Boston Pizza Royalties Income Fund Announces 2016 Fourth Quarter and Annual Results

Including Distributable Cash Per Unit of $1.388 for the Year, an Increase of 1.8%

Payout ratio of 98.9% for the Year despite weaker general economic conditions in regions affected by the oil and gas industry.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 16, 2017) -

Highlights

  • System-Wide Gross Sales1 of $270.8 million for the Period and $1.08 billion for the Year.
  • Franchise Sales2 from royalty pool restaurants of $204.1 million for the Period and $828.6 million for the Year, representing a decrease of 0.6% for the Period and an increase of 1.8% for the Year, versus the same periods one year ago.
  • Distributable Cash3 per Unit decreased 2.6% for the Period and increased 1.8% for the Year.
  • Payout Ratio4 of 101.1% for the Period and 98.9% for the Year. Fund's cash balance at the end of the Year was $3.5 million, an increase of $0.3 million from the prior year.
  • Same Store Sales Growth of negative 3.1% for the Period and negative 0.3% for the Year.
  • Boston Pizza opened 11 net new full service restaurants and completed 50 restaurant renovations in 2016.
  • On February 8, 2017, the Trustees declared January 2017 distributions to unitholders of 11.5 cents per Unit payable on February 28, 2017.

Boston Pizza Royalties Income Fund (the "Fund") (TSX:BPF.UN) and Boston Pizza International Inc. ("BPI") reported financial results today for the fourth quarter period from October 1, 2016 to December 31, 2016 (the "Period") and January 1, 2016 to December 31, 2016 (the "Year"). A copy of this press release, the annual consolidated financial statements and related Management's Discussion and Analysis ("MD&A") of the Fund and BPI are available at www.sedar.com and www.bpincomefund.com. The Fund will host a conference call to discuss the results on February 16, 2017 at 8:30 am Pacific Time (11:30 am Eastern Time). The call can be accessed by dialling 1-800-319-4610 or 604-638-5340. A replay will be available until March 16, 2017 by dialling 1-855-669-9658 or 604-674-8052 and entering the access code: 1134 followed by the # sign.

Same store sales growth ("SSSG"), a key driver of distribution growth for unitholders of the Fund, was negative 3.1% for the Period and negative 0.3% for the Year compared to positive 2.2% and positive 1.8%, respectively, for the same periods in 2015. Franchise Sales, the basis upon which Royalty5 and Distribution Income5 are paid to the Fund, exclude revenue from the sale of liquor, beer, wine and approved national promotions and discounts. On a Franchise Sales basis, SSSG was negative 3.1% for the Period and negative 0.5% for the Year compared to positive 1.8% and positive 1.7%, respectively, for the same periods in 2015. The negative SSSG for the Period and Year was principally due to the progressively weaker general economic conditions in regions directly connected to the Canadian oil and gas industry, partially offset by menu re-pricing and higher sales as a result of Boston Pizza's nachos promotion. Franchise Sales of restaurants in the Fund's royalty pool were $204.1 million for the Period and $828.6 million for the Year compared to $205.4 million and $814.0 million, respectively, for the same periods in 2015. The decrease in Franchise Sales for the Period was primarily due to negative SSSG partially offset by the additional Franchise Sales from six net new restaurants added to the royalty pool on January 1, 2016. The increase in Franchise Sales for the Year was primarily due to the additional Franchise Sales from six net new restaurants added to the royalty pool on January 1, 2016 partially offset by negative SSSG.

"We are pleased to have achieved an increase in Distributable Cash per Unit of 1.8% for the Year, a Payout Ratio of 98.9% for the Year, and an increase in System-wide Gross Sales of 2.0% to over $1.08 billion for the Year, despite the impact of weaker economic conditions in regions connected to the oil and gas industry. We also opened 13 new Boston Pizza restaurants and renovated 50 locations in 2016", said Mark Pacinda, President and CEO of BPI. "While the impact of progressively weaker general economic conditions in regions directly connected to the Canadian oil and gas industry has presented challenges, we saw strength in other parts of Canada, including Ontario and British Columbia".

