued to present challenges brought on by the COVID-19 pandemic that had significant impact on the business of Boston Pizza restaurants across Canada for most of the year," said Jordan Holm, President of BPI. "Our focus continues to be the safety of our guests and staff in restaurants, serving our communities with take-out, delivery and in-restaurant dining where permitted, and supporting our franchisees during these challenging times."
ONGOING EFFECTS OF COVID-19
COVID-19 had significant adverse effects on the business of the Fund, BPI and Boston Pizza Canada Limited Partnership ("BP Canada LP") during the Period and the Year. Throughout 2021, the business of Boston Pizza restaurants in the Royalty Pool varied inversely with the severity of COVID-19 across Canada. The beginning of 2021 saw various governmental authorities across Canada impose assorted restrictions on the operations of restaurants in an attempt to control the spread of COVID-19. The restrictions ranged from limiting operating hours, reductions in permitted hours to serve alcohol, closures of indoor dining rooms and closures of patio dining depending upon the particular regions and times. As COVID-19 case counts declined in February and March of 2021, the business of Boston Pizza restaurants in the Royalty Pool again improved as the assorted governmental restrictions were eased. However, that improvement was temporary as the third wave of COVID-19 developed shortly thereafter and again various governmental authorities across Canada imposed assorted restrictions on the operations of restaurants in an attempt to control the spread of COVID-19. As the third wave of COVID-19 subsided in May and June of 2021, the business of Boston Pizza restaurants in the Royalty Pool again improved as the assorted governmental restrictions were once again eased. As the fourth wave of COVID-19 developed in Canada, the business of Boston Pizza restaurants again declined as various governmental authorities across Canada again implemented assorted restrictions, including vaccine card or vaccine passport systems that require guests to show proof of vaccination when dining in restaurants. See the "Operating Results" section of the Fund's MD&A for the Period and Year for details.
COVID-19 continues to impact the business of the Fund, BPI and BP Canada LP, and the operation of Boston Pizza restaurants. Franchise Sales, and the resulting Royalty and Distribution Income, for January 2022 were approximately 129% of the level they were in January 2021 and approximately 70% of the level they were in January 2019. SRS for January 2022 was approximately positive 29% when compared to the same period in 2021 and approximately negative 28% when compared to the same period in 2019.
PERIOD AND YEAR RESULTS
SRS, a key driver of distribution growth for unitholders of the Fund, was positive 25.5% for the Period and positive 8.5% for the Year compared to negative 29.7% and negative 27.6%, respectively, for the same periods one year ago. If SRS were calculated comparing Franchise Sales in the Period and Year to Franchise Sales for the same periods in 2019, SRS would be negative 11.5% and negative 21.5%, respectively. The increase in SRS for the Period and Year was principally due to increases in restaurant guest traffic due to the easing of dining restrictions and increased take-out and delivery sales.
Franchise Sales were $183.2 million for the Period and $660.1 million for the Year compared to $146.6 million and $613.2 million, respectively, for the same periods in 2020. The $36.6 million and $46.9 million increase in Franchise Sales for the Period and Year, respectively, were primarily due to positive SRS.
The Fund's net and comprehensive income was $12.6 million for the Period compared to $19.6 million for the fourth quarter of 2020. The $7.0 million decrease in the Fund's net and comprehensive income for the Period compared to the fourth quarter of 2020 was primarily due to a $9.2 million decrease in fair value gain, partially offset by higher Royalty and Distribution Income of $1.9 million and a decrease in interest on Class B Units of $0.4 million. The Fund's net and comprehensive income was $37.4 million for the Year compared to $9.6 million in 2020. The $27.8 million increase in the Fund's net and comprehensive income for the Year compared to the same period in 2020 was primarily due to a $26.3 million increase in fair value gain, higher Royalty and Distribution Income of $2.5 million and a decrease in administrative expenses of $0.1 million, partially offset by higher interest on long-term debt of $0.5 million, higher interest on Class B Units of $0.4 million and higher current income tax expense of $0.2 million.
