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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.13% | 15.90 | 15.90 | 15.93 | 15.93 | 15.86 | 15.86 | 36,137 | 21:00:00 |
Toronto Stock Exchange: BPF.UN
HIGHLIGHTS
VANCOUVER, BC, Aug. 4, 2023 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") and Boston Pizza International Inc. ("BPI") reported financial results today for the second quarter period from April 1, 2023 to June 30, 2023 (the "Period") and January 1, 2023 to June 30, 2023 ("YTD"). A copy of this press release, the condensed consolidated interim financial statements and related management's discussion and analysis ("MD&A") of the Fund and BPI are available at www.sedar.com and www.bpincomefund.com. The Fund will host a conference call to discuss the results on August 4, 2023 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 September 4, 2023 by dialling 1-800-319-6413 or 604-638-9010 and entering the access code: 0275 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 YTD.
COVID-19 impacted the business of the Fund, BPI and Boston Pizza Canada Limited Partnership ("BP Canada LP"), and the operation of Boston Pizza restaurants significantly during 2020, 2021 and the first half of 2022. Since then, COVID-19 case counts improved, government restrictions related to COVID-19 were largely eliminated, and sales levels of Boston Pizza restaurants have returned to more normal levels when compared to times prior to COVID-19.
"We are pleased that positive sales momentum continued through the second quarter of 2023 despite the current macroeconomic conditions and industry challenges. The success can be attributed to Boston Pizza's dedication to delivering exceptional guest experiences and introducing innovative menu options," said Jordan Holm, President of BPI. "As economic uncertainty and inflationary pressures persist in 2023, we will continue to work diligently to support our franchisees."
PERIOD AND YTD RESULTS
SRS, a key driver of distribution growth for Unitholders, was 6.6% for the Period compared to 64.9% reported in the second quarter of 2022. SRS for the Period was principally due to an increase in average guest cheque. SRS YTD was 15.2% compared to 52.3% reported in 2022. SRS YTD was principally due to an increase in restaurant guest traffic and an increase in average guest cheque compared to year-to-date in 2022. COVID-19 restrictions existed in most of the country during the first quarter of 2022 and part of the second quarter of 2022 that negatively impacted in-restaurant guest traffic. Those restrictions were largely eliminated during the second quarter of 2022.
Franchise Sales of Boston Pizza restaurants in the Royalty Pool were $233.7 million for the Period and $457.9 million YTD compared to $219.4 million and $398.0 million, respectively, for the same periods one year ago. The $14.3 million increase in Franchise Sales for the Period and $59.9 million increase in Franchise Sales YTD were primarily due to positive SRS.
The Fund's net and comprehensive income was $12.8 million for the Period compared to $1.8 million for the second quarter of 2022. The $11.0 million increase in the Fund's net and comprehensive income for the Period compared to the second quarter of 2022 was primarily due to a $12.9 million increase in fair value gain and a $0.7 million increase in Royalty and Distribution Income, partially offset by an increase in income tax expense of $2.5 million. The Fund's net and comprehensive income was $19.5 million YTD compared to $14.7 million year-to-date in 2022. The $4.8 million increase in the Fund's net and comprehensive income YTD compared to the same period in 2022 was primarily due to a $3.6 million increase in fair value gain and a $3.1 million increase in Royalty and Distribution Income, partially offset by an increase in income tax expense of $1.9 million.
The Fund's cash flows generated from operating activities was $9.8 million compared to $9.1 million in the second quarter of 2022. The increase of $0.7 million was primarily due to an increase of Royalty and Distribution Income of $0.7 million and an increase in changes in working capital of $0.1 million, partially offset by an increase in income taxes paid of $0.3 million. Cash flows generated from operating activities YTD was $19.0 million compared to $15.8 million in the same period in 2022. The increase of $3.2 million was primarily due to an increase of Royalty and Distribution Income of $3.1 million and an increase in changes in working capital of $0.7 million, partially offset by an increase in income taxes paid of $0.7 million.
