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Imvescor Restaurant Group Inc. (IRG)
Market: CDN Consolidated
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Jul 29, 2014, 10:31 AM EDT
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PDM Royalties Income Fund announces First Quarter 2005 Results

MONCTON, NB, May 16 /CNW/ - PDM ROYALTIES INCOME FUND (the "Fund")
reported today its financial results for the quarter ended March 31, 2005 and
also announced that Pizza Delight Corporation Ltd. (PDC) reported its
financial results for the quarter ended March 31, 2005.
Management of PDC is pleased with the same store sales growth of 2.1%
achieved for the Pizza Delight and Mikes Restaurants for the first quarter of
2005 compounded on same store sales growth of 5.6% for the same quarter in
2004. Total system sales for the quarter grew 6.2%. Pizza Delight reported
that its royalty and related revenue grew 6.5% for the quarter to $4.8 million
as compared to the prior year while earnings before interest, depreciation,
amortization and revenues or expenses relative to the PDM Royalties Income
Fund increased by 4.9% to $1.3 million compared to 2004.
Since January 1, 2005, PDC opened two new Restaurants, closed two of the
restaurants originally included in the royalty pool, renovated six
Restaurants, and installed 16 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
15 new restaurants and 20 renovations. There are currently four new locations
under construction which should open in May, 2005.
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 is available at www.sedar.com
%SEDAR: 00018600E

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