The Fund's cash flows generated from operating activities was $8.5 million for the Period compared to $7.9 million for the fourth quarter of 2020. The increase of $0.6 million was primarily due to an increase of Royalty and Distribution Income of $1.9 million, partially offset by a decrease in changes in working capital of $1.1 million and an increase in income taxes paid of $0.2 million. The Fund's cash flows generated from operating activities was $30.5 million for the Year compared to $22.9 million for the same period in 2020. The increase of $7.6 million was primarily due to increased changes in working capital of $5.7 million and an increase of Royalty and Distribution Income of $2.5 million, partially offset by an increase in income taxes paid of $0.6 million.
The Fund generated Distributable Cash of $6.1 million for the Period compared to $5.4 million for the fourth quarter of 2020. The increase in Distributable Cash of $0.7 million or 12.7% was primarily due to an increase in cash flow generated from operating activities of $0.6 million and an adjustment to income taxes of $0.1 million, partially offset by increased BPI Class B Unit entitlement of $0.1 million. The Fund generated Distributable Cash of $20.4 million for the Year compared to $16.3 million in 2020. The increase in Distributable Cash of $4.1 million or 25.4% was primarily due to an increase in cash flow generated from operating activities of $7.6 million and an adjustment to income taxes of $0.5 million, partially offset by higher contractually required debt repayments of $3.1 million, an increase of interest paid on long-term debt of $0.5 million and increased BPI Class B Unit entitlement of $0.3 million.
The Fund generated Distributable Cash per Unit of $0.282 for the Period compared to $0.250 per Unit for the fourth quarter of 2020. The increase in Distributable Cash per Unit of $0.032 or 12.8% was primarily attributable to the increase in Distributable Cash outlined above. The Fund generated Distributable Cash per Unit of $0.950 for the Year compared to $0.756 per Unit in 2020. The increase in Distributable Cash per Unit of $0.194 or 25.7% was primarily attributable to the increase in Distributable Cash outlined above and fewer Units outstanding compared to the same period in 2020 due to the Fund's normal course issuer bid that was then in effect.
The Fund's Payout Ratio for the Period was 90.4% compared to 77.9% in the fourth quarter of 2020. The increase in the Fund's Payout Ratio for the Period was due to distributions paid increasing by $1.3 million or 30.8%, partially offset by Distributable Cash increasing by $0.7 million or 12.7%. The Fund's Payout Ratio for the Year was 109.5% compared to 68.2% in 2020. The increase in the Fund's Payout Ratio for the Year was due to distributions paid increasing by $11.3 million or 101.3%, partially offset by Distributable Cash increasing by $4.1 million or 25.4%. Payout Ratio for the Year factors in the Special Distribution (defined below) that was paid on January 29, 2021 even though the cash generated to fund the Special Distribution was generated during 2020. If the Special Distribution was excluded in the calculation of Payout Ratio for the Year, Payout Ratio would be 88.4%. The Fund's Payout Ratio is typically higher in the first and fourth quarters compared to the second and third quarters since Boston Pizza restaurants generally experience higher Franchise Sales levels during the summer months when restaurants open their patios and benefit from increased tourist traffic.
COVID-19 has resulted in material declines to Franchise Sales and SRS when compared to periods prior to COVID-19. The declines in Franchise Sales and SRS will result in significant declines to Royalty and Distribution Income payable by BPI and BP Canada LP to the Fund when compared to periods prior to COVID-19, and significant declines in the amount of Distributable Cash available for distribution to unitholders when compared to periods prior to COVID-19. The effects of COVID-19 may materially affect the Fund's Payout Ratio in the future.