The Fund generated Distributable Cash of $7.9 million for the Period compared to $6.2 million for the second quarter of 2022. The increase in Distributable Cash of $1.7 million or 27.1% was primarily due to an increase of cash flows generated from operating activities of $0.7 million, lower repayments of long-term debt of $1.0 million and lower interest paid on long-term debt of $0.1 million, partially offset by increased BPI Class B Unit entitlement of $0.1 million. The Fund generated Distributable Cash of $15.0 million YTD compared to $10.9 million year-to-date in 2022. The increase in Distributable Cash of $4.1 million or 38.3% was primarily due to an increase of cash flows generated from operating activities of $3.2 million, lower repayments of long-term debt of $1.5 million and lower interest paid on long-term debt of $0.1 million, partially offset by increased BPI Class B Unit entitlement of $0.5 million and SIFT Tax on Units adjustment of $0.1 million.
The Fund generated Distributable Cash per Unit of $0.365 for the Period and $0.699 YTD compared to $0.287 and $0.505, respectively, for the same periods in 2022. The increase in Distributable Cash per Unit of $0.078 or 27.2% for the Period and $0.194 or 38.4% YTD were primarily attributable to the increase in Distributable Cash outlined above.
The Fund's Payout Ratio for the Period was 88.0% compared to 88.9% in the second quarter of 2022. The decrease in the Fund's Payout Ratio for the Period was due to Distributable Cash increasing by $1.7 million or 27.1%, partially offset by distributions paid increasing by $1.4 million or 25.9%. YTD, the Fund's Payout Ratio was 89.7% compared to 100.9% year-to-date in 2022. The decrease in the Fund's Payout Ratio YTD was due to Distributable Cash increasing by $4.1 million or 38.3%, partially offset by distributions paid increasing by $2.5 million or 22.9%. Payout Ratio is calculated by dividing the amount of distributions paid during the applicable period by the Distributable Cash for that period. 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. On a trailing 12-month basis, the Fund's Payout Ratio was 94.0% as at June 30, 2023.
NORMAL COURSE ISSUER BID
On June 15, 2023, the Fund announced that it had received TSX approval of a Notice of Intention to Make a Normal Course Issuer Bid through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems from June 20, 2023 to no later than June 19, 2024 (the "NCIB"). The NCIB permits the Fund to repurchase for cancellation up to 400,000 Units, being approximately 1.86% of the Fund's issued and outstanding Units (as at June 6, 2023). As at June 30, 2023, the Fund acquired 54,200 Units under the NCIB at an average price of $16.28 per Unit. Between July 1, 2023 and August 3, 2023, inclusive, the Fund acquired an additional 137,600 Units under the NCIB at an average price of $16.59 per Unit. Accordingly, as at August 3, 2023, the Fund had acquired a total of 191,800 Units at an average price of $16.50 per Unit. The Fund financed Units purchased under the NCIB from cash on hand.
DISTRIBUTIONS
During the Period, the Fund declared distributions on the Units in the aggregate amount of $6.9 million or $0.321 per Unit. During the second quarter of 2022, the Fund declared distributions on the Units in the aggregate amount of $5.5 million or $0.255 per Unit. During the Period, the Fund paid distributions on the Units in the aggregate amount of $6.9 million or $0.321 per Unit. During the second quarter of 2022, the Fund paid distributions on the Units in the aggregate amount of $5.5 million or $0.255 per Unit. The amount of distributions declared during the Period increased by $1.4 million or $0.066 per Unit due to the monthly distribution rate increasing from $0.085 per Unit to $0.100 per Unit commencing with the July 2022 distribution, increasing again from $0.100 per Unit to $0.102 per Unit commencing with the November 2022 distribution, and increasing again from $0.102 per Unit to $0.107 per Unit commencing with the March 2023 distribution (collectively, the "2022-2023 Distribution Increases"). Distributions paid during the Period increased by $1.4 million or $0.066 per Unit due to the 2022-2023 Distribution Increases. YTD, the Fund declared distributions on the Units in the aggregate amount of $11.3 million or $0.525 per Unit. During the same period in 2022, the Fund declared distributions on the Units in the aggregate amount of $9.1 million or $0.425 per Unit. YTD, the Fund paid distributions on the Units in the aggregate amount of $13.5 million or $0.627. During the same period in 2022, the Fund paid distributions on the Units in the aggregate amount of $11.0 million or $0.510 per Unit. The amount of distributions declared YTD increased by $2.2 million or $0.100 per Unit due to the 2022-2023 Distribution Increases. Distributions paid YTD increased by $2.5 million or $0.117 per Unit due to the 2022-2023 Distribution Increases.
