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Imvescor Restaurant Group Inc. (IRG)
Market: CDN Consolidated
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Oct 2, 2014, 4:08 AM EDT
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PDM Royalties Income Fund announces Second Quarter 2005 Results

MONCTON, NB, Aug. 15 /CNW/ - PDM ROYALTIES INCOME FUND (the "Fund")
reported today its financial results for the quarter ended June 30, 2005 and
also announced that Pizza Delight Corporation Ltd. (PDC) reported its
financial results for the quarter ended June 30, 2005.
Management of PDC is very pleased with the same store sales growth of
4.3% achieved for the Pizza Delight and Mikes Restaurants for the second
quarter of 2005 compounded on same store sales growth of 3.5% for the same
quarter in 2004. Total system sales for the quarter grew 9.3%.
The Fund's net earnings increased to $1.7 million in the quarter or
$0.338 per unit. During the Second Quarter, 2005 the Fund increased its
monthly distributions by 1.5% to $0.11 per unit or $0.33 for the quarter. For
the first six months of 2005 the Fund's net earnings were $3,334,333 or $0.658
per unit and distributions were $0.655 per unit.
Since January 1, 2005, PDC opened seven new Restaurants, closed four of
the restaurants originally included in the royalty pool, renovated ten
Restaurants, and installed 26 Bread Bars. There are an additional two
restaurants opened between October 2, 2004 and December 31, 2004 which will be
added to the royalty pool on January 1, 2006. The 2005 expectations are for 12
new restaurants and 15 renovations.
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 and Mikes Restaurants brands and has licensed
them to Pizza Delight in consideration for a royalty equal to four percent of
system sales.

PDC is a privately owned corporation, headquartered in Moncton, New
Brunswick. It operates franchised and corporate restaurants under the brand
names Pizza Delight(R) and Mikes(R) Restaurants. Pizza Delight(R) operates
primarily in Atlantic Canada, where it dominates the family/mid-scale segment.
Mikes(R) Restaurants operates primarily in Quebec in the casual dining segment
and the take-out and delivery segments.

The financial statements and related management's discussion and analysis
of the Fund and Pizza Delight are available at www.sedar.com

For additional information on our two brands visit: www.pizzadelight.com
or www.mikes.ca
%SEDAR: 00018600E

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