Boston Pizza Royalties Income Fund announces third quarter 2017 results including distributable cash per unit increase of 3.5% and payout ratio of 88.4%

Toronto Stock Exchange: BPF.UN

Franchise Sales of $221.5 million for the third quarter of 2017 increased by 2.8% versus one year ago

Highlights

• System-Wide Gross Sales¹ of $286.7 million for the Period and $823.6 million YTD, representing increases of 1.8% and 1.7%, respectively, versus the same periods one year ago.
• Franchise Sales² from royalty pool restaurants of $221.5 million for the Period and $636.6 million YTD, representing increases of 2.8% and 1.9%, respectively, versus the same periods one year ago.
• Same Store Sales Growth of positive 0.4% for the Period and negative 0.4% YTD.
• Distributable Cash³ per Unit increased 3.5% for the Period and increased 0.2% YTD.
• Payout Ratio⁴ of 88.4% for the Period, 98.5% YTD, and 99.2% on a trailing 12-month basis. Cash balance at the end of the Period was $3.5 million.
• On November 9, 2017, the trustees declared the October 2017 distribution to unitholders of 11.5 cents per Unit.

VANCOUVER, Nov. 14, 2017 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") and Boston Pizza International Inc. ("BPI") reported financial results today for the third quarter period from July 1, 2017 to September 30, 2017 (the "Period") and January 1, 2017 to September 30, 2017 ("YTD").  A copy of this press release, the condensed consolidated interim 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 November 14, 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 December 14, 2017 by dialling 1-855-669-9658 or 604-674-8052 and entering the access code: 1684 followed by the # sign. The replay will also be available at www.bpincomefund.com.

Same store sales growth ("SSSG"), a key driver of distribution growth for unitholders of the Fund, was positive 0.4% for the Period and negative 0.4% YTD compared with negative 0.5% and positive 0.7%, respectively, for the same periods in 2016.  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 positive 0.4% for the Period and negative 0.5% YTD compared with negative 1.1% and positive 0.4%, respectively, for the same periods in 2016.  The positive SSSG for the Period was principally due to menu re-pricing and increased online take-out and delivery sales, partially offset by weak general economic conditions in regions directly connected to the Canadian oil and gas industry and the adverse impact of the Saskatchewan 6% provincial sales tax ("PST") on restaurant purchased food. The negative SSSG YTD was principally due to weak general economic conditions in regions directly connected to the Canadian oil and gas industry, the adverse impact of the Saskatchewan 6% PST on restaurant purchased food and having one less day compared to the same period one year ago due to 2016 being a leap year, partially offset by menu re-pricing and increased online take-out and delivery sales. Franchise Sales of restaurants in the Fund's Royalty Pool were $221.5 million for the Period and $636.6 million YTD compared to $215.6 million and $624.5 million, respectively for the same periods in 2016.  The $5.9 million increase in Franchise Sales for the Period was primarily due to the additional Franchise Sales from 11 Net New Restaurants added to the Royalty Pool on January 1, 2017 and positive SSSG.  The $12.1 million increase in Franchise Sales YTD was primarily due to the additional Franchise Sales from 11 Net New Restaurants added to the Royalty Pool on January 1, 2017, partially offset by negative SSSG.

"We are pleased with the growth in Distributable Cash per Unit of 3.5% resulting in a solid Payout Ratio of 88.4% for the third quarter", said Jordan Holm, President of BPI.  "Modest economic improvements in oil and gas regions versus the third quarter in 2016 helped drive improved sales results in the Period, despite the continued adverse impact from the addition of a 6% PST on restaurant food in Saskatchewan. Our successful fire-grilled pizza promotion, which started in the second quarter, and increased online take-out and delivery sales driven by the launch of our new Boston Pizza website during the Period also contributed positively to our third quarter results."

The Fund's net and comprehensive income was $5.4 million for the Period compared to $10.5 million for the third quarter of 2016. The $5.1 million decrease in the Fund's net and comprehensive income for the Period compared to the third quarter of 2016 was primarily due to a $6.4 million change in fair value adjustments partially offset by lower non-cash deferred income taxes of $1.4 million.  The Fund's net and comprehensive income was $19.9 million YTD compared to $29.0 million year-to-date in 2016. The $9.1 million decrease in the Fund's net and comprehensive income YTD compared to the same period in 2016 was primarily due to a $10.0 million change in fair value adjustments and higher interest expense on Class B Units of Boston Pizza Royalties Limited Partnership (the "Class B Units") held by BPI of $0.5 million, partially offset by lower non-cash deferred income taxes of $1.1 million and an increase in Royalty income of $0.5 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. 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 YTD.