On August 3, 2023, the trustees of the Fund declared a distribution for the period of July 1, 2023 to July 31, 2023 of $0.107 per Unit, which will be payable on August 31, 2023 to Unitholders of record on August 21, 2023. Including the July 2023 distribution, which will be paid on August 31, 2023, the Fund will have paid out total distributions of $411.4 million or $25.48 per Unit, which includes 247 monthly distributions and two special distributions.
FINANCIAL SUMMARY
The tables below set out selected information from the Fund's condensed consolidated interim financial statements together with other data and should be read in conjunction with the condensed consolidated interim financial statements and MD&A of the Fund for the three month and six month periods ended June 30, 2023 and June 30, 2022.
For the periods ended June 30 | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | |
(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items) | |||||
Number of restaurants in Royalty Pool | 377 | 383 | 377 | 383 | |
Franchise Sales reported by restaurants in the Royalty Pool | 233,650 | 219,384 | 457,851 | 397,986 | |
Royalty6 income | 9,346 | 8,775 | 18,314 | 15,919 | |
Distribution Income7 | 3,071 | 2,895 | 6,020 | 5,258 | |
Total revenue | 12,417 | 11,670 | 24,334 | 21,177 | |
Administrative expenses | (401) | (349) | (792) | (687) | |
Interest expense on debt and financing fees | (843) | (977) | (1,693) | (1,916) | |
Interest expense on Class B Unit liability | (982) | (733) | (1,614) | (1,298) | |
Interest income | 79 | 10 | 147 | 15 | |
Profit before fair value gain (loss) and income taxes | 10,270 | 9,621 | 20,382 | 17,291 | |
Fair value gain (loss) on investment in BP Canada LP | 8,511 | (14,622) | 8,293 | (3,056) | |
Fair value (loss) gain on Class B Unit liability | (3,792) | 6,515 | (3,695) | 1,361 | |
Fair value gain on Swaps | 1,373 | 1,337 | 481 | 3,213 | |
Current and deferred income tax expense | (3,576) | (1,075) | (6,006) | (4,134) | |
Net and comprehensive income | 12,786 | 1,776 | 19,455 | 14,675 | |
Basic earnings per Unit | 0.59 | 0.08 | 0.90 | 0.68 | |
Diluted earnings (loss) per Unit | 0.59 | (0.20) | 0.90 | 0.55 | |
Distributable Cash / Distributions / Payout Ratio | |||||
Cash flows generated from operating activities | 9,759 | 9,118 | 18,979 | 15,769 | |
BPI Class B Unit entitlement8 | (1,006) | (888) | (2,044) | (1,552) | |
Interest paid on long-term debt | (848) | (954) | (1,762) | (1,838) | |
Principal repayments on long-term debt | - | (1,000) | - | (1,500) | |
Current income tax expense | (2,511) | (2,285) | (4,901) | (4,054) | |
Current income tax paid | 2,456 | 2,185 | 4,767 | 4,049 | |
Distributable Cash | 7,850 | 6,176 | 15,039 | 10,874 | |
Distributions paid | 6,909 | 5,488 | 13,494 | 10,976 | |
Payout Ratio | 88.0 % | 88.9 % | 89.7 % | 100.9 % | |
Distributable Cash per Unit | 0.365 | 0.287 | 0.699 | 0.505 | |
Distributions paid per Unit | 0.321 | 0.255 | 0.627 | 0.510 | |
Other | |||||
Same Restaurant Sales | 6.6 % | 64.9 % | 15.2 % | 52.3 % | |
Number of restaurants opened | 0 | 0 | 0 | 0 | |
Number of restaurants closed | 1 | 0 | 2 | 2 | |
Jun 30, 2023 | Dec 31, 2022 | ||||
Total assets | 423,572 | 413,701 | |||
Total liabilities | 135,720 | 133,123 |
SUMMARY OF QUARTERLY RESULTS
Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | |
(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items) | ||||
Number of restaurants in Royalty Pool | 377 | 377 | 383 | 383 |
Franchise Sales reported by restaurants in the Royalty Pool | 233,650 | 224,201 | 227,163 | 229,848 |
Royalty income | 9,346 | 8,968 | 9,087 | 9,194 |
Distribution Income | 3,071 | 2,949 | 2,988 | 3,027 |
Total revenue | 12,417 | 11,917 | 12,075 | 12,221 |
Administrative expenses | (401) | (391) | (369) | (334) |
Interest expense on debt and financing fees | (843) | (850) | (812) | (886) |
Interest expense on Class B Unit liability | (982) | (632) | (1,557) | (835) |
