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Boston Pizza net up nearly 20 percent
February 10, 2008
VANCOUVER, British Columbia — Same-store sales at Boston Pizza International Inc. increased 3.3 percent for the fourth quarter ended Dec. 31, 2007, the company announced. Same-store sales were up 5.7 percent for the year.
Overall, franchise sales for restaurants in the Boston Pizza Royalties Income Fund royalty pool grew 20.4 percent for the year, mainly due to the opening of 34 new restaurants and the same-store sales growth.
The Boston Pizza Royalties Income Fund is a limited purpose, open-ended trust established under the laws of British Columbia to acquire indirectly certain trade-marks and trade names used by BPI in its Boston Pizza restaurants in Canada. The trade-marks are licensed to BPI for 99 years for which BPI pays the fund 4 percent of franchise revenues of royalty pooled restaurants.
As of Jan. 1, 2008, there are 300 restaurants in the royalty pool.
Revenues for Boston Pizza for the quarter were $195.8 million, up 13 percent compared with revenues of $172.9 million for the 2006 fourth quarter, for the year, revenues were $755.5 million, up 17 percent compared with revenues of $646.2 million in 2006.
Net income for the quarter was $4.3 million, up 19 percent compared with net income of $3.6 million for the fourth quarter of 2006. For the year, net income was $14.2 million, up slightly from net income of $14 million the previous year.
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