The Fund generated Distributable Cash of $7.9 million for the Period compared to $7.6 million for the third quarter of 2016.  The increase in Distributable Cash of $0.3 million or 3.8%, was primarily attributable to higher Royalty income. The Fund generated Distributable Cash of $21.3 million YTD, relatively unchanged from the same period in 2016.  The nominal increase in Distributable Cash of 0.2% was primarily due to higher Royalty income, partially offset by higher interest expense on Class B Units. 

The Fund's Distributable Cash per Unit of the Fund ("Unit") was $0.389 for the Period and $1.049 YTD compared to $0.376 and $1.047, respectively, for the same periods in 2016.  The increases in Distributable Cash per Unit of $0.013 or 3.5% for the Period and $0.002 or 0.2% YTD, are primarily attributable to the increases in Distributable Cash noted above.

The Fund's Payout Ratio for the Period was 88.4% and 98.5% YTD compared to 91.8% and 98.2%, respectively, in the same periods in 2016.  The decrease in the Fund's Payout Ratio for the Period compared to the same period in 2016 was due to the combined effects of Distributable Cash increasing by $0.3 million or 3.8% and distributions paid during the Period remaining unchanged compared to the same period in 2016.  The increase in the Fund's Payout Ratio YTD compared to the same period in 2016 was due to the combined effects of distributions paid YTD increasing by $0.1 million or 0.6% and Distributable Cash YTD increasing by a nominal amount or 0.2%. The increase in distributions paid YTD compared to the same period one year ago was due to the Fund increasing the monthly distribution from 10.83 cents per Unit to 11.5 cents per Unit beginning with the January 2016 distribution, which was paid on February 29, 2016.  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.  On a trailing 12-month basis, the Fund's Payout Ratio was 99.2% as at September 30, 2017.  A key feature of the Fund is that it is a "top line" structure, in which BPI and Boston Pizza Canada Limited Partnership ("BP Canada LP") pay the Fund an amount based on Franchise Sales from restaurants in the Fund's royalty pool.  Accordingly, unitholders of the Fund 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 November 9, 2017, the trustees of the Fund approved a cash distribution to unitholders of 11.5 cents per Unit in respect of the period from October 1, 2017 to October 31, 2017.  This distribution will be payable on November 30, 2017 to unitholders of record at the close of business on November 21, 2017. The Fund periodically reviews distribution levels based on its policy of stable and sustainable distribution flow to unitholders. Including the October 2017 distribution, which will be paid on November 30, 2017, the Fund will have paid out 184 consecutive monthly distributions totaling $271.6 million or $19.03 per Unit.  Unitholders have received 18 distribution increases since the Fund's initial public offering of Units in 2002. 

FINANCIAL SUMMARY

The tables below set out selected information from the Fund's condensed consolidated interim financial statements together with other data and should be read in conjunction with the condensed consolidated interim financial statements and MD&A of the Fund for the three and nine month periods ended September 30, 2017 and 2016.

			Q3 2017	Q3 2016	YTD 2017	YTD 2016
(in thousands of dollars – except restaurants, SSSG, Payout Ratio and per Unit items)
System-Wide Gross Sales			286,731	281,538	823,568	809,759
Number of restaurants in Royalty Pool			383	372	383	372
Franchise Sales reported by restaurants in the Royalty Pool			221,547	215,597	636,644	624,498
Royalty income			8,862	8,624	25,466	24,980
Distribution Income			2,863	2,790	8,107	8,083
Interest income			304	452	1,208	1,356
Total revenue			12,029	11,866	34,781	34,419
Administrative expenses			(273)	(292)	(910)	(875)
Interest expense on debt			(611)	(619)	(1,824)	(1,841)
Interest expense on Class B Unit and Class C GP Unit liabilities			(1,727)	(1,551)	(4,680)	(4,208)
Profit before fair value adjustments and income taxes^6			9,418	9,404	27,367	27,495
Fair value adjustment on investment in BP Canada LP			(7,455)	9,237	(5,587)	19,635
Fair value adjustment on Class B Unit liability			4,929	(4,833)	3,515	(10,292)
Fair value adjustment on interest rate swaps			668	171	1,160	(265)
Current and deferred income tax expense			(2,115)	(3,473)	(6,515)	(7,554)
Net and comprehensive income			5,445	10,506	19,940	29,019
Basic earnings per Unit			0.27	0.52	0.98	1.43
Diluted earnings per Unit			0.02	0.52	0.80	1.43
Distributable Cash / Distributions / Payout Ratio
Cash flows from operating activities			9,953	9,718	28,074	27,730
		Class C GP Unit distributions to BPI	(300)	(450)	(1,200)	(1,350)
		BPI Class B Unit entitlement	(1,113)	(1,108)	(3,747)	(3,388)
	Interest paid on long-term debt		(615)	(560)	(1,835)	(1,782)
	SIFT Tax on Units		(5)	27	15	44
Distributable Cash			7,920	7,627	21,307	21,254
Distributions paid			6,999	6,999	20,996	20,877
Payout Ratio			88.4%	91.8%	98.5%	98.2%
Distributable Cash per Unit			0.389	0.376	1.049	1.047
Distributions paid per Unit			0.345	0.345	1.035	1.028
Other
Same store sales growth			0.4%	(0.5%)	(0.4%)	0.7%
Number of restaurants opened			2	4	4	8
Number of restaurants closed			1	0	3	2
					Sep 30, 2017	Dec 31, 2016
Total assets					433,905	444,332
Total liabilities					135,152	181,120