DISTRIBUTIONS
During the Period, the Fund declared distributions on the Units in the aggregate amount of $7.3 million or $0.340 per Unit. During the fourth quarter of 2020, the Fund declared distributions on the Units in the aggregate amount of $9.9 million or $0.460 per Unit. During the Period, the Fund paid distributions on the Units in the aggregate amount of $5.5 million or $0.255 per Unit. During the fourth quarter of 2020, the Fund paid distributions on the Units in the aggregate amount of $4.2 million or $0.195 per Unit. The amount of distributions declared during the Period decreased by $0.120 per Unit due to the special one-time cash distribution to unitholders of $0.20 per Unit, which was declared on December 16, 2020 and was paid on January 29, 2021 to unitholders of record at the close of business on December 31, 2020 (the "Special Distribution") without any special distribution being declared during the Period, partially offset by the monthly distribution rate increasing from $0.065 per Unit to $0.085 per Unit commencing with the September 2021 distribution. Distributions paid during the Period increased by $0.060 per Unit due to the monthly distribution rate increasing from $0.065 per Unit to $0.085 per Unit commencing with the September 2021 distribution.
During the Year, the Fund declared distributions on the Units in the aggregate amount of $18.5 million or $0.860 per Unit compared to $14.3 million or $0.664 per Unit in 2020. During the Year, the Fund paid distributions on the Units in the aggregate amount of $22.4 million or $1.040 per Unit, compared to $11.1 million or $0.516 per Unit for the same period in 2020. The amount of distributions declared for the Year increased by $0.196 per Unit due to the monthly distribution rate during the Year increasing from $0.065 per Unit to $0.085 per Unit commencing with the September 2021 distribution and the Fund not declaring distributions in the second or third quarters of 2020, partially offset by a lower monthly distribution rate of $0.065 per Unit for the first quarter of the Year compared to $0.102 per Unit for the first quarter of the prior year and by the Special Distribution declared in the prior year. The amount of distributions paid during the Year increased by $0.524 per Unit due to the Special Distribution, the Fund not having paid distributions in respect of the second and third quarters of 2020, and the Fund increasing the monthly distribution rate from $0.065 per Unit to $0.085 per Unit commencing with the September 2021 distribution, partially offset by decreases in the monthly distribution rates: (a) from $0.115 per Unit that was in effect for the December 2019 distribution that was paid on January 31, 2020 to $0.065 per Unit for the December 2020 distribution that was paid on January 29, 2021; and (b) from $0.102 per Unit that was in effect for the January and February 2020 distributions that were paid on February 28 and March 31, 2020, respectively, to $0.065 per Unit for the January and February 2021 distributions that were paid on February 26 and March 31, 2021, respectively.
On February 8, 2022, the trustees of the Fund declared a distribution for the period of January 1, 2022 to January 31, 2022 of $0.085 per Unit, which will be payable on February 28, 2022 to unitholders of record on February 21, 2022. Including the January 2022 distribution, which will be paid on February 28, 2022, the Fund will have paid out total distributions of $371.5 million or $23.63 per Unit which includes 229 monthly distributions and the Special Distribution.
FINANCIAL SUMMARY
The tables below set out selected information from the Fund's audited annual consolidated financial statements together with other data and should be read in conjunction with the audited annual consolidated financial statements and MD&A of the Fund for the years ended December 31, 2021 and 2020.