Interest income | 79 | 68 | 61 | 31 |
Profit before fair value gain (loss) and income taxes | 10,270 | 10,112 | 9,398 | 10,197 |
Fair value gain (loss) on investment in BP Canada LP | 8,511 | (218) | (1,146) | 2,183 |
Fair value (loss) gain on Class B Unit liability | (3,792) | 97 | 510 | (972) |
Fair value gain (loss) on Swaps | 1,373 | (892) | 106 | 572 |
Current and deferred income tax expense | (3,576) | (2,430) | (2,462) | (2,478) |
Net and comprehensive income | 12,786 | 6,669 | 6,406 | 9,502 |
Basic earnings per Unit | 0.59 | 0.31 | 0.30 | 0.44 |
Diluted earnings per Unit | 0.59 | 0.24 | 0.26 | 0.41 |
Distributable Cash / Distributions / Payout Ratio | ||||
Cash flows generated from operating activities | 9,759 | 9,220 | 8,919 | 9,667 |
BPI Class B Unit entitlement | (1,006) | (1,038) | (1,044) | (1,083) |
Interest paid on long-term debt | (848) | (914) | (799) | (939) |
Current income tax expense | (2,511) | (2,390) | (2,422) | (2,438) |
Current income tax paid | 2,456 | 2,311 | 2,585 | 2,270 |
Distributable Cash | 7,850 | 7,189 | 7,239 | 7,477 |
Distributions paid | 6,909 | 6,585 | 8,329 | 6,133 |
Payout Ratio | 88.0 % | 91.6 % | 115.1 % | 82.0 % |
Distributable Cash per Unit | 0.365 | 0.334 | 0.336 | 0.347 |
Distributions paid per Unit | 0.321 | 0.306 | 0.387 | 0.285 |
Other | ||||
Same Restaurant Sales | 6.6 % | 25.7 % | 24.5 % | 8.4 % |
Number of restaurants opened | 0 | 0 | 0 | 0 |
Number of restaurants closed | 1 | 1 | 3 | 1 |
SUMMARY OF QUARTERLY RESULTS (continued)
Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | |
(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items) | ||||
Number of restaurants in Royalty Pool | 383 | 383 | 387 | 387 |
Franchise Sales reported by restaurants in the Royalty Pool | 219,384 | 178,602 | 183,177 | 213,038 |
Royalty income | 8,775 | 7,144 | 7,327 | 8,522 |
Distribution Income | 2,895 | 2,363 | 2,423 | 2,815 |
Total revenue | 11,670 | 9,507 | 9,750 | 11,337 |
Administrative expenses | (349) | (338) | (327) | (317) |
Interest expense on debt and financing fees | (977) | (939) | (939) | (1,000) |
Interest expense on Class B Unit liability | (733) | (565) | (1,037) | (450) |
Interest income | 10 | 5 | 7 | 18 |
Profit before fair value (loss) gain and income taxes | 9,621 | 7,670 | 7,454 | 9,588 |
Fair value (loss) gain on investment in BP Canada LP | (14,622) | 11,566 | 11,294 | (3,928) |
Fair value gain (loss) on Class B Unit liability | 6,515 | (5,154) | (5,032) | 1,751 |
Fair value gain on Swaps | 1,337 | 1,876 | 730 | 262 |
Current and deferred income tax expense | (1,075) | (3,059) | (1,804) | (2,230) |
Net and comprehensive income | 1,776 | 12,899 | 12,642 | 5,443 |
Basic earnings per Unit | 0.08 | 0.60 | 0.59 | 0.25 |
Diluted (loss) earnings per Unit | (0.20) | 0.60 | 0.59 | 0.13 |
Distributable Cash / Distributions / Payout Ratio | ||||
Cash flows generated from operating activities | 9,118 | 6,651 | 8,524 | 9,586 |
BPI Class B Unit entitlement | (888) | (664) | (858) | (923) |
Interest paid on long-term debt | (954) | (884) | (892) | (991) |
Principal repayments on long-term debt | (1,000) | (500) | (679) | (1,036) |
Current income tax expense | (2,285) | (1,769) | (1,814) | (2,190) |
Current income tax paid | 2,185 | 1,864 | 1,790 | 2,230 |
Distributable Cash | 6,176 | 4,698 | 6,071 | 6,676 |
Distributions paid | 5,488 | 5,488 | 5,488 | 4,196 |
Payout Ratio | 88.9 % | 116.8 % | 90.4 % | 62.9 % |
Distributable Cash per Unit | 0.287 | 0.218 | 0.282 | 0.310 |
Distributions paid per Unit | 0.255 | 0.255 | 0.255 | 0.195 |
Other | ||||
Same Restaurant Sales | 64.9 % | 39.1 % | 25.5 % | 15.1 % |
Number of restaurants opened | 0 | 0 | 0 | 0 |
Number of restaurants closed | 0 | 2 | 2 | 0 |
SHORT-TERM OUTLOOK
