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Imvescor Restaurant Group Inc. (IRG)
Market: CDN Consolidated
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Dec 18, 2014, 2:58 PM EST
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PDM Royalties Income Fund announces Third Quarter 2005 Results

MONCTON, NB, Nov. 14 /CNW/ - PDM ROYALTIES INCOME FUND (the "Fund")
reported today its financial results for the quarter ended September 30, 2005
and also announced that Pizza Delight Corporation Ltd. (PDC) reported its
financial results for the quarter ended September 30, 2005.
Management of PDC is pleased with the same store sales growth of 1.4%
achieved for the Pizza Delight and Mikes Restaurants for the third quarter of
2005 compounded on same store sales growth of 1.9% for the same quarter in
2004. Total system sales for the quarter grew 4.7%. The sales from the Scores
restaurants are not included in the sales statistics since PDC did not operate
Scores prior to August 31, 2005. Sales during the quarter started very strong
but when fuel prices spiked and disposable income decreased sales softened
somewhat.
The Fund's net earnings increased to $2.2 million in the quarter or
$0.383 per average unit outstanding. In September, 2005 the Fund increased its
monthly distributions by 9.1% to $0.12 per unit. For the Third Quarter, 2005
distributions were $0.34. For the first nine months of 2005 the Fund's net
earnings were $5.5 million or $1.049 per average unit outstanding and
distributions were $0.995 per unit.
Since January 1, 2005, PDC opened seven new Restaurants, closed five of
the restaurants originally included in the royalty pool, renovated twelve
Restaurants, and installed 28 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 9
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, Mikes, and Scores brands and has licensed them
to Pizza Delight in consideration for a royalty equal to 4% percent of system
sales, and in the case of Scores, the royalty rate is 6%.
Pizza Delight 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), and Scores(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.
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 brands visit: www.pizzadelight.com,
www.mikes.ca, or www.scores.ca

%SEDAR: 00018600E

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