The Fund's net and comprehensive income was $8.7 million for the Period, relatively unchanged from the fourth quarter of 2015. The Fund's net and comprehensive income was $37.8 million for the Year compared to net and comprehensive income of $19.2 million in 2015. The $18.6 million increase in the Fund's net and comprehensive income for the Year compared to 2015 was primarily due to a net $19.4 million change in fair value adjustments and an increase in Distribution Income of $2.5 million and Royalty income of $0.5 million, partially offset by an increase in income taxes of $2.6 million and an increase in interest and financing expense of $1.3 million. For a detailed discussion on the Fund's net and comprehensive income, please see the "Operating Results - Net and Comprehensive Income / Basic and Diluted Earnings" section in the Fund's MD&A for the Period and the Year. The Fund's net income under International Financial Reporting Standards ("IFRS") contains non-cash items, such as the fair value adjustments on financial instruments and deferred income taxes, that do not affect the Fund's business operations or its ability to pay distributions to unitholders. In the Fund's view, net income is not the only or most meaningful measurement of the Fund's ability to pay distributions. Consequently, the Fund reports the non-IFRS metrics of Distributable Cash and Payout Ratio to provide investors with more meaningful information regarding the amount of cash that the Fund has generated to pay distributions and the extent to which the Fund has distributed that cash. Readers are cautioned that Distributable Cash and Payout Ratio are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. For a reconciliation between cash flow from operating activities (the most directly comparable IFRS measure) and Distributable Cash see the "Financial Summary" section of this press release. For a detailed discussion on the Fund's Distributable Cash and Payout Ratio, please see the "Operating Results - Distributable Cash / Payout Ratio" section in the Fund's MD&A for the Period and the Year.

The Fund's Distributable Cash was $6.9 million for the Period compared to $7.2 million for the same period in 2015. The decrease in Distributable Cash of $0.3 million, or 3.3% was primarily due to higher interest expense on Class B Unit and Class C Unit liabilities of $0.3 million. The Fund generated Distributable Cash of $28.2 million for the Year compared to $25.6 million in 2015. The increase in Distributable Cash of $2.6 million, or 10.2%, is primarily comprised of (a) a $2.5 million increase due to the Fund having completed the Transaction6 and receiving $2.5 million more Distribution Income for the Year than in 2015, (b) a $0.9 million increase related to the Fund having incurred an initial change in working capital of $0.9 million (the "Initial Working Capital Change") in 2015 in connection with completing the Transaction with no corresponding change to working capital for the Year, (c) $0.5 million increase due to higher Royalty income of $0.5 million, partially offset by (d) $0.9 million of higher interest expense on Class B Units, and (e) $0.4 million of higher interest expense on long-term debt. Please see the "Distributable Cash / Payout Ratio" section in the Fund's MD&A for the Period and the Year for details regarding the Initial Working Capital Change.

The Fund's Distributable Cash per unit of the Fund ("Unit") was $0.341 for the Period and $1.388 for the Year compared to $0.350 and $1.364, respectively, for the same periods in 2015. The decrease in Distributable Cash per Unit of $0.009 or 2.6% for the Period was primarily attributable to the combined effects of lower Distributable Cash for the Period compared to the fourth quarter of 2015 and there being fewer Units issued and outstanding during the Period compared to the fourth quarter of 2015 due to the repurchase and cancellation of Units under the Fund's normal course issuer bids. The increase in Distributable Cash per Unit of $0.024 or 1.8% for the Year is primarily attributable to the accretive effects of the Transaction and the Fund having incurred the Initial Working Capital Change in 2015 with no corresponding change to working capital for the Year, partially offset by the Fund issuing 5,047,613 Units on May 6, 2015 in connection with the Transaction. The percentage increase in Distributable Cash for the Year was larger than the percentage increase in Distributable Cash per Unit for the Year due to the combined effect of the Fund receiving higher Distribution Income, the Initial Working Capital Change, and the Fund issuing 5,047,613 Units on May 6, 2015.

