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Imvescor Restaurant Group Inc. (IRG)
Market: CDN Consolidated
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Oct 22, 2014, 6:46 PM EDT
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PDM Royalties Income Fund announces Second Quarter 2006 Results

HALIFAX, Aug. 14 /CNW/ - PDM ROYALTIES INCOME FUND (the "Fund") reported
today its financial results for the quarter ended June 30, 2006 and also
announced that Pizza Delight Corporation Ltd. (PDC) reported its financial
results for the quarter ended June 30, 2006.
PDC reported that its total revenue grew 36.7% for the quarter to   
$8.83 million as compared to the prior year. Earnings before interest,
depreciation, and amortization increased to $1.0 million compared to a loss of
$0.1 million in the second quarter 2005. The acquisition of the Scores
business in 2005 combined with the transaction with Groupe Marketex coupled
with some minor restructuring in 2005 is contributing substantially to the
positive change in the profitability of PDC.
The same store sales growth for the second quarter 2006 was 0.7% for
Pizza Delight (2005 (equal sign) 2.3%); -1.7% at Mikes (2005 (equal sign) 4.9%) and 0.1% for Scores.
Overall the growth was -0.7% (2005 (equal sign) 4.1% excluding Scores). This quarter in
2005 was the strongest for the brands which makes the slightly negative
situation more understandable. On a year to date basis the combined
performance of the group was 0.9% compared to 3.1% in 2005 (excluding Scores).
In early 2006 PDC began a major Brand Repositioning project which includes the
Pizza Delight and Mikes brands in terms of concept upgrading and product
positioning to enhance operations in existing markets and also prepare to
enter new markets.
Total revenues for the Fund for the quarter were $2.59 million compared
to $1.75 million for the same quarter in 2005. Distributable cash for the
period was $0.355 per unit outstanding compared to actual distributions paid
of $0.36 per unit. This small shortfall will be recovered in the third quarter
as sales historically represent a larger overall percentage of the year's
sales per quarter.
System sales for the 251 restaurants included in the royalty pool
increased to $70.4 million compared to $52.2 for the 224 restaurants in the
royalty pool for the same period in 2005.

Complete financial statements are available at www.sedar.com

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% 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.
%SEDAR: 00018600E

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