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Pizza Pizza comps up 2.2 percent
October 30, 2008
TORONTO -- Comparable-store sales at Canadian pizza chain Pizza Pizza increased 2.2 percent for the company's third quarter ended Sept. 30. For the year, Pizza Pizza's comparable-store sales were up 2.5 percent.
System sales for the 609 restaurants in the Pizza Pizza Royalty Income Fund's royalty pool increased 10 percent to $120.4 million for the quarter, compared with $108.9 million for the 579 restaurants in the royalty pool for the same quarter in 2007. System sales of the royalty pool for the year to date were $348.2 million, up 20 percent compared with system sales of $290.6 million for the same period in 2007.
The Fund is a limited purpose, open-ended trust established under the laws of Ontario which has acquired the trademarks and trade names used by Pizza Pizza Ltd. and Pizza 73 restaurants. Net earnings for the quarter were $5.6 million compared to net earnings of $708,000 for the third quarter of 2007. Last year's earnings were impacted by $4.2 million of non-cash future income taxes and $169,000 of issuance costs. Net earnings for the year to date were $18.4 million compared with a loss of $44,000 for the same period last year.
Prior year figures were impacted by a $12.9 million provision for future income taxes and $169,000 of issuance costs. The provision for future income taxes is a non-cash item as a result of federal tax legislation requiring a provision for future income tax expense.
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