For the years ended December 31 | 2021 | 2020 | 2019 | |
(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items) | ||||
Number of restaurants in Royalty Pool | 387 | 395 | 396 | |
Franchise Sales reported by restaurants in the Royalty Pool | 660,051 | 613,199 | 853,728 | |
Royalty[i] income | 26,402 | 24,528 | 34,149 | |
Distribution Income[ii] | 8,752 | 8,114 | 11,246 | |
Total revenue | 35,154 | 32,642 | 45,395 | |
Administrative expenses | (1,299) | (1,439) | (1,248) | |
Interest expense on debt and financing fees | (3,879) | (3,360) | (2,830) | |
Interest expense on Class B Unit liability | (2,506) | (2,085) | (4,133) | |
Interest income | 94 | 144 | 40 | |
Profit before fair value gain (loss) and income taxes | 27,564 | 25,902 | 37,224 | |
Fair value gain (loss) on investment in BP Canada LP | 25,206 | (14,349) | (9,002) | |
Fair value (loss) gain on Class B Unit liability | (11,229) | 6,382 | 4,120 | |
Fair value gain (loss) on Swaps | 2,303 | (2,064) | (824) | |
Current and deferred income tax expense | (6,437) | (6,301) | (9,015) | |
Net and comprehensive income | 37,407 | 9,570 | 22,503 | |
Basic earnings per Unit | 1.74 | 0.44 | 1.03 | |
Diluted earnings per Unit | 1.74 | 0.17 | 0.88 | |
Distributable Cash / Distributions / Payout Ratio | ||||
Cash flows generated from operating activities | 30,475 | 22,866 | 35,621 | |
BPI Class B Unit entitlement[iii] | (2,770) | (2,450) | (4,133) | |
Interest paid on long-term debt | (3,692) | (3,157) | (2,821) | |
Principal repayments on long-term debt | (3,787) | (690) | - | |
Current income tax expense | (6,307) | (6,141) | (8,595) | |
Current income tax paid | 6,520 | 5,871 | 8,628 | |
Distributable Cash | 20,439 | 16,299 | 28,700 | |
Distributions paid | 22,382 | 11,120 | 30,067 | |
Payout Ratio | 109.5% | 68.2% | 104.8% | |
Distributable Cash per Unit | 0.950 | 0.756 | 1.317 | |
Distributions paid per Unit | 1.040 | 0.516 | 1.380 | |
Other | ||||
Same Restaurant Sales | 8.5% | (27.6%) | (1.5%) | |
Number of restaurants opened | 0 | 2 | 5 | |
Number of restaurants closed | 4 | 11 | 6 | |
As at December 31 | 2021 | 2020 | 2019 | |
Total assets | 411,313 | 390,804 | 396,426 | |
Total liabilities | 135,514 | 133,904 | 131,323 |
SUMMARY OF QUARTERLY RESULTS
Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | |
(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items) | ||||
Number of restaurants in Royalty Pool | 387 | 387 | 387 | 387 |
Franchise Sales reported by restaurants in the Royalty Pool | 183,177 | 213,038 | 134,839 | 128,997 |
Royalty income | 7,327 | 8,522 | 5,393 | 5,160 |
Distribution Income | 2,423 | 2,815 | 1,797 | 1,717 |
Total revenue | 9,750 | 11,337 | 7,190 | 6,877 |
Administrative expenses | (327) | (317) | (309) | (346) |
Interest expense on debt and financing fees | (939) | (1,000) | (999) | (941) |
Interest expense on Class B Unit liability | (1,037) | (450) | (605) | (414) |
Interest income | 7 | 18 | 29 | 40 |
Profit before fair value gain (loss) and income taxes | 7,454 | 9,588 | 5,306 | 5,216 |
Fair value gain (loss) on investment in BP Canada LP | 11,294 | (3,928) | 6,274 | 11,566 |
Fair value (loss) gain on Class B Unit liability | (5,032) | 1,751 | (2,796) | (5,152) |
Fair value gain on Swaps | 730 | 262 | 193 | 1,118 |
Current and deferred income tax expense | (1,804) | (2,230) | (1,235) | (1,168) |
Net and comprehensive income | 12,642 | 5,443 | 7,742 | 11,580 |
Basic earnings per Unit | 0.59 | 0.25 | 0.36 | 0.54 |
Diluted earnings per Unit | 0.59 | 0.13 | 0.36 | 0.54 |
Distributable Cash / Distributions / Payout Ratio | ||||
Cash flows generated from operating activities | 8,524 | 9,586 | 6,448 | 5,917 |
BPI Class B Unit entitlement | (858) | (923) | (523) | (466) |
Interest paid on long-term debt | (892) | (991) | (929) | (880) |