The Fund's Payout Ratio was 101.1% for the Period and 98.9% for the Year compared to 92.8% and 94.0%, respectively, for the same periods one year ago. The increase in the Fund's Payout Ratio for the Period compared to the same period in 2015 was due to the combined effects of Distributable Cash for the Period decreasing by $0.3 million, or 3.3%, and distributions paid during the Period increasing by $0.4 million, or 5.4%. The increase in distributions paid during the Period compared to the fourth quarter of 2015 was due to the Fund increasing the monthly distribution from 10.83 cents per Unit to 11.50 cents per Unit beginning with the January 2016 distribution, which was paid on February 29, 2016 (the "2016 Distribution Increase"). The increase in the Fund's Payout Ratio for the Year compared to 2015 was due to the increase in Distributable Cash for the Year, as discussed above, being less than the $3.8 million or 16.0% increase in distributions paid for the Year. The increase in distributions paid for the Year was due to the Fund increasing the monthly distribution from 10.20 cents per Unit to 10.83 cents per Unit beginning with the April 2015 distribution, which was paid on May 29, 2015 (the "2015 Distribution Increase"), the 2016 Distribution Increase and the Fund issuing 5,047,613 Units on May 6, 2015 in connection with the Transaction. The Fund was able to make the 2015 Distribution Increase and 2016 Distribution Increase because of the accretive effect of the Transaction. The Fund strives to provide unitholders with consistent monthly distributions, and as a result, the Fund will generally experience seasonal fluctuations in its Payout Ratio. The Fund's Payout Ratio is likely to be higher in the first and fourth quarters each year compared to the second and third quarters each year since Boston Pizza restaurants generally experience higher Franchise Sales during the summer months when restaurants open their patios and benefit from increased tourist traffic. Higher Franchise Sales generally result in increases in Distributable Cash. A key feature of the Fund is that it is a "top line" structure, in which BPI and BP Canada LP pay the Fund an amount based on Franchise Sales from restaurants in the Fund's royalty pool. Accordingly, Fund unitholders are not directly exposed to changes in the operating costs or profitability of BPI, BP Canada LP or individual Boston Pizza restaurants. Given this structure, and that the Fund has no current mandate to retain capital for other purposes, it is expected that the Fund will maintain a Payout Ratio close to 100% over time as the trustees of the Fund continue to distribute all available cash in order to maximize returns to unitholders.

On February 8, 2017 the trustees of the Fund approved a cash distribution to unitholders of 11.5 cents per Unit for January 2017. The distribution is payable to unitholders of record at the close of business on February 21, 2017 and will be paid on February 28, 2017. The Fund periodically reviews distribution levels based on its policy of stable and sustainable distribution flow to unitholders. Including the January 2017 distribution, which will be paid in February 2017, the Fund will have paid out 175 consecutive monthly distributions totalling $250.2 million or $18.00 per Unit since the Fund's initial public offering in 2002.

Financial Summary

The tables below set out selected information from the Fund's annual consolidated financial statements together with other data and should be read in conjunction with the annual consolidated financial statements and MD&A of the Fund for the years ended December 31, 2016 and 2015.

For the years ended December 31   2016     2015     2014  
(in thousands of dollars - except restaurants, SSSG, Payout Ratio and per Unit items)  
System-Wide Gross Sales   1,080,559     1,059,549     1,011,966  
Number of restaurants in royalty pool   372     366     358  
Franchise Sales reported by restaurants in the royalty pool   828,619     814,001     781,915  
                   
Royalty income   33,145     32,560     31,277  
Distribution Income   10,700     8,173     -  
Interest income   1,808     1,844     1,811  
Total revenue   45,653     42,577     33,088  
Administrative expenses   (1,174 )   (1,226 )   (1,022 )
Interest expense on debt   (2,461 )   (2,084 )   (1,301 )
Interest expense on Class B Unit and Class C Unit liabilities   (6,392 )   (5,492 )   (5,023 )
Profit before fair value adjustments and income taxes   35,626     33,775     25,742  
Fair value adjustment on investment in BP Canada LP   24,733     (14,869 )   -  
Fair value adjustment on Class B Unit liability   (12,960 )   8,546     (2,115 )
Fair value adjustment on interest rate swaps   702     (613 )   (401 )
Current and deferred income tax expense   (10,336 )   (7,685 )   (6,773 )
Net and comprehensive income   37,765     19,154     16,453  
                   
Basic earnings per Unit   1.86     1.02     1.06  
Diluted earnings per Unit   1.86     0.59     1.06  
                   
Distributable Cash / Distributions / Payout Ratio                  
Cash flows from operating activities   36,858     33,151     25,557  
    Class C Unit distributions to BPI   (1,800 )   (1,800 )   (1,800 )
    BPI Class B Unit entitlement   (4,522 )   (3,802 )   (3,266 )
  Interest paid on long-term debt   (2,394 )   (1,961 )   (1,355 )
  SIFT Tax on Units   37     (24 )   (64 )
Distributable Cash   28,179     25,564     19,072  
Distributions paid   27,876     24,037     19,012  
Payout Ratio   98.9 %   94.0 %   99.7 %
Distributable Cash per Unit   1.388     1.364     1.229  
Distributions paid per Unit   1.373     1.274     1.224  
                   
