MONCTON, NB, May 16 /CNW/ - PDM ROYALTIES INCOME FUND (TSX: PDM.UN, PDM.DB) (the "Fund") reported its financial results for the first quarter of 2008 on May 15, 2008. The Fund wishes to clarify that the same store sales decrease during the first quarter was 2.4% and not 1.4% as referenced in its news release of yesterday. Complete financial statements, together with the management discussion and analysis of the first quarter results, are available at www.sedar.com
About the Fund
The Fund is a limited purpose open-ended trust established under the laws of Ontario. The Fund will make monthly distributions of its available cash to holders of units. The Fund indirectly owns the trade marks and intellectual property for the Pizza Delight, Mikes, Scores, and Baton Rouge brands and has licensed them to Imvescor in consideration for a royalty equal to 4% of system sales for Pizza Delight and Mikes restaurants, and a royalty rate of 6% for Scores and Baton Rouge restaurants.
Imvescor is a privately owned corporation, headquartered in Moncton, New Brunswick. It operates franchised and corporate restaurants under the brand names Pizza Delight(R), Mikes(R), Scores(R), and Baton Rouge(R) restaurants. Pizza Delight(R) operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes(R) and Scores(R) restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments. Baton Rouge(R) operates in the Province of Quebec and Ontario in the casual dining segment.
Certain information regarding the Fund contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Fund cautions that actual performance will be affected by a number of factors, many of which are beyond the Fund's control, and that future events and results may vary substantially from what the Fund currently foresees. Discussion of the various factors that may affect future results is contained in the annual information form of the Fund dated March 28, 2008 which is available at www.sedar.com. The Fund's forward-looking statements are expressly qualified in their entirety by this cautionary statement.