Principal repayments on long-term debt | (679) | (1,036) | (1,036) | (1,036) |
Current income tax expense | (1,814) | (2,190) | (1,185) | (1,118) |
Current income tax paid | 1,790 | 2,230 | 1,250 | 1,250 |
Distributable Cash | 6,071 | 6,676 | 4,025 | 3,667 |
Distributions paid | 5,488 | 4,196 | 4,197 | 8,501 |
Payout Ratio | 90.4% | 62.9% | 104.3% | 231.8% |
Distributable Cash per Unit | 0.282 | 0.310 | 0.187 | 0.170 |
Distributions paid per Unit | 0.255 | 0.195 | 0.195 | 0.395 |
Other | ||||
Same Restaurant Sales | 25.5% | 15.1% | 27.0% | (24.9%) |
Number of restaurants opened | 0 | 0 | 0 | 0 |
Number of restaurants closed | 2 | 0 | 1 | 1 |
SUMMARY OF QUARTERLY RESULTS (continued)
Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | |
(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items) | ||||
Number of restaurants in Royalty Pool | 395 | 395 | 395 | 395 |
Franchise Sales reported by restaurants in the Royalty Pool | 146,561 | 185,420 | 107,149 | 174,069 |
Royalty income | 5,862 | 7,417 | 4,286 | 6,963 |
Distribution Income | 1,946 | 2,452 | 1,423 | 2,293 |
Total revenue | 7,808 | 9,869 | 5,709 | 9,256 |
Administrative expenses | (301) | (392) | (352) | (394) |
Interest expense on debt and financing fees | (963) | (964) | (730) | (703) |
Interest expense on Class B Unit liability | (1,437) | - | - | (648) |
Interest income | 54 | 61 | 24 | 5 |
Profit before fair value gain (loss) and income taxes | 5,161 | 8,574 | 4,651 | 7,516 |
Fair value gain (loss) on investment in BP Canada LP | 28,861 | (12,821) | 7,202 | (37,591) |
Fair value (loss) gain on Class B Unit liability | (12,857) | 5,712 | (3,208) | 16,735 |
Fair value gain (loss) on Swaps | 230 | (296) | (158) | (1,840) |
Current and deferred income tax expense | (1,798) | (1,857) | (908) | (1,738) |
Net and comprehensive income (loss) | 19,597 | (688) | 7,579 | (16,918) |
Basic earnings (loss) per Unit | 0.91 | (0.03) | 0.35 | (0.78) |
Diluted earnings (loss) per Unit | 0.91 | (0.30) | 0.35 | (1.36) |
Distributable Cash / Distributions / Payout Ratio | ||||
Cash flows generated from (used in) operating activities | 7,889 | 6,185 | (709) | 9,501 |
BPI Class B Unit entitlement | (787) | (1,015) | - | (648) |
Interest paid on long-term debt | (915) | (873) | (668) | (701) |
Principal repayments on long-term debt | (690) | - | - | - |
Current income tax expense | (1,748) | (1,817) | (858) | (1,718) |
Current income tax paid | 1,640 | 2,971 | - | 1,260 |
Distributable Cash | 5,389 | 5,451 | (2,235) | 7,694 |
Distributions paid | 4,197 | - | - | 6,923 |
Payout Ratio | 77.9% | 0.0% | 0.0% | 90.0% |
Distributable Cash per Unit | 0.250 | 0.253 | (0.104) | 0.355 |
Distributions paid per Unit | 0.195 | - | - | 0.319 |
Other | ||||
Same Restaurant Sales | (29.7%) | (14.6%) | (50.3%) | (15.9%) |
Number of restaurants opened | 0 | 1 | 0 | 1 |
Number of restaurants closed | 1 | 4 | 4 | 2 |
SHORT-TERM OUTLOOK
COVID-19 had sudden, unexpected and unprecedented impacts on the general economy, the restaurant industry and has specifically caused significant disruption to the business of the Fund, BPI and BP Canada LP. The focus of BPI's management is to continue to: (i) monitor carefully the continuously evolving COVID-19 situation; (ii) modify the operating procedures of Boston Pizza restaurants to ensure the safety of guests and staff of BP Canada LP's franchisees; (iii) responsibly and safely operate the dining rooms, sports bars and patios of Boston Pizza restaurants across Canada as permitted by applicable provincial health authorities; (iv) maximize the opportunity to grow its take-out and delivery business; and (v) review and adapt current and future plans to responsibly address the challenges and opportunities presented by COVID-19.