Other                  
Same store sales growth   (0.3 )%   1.8 %   1.7 %
Number of restaurants opened   13     12     14  
Number of restaurants closed   2     6     6  
             
As at December 31   2016     2015     2014  
Total assets   444,332     413,174     278,821  
Total liabilities   181,120     157,151     123,153  

Notes:

1)   "System-Wide Gross Sales" means the gross revenue: (i) of the corporate Boston Pizza restaurants in Canada owned by BPI; and (ii) reported to BPI or BP Canada LP, as applicable, by franchised Boston Pizza restaurants in Canada, without audit or other form of independent assurance, and in the case of both (i) and (ii), including revenue from the sale of liquor, beer, wine and revenue from BPI or BP Canada LP, as applicable, approved national promotions and discounts and excluding applicable sales and similar taxes.
2)   "Franchise Sales" is the basis upon which Royalty and Distribution Income are payable, and means the gross revenue: (i) of the corporate Boston Pizza restaurants in Canada owned by BPI; and (ii) reported to BPI or BP Canada LP, applicable, by franchised Boston Pizza restaurants in Canada, without audit or other form of independent assurance, and in the case of both (i) and (ii), after deducting revenue from the sale of liquor, beer, wine and revenue from BPI or BP Canada LP approved national promotions and discounts and excluding applicable sales and similar taxes. Nevertheless, BPI or BP Canada LP periodically conducts audits of the Franchise Sales reported to it by its franchisees, and the Franchise Sales reported herein include results from sales audits of earlier periods.
3)   Distributable Cash is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. This non-IFRS financial measure provides useful information to investors regarding the amount of cash the Fund has generated for distribution on the Units. The preceding table provides a reconciliation from this non-IFRS financial measure to cash flows from operating activities, which is the most directly comparable IFRS measure. Investors are cautioned that this should not be construed as an alternative to cash flows from operating activities. For additional information regarding this financial metric, see the heading "Description of Non-IFRS and Additional IFRS Measures" in the Fund's MD&A for the Period and the Year.
4)   Payout Ratio is calculated by dividing the distributions paid by the Fund during a period by the Distributable Cash generated in that period. Payout Ratio is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. This non-IFRS financial measure provides investors with useful information regarding the extent to which the Fund distributes cash on the Units. Investors are cautioned that this should not be construed as an alternative net income measure of profitability. As the Payout Ratio is calculated from a formula which includes Distributable Cash, which is a non-IFRS measure, a reconciliation of Payout Ratio to an IFRS measure is not possible. For additional information regarding this financial metric, see the heading "Description of Non-IFRS and Additional IFRS Measures" in the Fund's MD&A for the Period and the Year.
5)   The Fund licenses BPI the right to use various Boston Pizza trademarks in return for BPI paying the Fund a royalty equal to 4% of Franchise Sales of Boston Pizza restaurants in the Fund's royalty pool ("Royalty"). "Distribution Income" is income received by the Fund from the investment in BP Canada LP it completed on May 6, 2015. See the "General - Purpose of Fund / Sources of Revenue" section of the Fund's MD&A for the Period and the Year for more details.
6)   "Transaction" means the transaction on May 6, 2015, where the Fund, indirectly through Holdings LP, completed an investment in BP Canada LP to effectively increase the Fund's interest in Franchise Sales of Boston Pizza restaurants in the royalty pool by 1.5%, from 4.0% to 5.5% less the pro rata portion payable to BPI in respect of its retained interest in the Fund.
7)   Profit before fair value adjustments and income taxes is an additional IFRS measure. For additional information regarding these financial metrics, see the heading "Description of Non-IFRS and Additional IFRS Measures" in the Fund's MD&A for the Period and the Year.
8)   Other capitalized terms used in these tables are defined in the Fund's MD&A for the Period and the Year.