The two principal factors that affect SRS are changes in guest traffic and changes in average guest cheque. BPI's and BP Canada LP's strategies to drive higher guest traffic include attracting a wide variety of guests into the restaurant, sports bar and take-out and delivery parts of each location, offering a compelling value proposition to guests and leveraging a larger marketing budget versus the previous year along with a revised calendar of national and local store promotions. Increased average cheque levels are expected to be achieved through a combination of culinary innovation and menu re-pricing.
The success of BPI, BP Canada LP and Boston Pizza restaurants, and the amount of Franchise Sales, Royalty, Distribution Income and Distributable Cash available for distribution to Unitholders, are dependent upon many economic factors, including impacts of inflation, increases in interest rates, unemployment rates, consumer confidence, recession, supply chain disruption, labour availability and other globally disruptive events. Despite the current state of economic uncertainty, Boston Pizza restaurants have been able to generate solid Franchise Sales and offer affordable dining options, both on and off-premise, for guests in economically uncertain times. As demonstrated during COVID-19, BPI, BP Canada LP and Boston Pizza restaurants have the ability to adapt to changes in operating environments and economic conditions. However, with supply chain challenges, rising interest rates, increasing input costs and labour shortages impacting most of the restaurant industry, together with widespread focus on sustainability and climate related issues, BPI's management remains cautious. The focus of BPI's management is to adapt the business to mitigate these challenges and maintain the positive sales momentum achieved in 2022 and the first half of 2023.
The trustees of the Fund will continue to closely monitor the Fund's available cash balances given the uncertain economic outlook and industry challenges.
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, continuing to work diligently to support franchisees and continuing positive sales momentum, Boston Pizza restaurants generally experiencing higher Franchise Sales levels during the summer months when restaurants open their patios and benefit from increased tourist traffic, BPI and BP Canada LP's ability to implement strategies driving higher guest traffic and increased average cheque levels, continued improved performance and guest traffic due to the elimination of government-imposed COVID-19 restrictions in the Canadian restaurant industry, the persistence of economic uncertainty and inflationary pressures in 2023, the success of BPI, BP Canada LP and Boston Pizza restaurants, and the amount of Franchise Sales, Royalty, Distribution Income and Distributable Cash available for distribution to Unitholders, being dependent upon many economic factors, including impacts of inflation, increases in interest rates, unemployment rates, consumer confidence, recession, supply chain disruption, labour availability and other globally disruptive events, Boston Pizza restaurants having the ability to adapt to changes in operating environments and economic conditions, BPI's management remaining cautious, the focus of BPI's management being to adapt the business to mitigate challenges and maintain the positive sales momentum achieved in 2022 and the first half of 2023, and the trustees of the Fund continuing to closely monitor the Fund's available cash balances given the uncertain economic outlook and industry challenges, 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 Fund having sufficient cash on hand to fund repurchases under the NCIB, and that COVID-19 and its negative impacts will eventually dissipate. 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. 2023. |
Notes – Non-GAAP, Specified Financial Measures and Other Information
SOURCE Boston Pizza Royalties Income Fund
Copyright 2023 Canada NewsWire
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