The trustees of the Fund will continue to closely monitor BPI's and BP Canada LP's business as the COVID-19 situation continues to develop and consider the best interests of the Fund and its stakeholders. While COVID-19 persists, the trustees of the Fund expect that Franchise Sales and SRS at Boston Pizza restaurants, and resulting Royalty, Distribution Income and Distributable Cash available for distribution to unitholders will continue to be adversely affected.
Forward Looking Information
Certain information in this press release constitutes "forward-looking information" that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Fund, Boston Pizza Holdings Trust, Boston Pizza Royalties Limited Partnership, Boston Pizza Holdings Limited Partnership, Boston Pizza Holdings GP Inc., Boston Pizza GP Inc., BPI, BP Canada LP, Boston Pizza Canada Holdings Inc., Boston Pizza Canada Holdings Partnership, Boston Pizza restaurants, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Fund or its trustees expect or anticipate will or may occur in the future, including such things as, the potential for COVID-19 to continue to materially affect the Fund's Payout Ratio in the future, COVID-19 continuing to result in material declines to Franchise Sales and SRS, declines in Franchise Sales and SRS resulting in significant declines to Royalty and Distribution Income payable to the Fund and significant declines in the amount of Distributable Cash available for distribution to unitholders, implementation of the pandemic recovery plan, future distributions and dates distributions are to be paid or payable, the significant uncertainties related to COVID–19 and its impact on BPI and the Fund, the focus of BPI's management on guest safety, maximizing the take-out and delivery business and helping franchisees succeed during these challenging times, the trustees of the Fund continuing to closely monitor the Fund's available cash balances, future changes to calculations of financial measures, the trustees of the Fund continuing to closely monitor BPI's and BP Canada LP's business as the COVID-19 situation continues to develop, and other such matters are forward-looking information. When used in this press release, forward-looking information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan", "should", "continue" and other similar terminology. The material factors and assumptions used to develop the forward-looking information contained in this press release include the following: the Fund maintaining the same distribution policy, expectations related to future general economic conditions, expectations that the Fund's Payout Ratio is typically higher in the first and fourth quarter; Boston Pizza restaurants maintaining operational excellence, the COVID-19 pandemic continuing to negatively impact the restaurant industry, Franchise Sales, SRS and Distributable Cash. Risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by the forward-looking information contained herein, relate to (among others): competition, demographic trends, consumer preferences and discretionary spending patterns, business and economic conditions, legislation and regulation, reliance on operating revenues, accounting policies and practices, the results of operations and financial condition of BPI, BP Canada LP and the Fund, pandemics and national health crises, in particular COVID-19, as well as those factors discussed under the heading "Risks and Uncertainties" in the most recent Annual Information Form of the Fund. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Except as required by law, neither the Fund nor BPI assumes any obligation to update previously disclosed forward-looking information. For a complete list of the risks associated with forward-looking information and the Fund's business, please refer to the "Risks and Uncertainties" and "Note Regarding Forward-Looking Information" sections included in the most recent Annual Information Form of the Fund available at www.sedar.com and www.bpincomefund.com.
The trustees of the Fund have approved the contents of this news release.
® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trademarks and unregistered Canadian trademarks containing the words "Boston", "BP", and/or "Pizza" are trademarks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc. |
© Boston Pizza International Inc. 2022. |
Notes – Non-GAAP, Specified Financial Measures and Other Information
SOURCE Boston Pizza Royalties Income Fund
Copyright 2022 Canada NewsWire
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