SUMMARY OF QUARTERLY RESULTS

    Q4 2016     Q3 2016     Q2 2016     Q1 2016  
(in thousands of dollars - except restaurants, SSSG, Payout Ratio and per Unit items)                        
System-Wide Gross Sales   270,800     281,538     274,039     254,182  
Number of restaurants in royalty pool   372     372     372     372  
Franchise Sales reported by restaurants in the royalty pool   204,121     215,597     210,852     198,049  
                         
Royalty income   8,165     8,624     8,434     7,922  
Distribution Income   2,617     2,790     2,728     2,565  
Interest income   452     452     452     452  
Total revenue   11,234     11,866     11,614     10,939  
Administrative expenses   (299 )   (292 )   (296 )   (287 )
Interest expense on debt   (620 )   (619 )   (612 )   (610 )
Interest expense on Class B Unit and Class C Unit liabilities   (2,184 )   (1,551 )   (1,573 )   (1,084 )
Profit before fair value adjustments and income taxes   8,131     9,404     9,133     8,958  
Fair value adjustment on investment in BP Canada LP   5,098     9,237     6,511     3,887  
Fair value adjustment on Class B Unit liability   (2,668 )   (4,833 )   (3,407 )   (2,052 )
Fair value adjustment on interest rate swaps   967     171     7     (443 )
Current and deferred income tax expense   (2,782 )   (3,473 )   (2,240 )   (1,841 )
Net and comprehensive income   8,746     10,506     10,004     8,509  
                         
Basic earnings per Unit   0.43     0.52     0.49     0.42  
Diluted earnings per Unit   0.43     0.52     0.49     0.42  
                         
Distributable Cash / Distributions / Payout Ratio                        
Cash flows from operating activities   9,128     9,718     9,323     8,689  
    Class C Unit distributions to BPI   (450 )   (450 )   (450 )   (450 )
    BPI Class B Unit entitlement   (1,134 )   (1,108 )   (1,119 )   (1,161 )
  Interest paid on long-term debt   (612 )   (560 )   (617 )   (605 )
  SIFT Tax on Units   (7 )   27     (20 )   37  
Distributable Cash   6,925     7,627     7,117     6,510  
Distributions paid   6,999     6,999     6,998     6,880  
Payout Ratio   101.1 %   91.8 %   98.3 %   105.7 %
Distributable Cash per Unit   0.341     0.376     0.351     0.320  
Distributions paid per Unit   0.345     0.345     0.345     0.338  
                         
Other                        
Same store sales growth   (3.1 %)   (0.5 %)   2.1 %   0.6 %
Number of restaurants opened   5     4     4     0  
Number of restaurants closed   0     0     0     2  

SUMMARY OF QUARTERLY RESULTS (continued)

    Q4 2015     Q3 2015     Q2 2015     Q1 2015  
(in thousands of dollars - except restaurants, SSSG, Payout Ratio and per Unit items)                        
System-Wide Gross Sales   272,017     275,009     263,852     248,671  
Number of restaurants in royalty pool   366     366     366     366  
Franchise Sales reported by restaurants in the royalty pool   205,365     212,367     202,860     193,409  
                         
Royalty income   8,215     8,494     8,115     7,736  
Distribution Income   2,708     2,799     2,666     -  
Interest income   452     452     488     452  
Total revenue   11,375     11,745     11,269     8,188  
Administrative expenses   (298 )   (395 )   (283 )   (250 )
Interest expense on debt   (596 )   (590 )   (527 )   (371 )
Interest expense on Class B Unit and Class C Unit liabilities   (1,862 )   (1,339 )   (1,358 )   (933 )
Profit before fair value adjustments and income taxes   8,619     9,421     9,101     6,634  
Fair value adjustment on investment in BP Canada LP   3,584     (18,453 )   -     -  
Fair value adjustment on Class B Unit liability   (1,634 )   8,356     2,878     (1,054 )
Fair value adjustment on interest rate swaps   47     (287 )   172     (545 )
Current and deferred income tax expense   (1,954 )   (1,908 )   (2,307 )   (1,516 )
Net and comprehensive income (loss)   8,662     (2,871 )   9,844     3,519  
                         
Basic earnings (loss) per Unit   0.42     (0.14 )   0.53     0.23  
Diluted earnings (loss) per Unit   0.42     (0.45 )   0.39     0.23  
                         
