Canadian Pizza Magazine

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Pizza Pizza fund raises monthly distribution to unitholders


May 3, 2012
By The Canadian Press

May 3, 2012, Toronto – Pizza Pizza Royalty Income Fund increased its
monthly payment to unitholders to six cents per unit from 5.84 cents on
Wednesday.

May 3, 2012, Toronto – Pizza Pizza Royalty Income Fund increased its monthly payment to unitholders to six cents per unit from 5.84 cents on Wednesday.

Pizza Pizza units will yield about 7.2 per cent, based on the new distribution rate and the fund's unit price on Wednesday.

The increase came as the pizza chain said it lost $2.8 million or 13 cents per unit in its latest quarter compared with a loss of $1.3 million or six cents per unit a year ago.

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Sales at restaurants included in its royalty pool totalled $117.9 million, up from $112.3 million in the first three months of 2011.

Same-store sales increased 2.9 per cent, as the number of restaurants in the royalty pool fell to 690 from 695 a year ago.

Pizza Pizza earns royalty revenue from Pizza Pizza and Pizza 73 restaurants included in its royalty pool.

Units in the fund, which released its results after the close of markets, were down eight cents at $9.92 on the Toronto Stock Exchange.