Jan. 23, 2009, Toronto – Pizza Pizza has increased its
royalty income fund to include 18 new Pizza Pizza restaurants and 19 new Pizza
73 restaurants.
"All of our indicators reveal a market share that is
consistently growing," said Curt Feltner, chief financial officer for
Pizza Pizza Ltd. "The latest available market research for the three-month
period from June to August 2008, showed Pizza Pizza's market share in Ontario's
pizza segment to be 50 per cent from a dollar standpoint while our share of total
traffic exceeded 52 per cent, well ahead of all of the US-based companies and
other competitors combined."
Annually, on Jan. 1, their Royalty Pool is adjusted to
include the forecasted system sales from new Pizza Pizza restaurants opened on
or before Dec. 31 of the prior year, less system sales from any Pizza Pizza
restaurants that have been permanently closed during the year. Similarly, on
the adjustment date, the Royalty Pool is adjusted to include the forecasted
system sales from new Pizza 73 restaurants opened on or before Sept. 1 of the
prior year, less any Pizza 73 restaurants permanently closed during the
calendar year and further reduced by any decrease in system sales attributable to
certain Pizza 73 restaurants whose territory has been adjusted.
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