Distributable Cash / Distributions / Payout Ratio                        
Cash flows from operating activities   9,259     9,472     8,351     6,069  
    Class C Unit distributions to BPI   (450 )   (450 )   (450 )   (450 )
    BPI Class B Unit entitlement   (1,011 )   (947 )   (895 )   (949 )
  Interest paid on long-term debt   (617 )   (543 )   (474 )   (327 )
  SIFT Tax on Units   (23 )   9     (94 )   84  
Distributable Cash   7,158     7,541     6,438     4,427  
Distributions paid   6,642     6,655     6,014     4,726  
Payout Ratio   92.8 %   88.3 %   93.4 %   106.8 %
Distributable Cash per Unit   0.350     0.368     0.347     0.287  
Distributions paid per Unit   0.325     0.325     0.319     0.306  
                         
Other                        
Same store sales growth   2.2 %   2.7 %   0.1 %   2.1 %
Number of restaurants opened   5     3     2     2  
Number of restaurants closed   2     2     0     2  

Outlook

Boston Pizza is well positioned for future growth and should continue to strengthen its position as the number one casual dining brand in Canada by achieving positive SSSG and opening new Boston Pizza locations across Canada.
The two principal factors that affect SSSG are changes in customer traffic and changes in average guest cheque. BPI's and BP Canada LP's strategies to drive higher guest traffic include attracting a wide variety of guests into the restaurant, sports bar and take-out/delivery parts of each location, offering a compelling value proposition to guests and leveraging a larger marketing budget versus the previous year along with a revised calendar of national and local store promotions. Increased average cheque levels are expected to be achieved through a combination of culinary innovation and annual menu re-pricing. In addition, the franchise agreement governing each Boston Pizza Restaurant requires a complete store renovation every seven years. Restaurants typically close for two to three weeks to complete the renovation and experience an incremental sales increase in the year following the re-opening.

Boston Pizza remains well positioned for future expansion as evidenced by the 11 net new restaurants that opened in 2016 and the two new locations currently under construction. BPI's management believes that Boston Pizza will continue to serve more guests in more locations than any other casual dining brand in Canada by pursuing further restaurant development opportunities across the country.

Certain information in this press release constitutes "forward-looking information" that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Fund, Boston Pizza Holdings Trust, Boston Pizza Royalties Limited Partnership, Boston Pizza Holdings Limited Partnership, BP Canada LP, Boston Pizza Holdings GP Inc., Boston Pizza GP Inc., BPI, Boston Pizza restaurants, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Fund or management of BPI expects or anticipates will or may occur in the future, including such things as, seasonal fluctuations in the Payout Ratio, the Payout Ratio is likely to be higher in the first and fourth quarters, higher Franchise Sales generally result in increases in Distributable Cash, a Payout Ratio close to 100% will be maintained, trustees of the Fund will continue to distribute all available cash in order to maximize returns to unitholders, Boston Pizza being well positioned for future growth, the strengthening of Boston Pizza's position as the number one casual dining brand in Canada, the achievement of positive SSSG, opening of new restaurants, increases in average guest cheques levels, incremental sales increasing after store renovations, plans to pursue restaurant development opportunities and other such matters are forward-looking information. When used in this press release, forward-looking information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan", "should", "continue" and other similar terminology. The material factors and assumptions used to develop the forward-looking information contained in this press release include the following: future results being similar to historical results, expectation related to future general economic conditions, business plans, receipt of franchise fees and other amounts, franchisees access to financing, pace of commercial real estate development, protection of intellectual property rights of Boston Pizza Royalties Limited Partnership and absence of changes of laws. Risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by the forward-looking information contained herein, relate to (among others) competition, demographic trends, consumer preferences and discretionary spending patterns, business and economic conditions, legislation and regulation, Distributable Cash and reliance on operating revenues, accounting policies and practices, the results of operations and financial condition of BPI, BP Canada LP and the Fund, as well as those factors discussed under the heading "Risks and Uncertainties" in the most recent Annual Information Form of the Fund. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Except as required by law, the Fund and BPI assume no obligation to update previously disclosed forward-looking information. For a complete list of the risks associated with forward-looking information and the Fund's business, please refer to the "Risks and Uncertainties" and "Note Regarding Forward-Looking Information" sections included in the Fund's MD&A for the Period and the Year available at www.sedar.com and www.bpincomefund.com.

The trustees of the Fund approved the contents of this press release.

Contact:

Wes Bews
Boston Pizza Royalties Income Fund
Chief Financial Officer
Tl: 604-270-1108
E: investorrelations@bostonpizza.com
www.bpincomefund.com

SOURCE Boston Pizza

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