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 BP Canada LP 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 BP Canada LP 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 BP Canada LP 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 BP Canada LP approved national promotions and discounts and excluding applicable sales and similar taxes. Nevertheless, 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 YTD.
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 YTD.
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 indirectly by the Fund on Class 1 LP Units and Class 2 LP Units of BP Canada LP.  See the "Overview – Purpose of the Fund / Sources of Revenue" section of the Fund's MD&A for the Period and YTD for more details.
6)	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 YTD.
7)	Other capitalized terms used in this press release are defined in the Fund's MD&A for the Period and YTD.

SUMMARY OF QUARTERLY RESULTS

			Q3 2017	Q2 2017	Q1 2017	Q4 2016
(in thousands of dollars – except restaurants, SSSG, Payout Ratio and per Unit items)
System-Wide Gross Sales			286,731	275,637	261,200	270,800
Number of restaurants in Royalty Pool			383	383	383	372
Franchise Sales reported by restaurants in the Royalty Pool			221,547	212,691	202,406	204,121
Royalty income			8,862	8,508	8,096	8,165
Distribution Income			2,863	2,686	2,558	2,617
Interest income			304	452	452	452
Total revenue			12,029	11,646	11,106	11,234
Administrative expenses			(273)	(335)	(302)	(299)
Interest expense on debt			(611)	(612)	(601)	(620)
Interest expense on Class B Unit and Class C GP Unit liabilities			(1,727)	(1,756)	(1,197)	(2,184)
Profit before fair value adjustments and income taxes			9,418	8,943	9,006	8,131
Fair value adjustment on investment in BP Canada LP			(7,455)	2,575	(707)	5,098
Fair value adjustment on Class B Unit liability			4,929	(1,561)	147	(2,668)
Fair value adjustment on interest rate swaps			668	493	(1)	967
Current and deferred income tax expense			(2,115)	(2,527)	(1,873)	(2,782)
Net and comprehensive income			5,445	7,923	6,572	8,746
Basic earnings per Unit			0.27	0.39	0.32	0.43
Diluted earnings per Unit			0.02	0.39	0.26	0.43
Distributable Cash / Distributions / Payout Ratio
Cash flows from operating activities			9,953	9,379	8,742	9,128
		Class C GP Unit distributions to BPI	(300)	(450)	(450)	(450)
		BPI Class B Unit entitlement	(1,113)	(1,304)	(1,330)	(1,134)
	Interest paid on long-term debt		(615)	(619)	(601)	(612)
	SIFT Tax on Units		(5)	53	(33)	(7)
Distributable Cash			7,920	7,059	6,328	6,925
Distributions paid			6,999	6,998	6,999	6,999
Payout Ratio			88.4%	99.1%	110.6%	101.1%
Distributable Cash per Unit			0.389	0.348	0.312	0.341
Distributions paid per Unit			0.345	0.345	0.345	0.345
Other
Same store sales growth			0.4%	(1.6%)	0.0%	(3.1%)
Number of restaurants opened			2	1	1	5
Number of restaurants closed			1	1	1	0

SUMMARY OF QUARTERLY RESULTS (continued)

				Q3 2016	Q2 2016	Q1 2016	Q4 2015
(in thousands of dollars – except restaurants, SSSG, Payout Ratio and per Unit items)
System-Wide Gross Sales				281,538	274,039	254,182	272,017
Number of restaurants in Royalty Pool				372	372	372	366
Franchise Sales reported by restaurants in the Royalty Pool				215,597	210,852	198,049	205,365
Royalty income				8,624	8,434	7,922	8,215
Distribution Income				2,790	2,728	2,565	2,708
Interest income				452	452	452	452
Total revenue				11,866	11,614	10,939	11,375
Administrative expenses				(292)	(296)	(287)	(298)
Interest expense on debt				(619)	(612)	(610)	(596)
Interest expense on Class B Unit and Class C GP Unit liabilities				(1,551)	(1,573)	(1,084)	(1,862)
Profit before fair value adjustments and income taxes				9,404	9,133	8,958	8,619
Fair value adjustment on investment in BP Canada LP				9,237	6,511	3,887	3,584
Fair value adjustment on Class B Unit liability				(4,833)	(3,407)	(2,052)	(1,634)
Fair value adjustment on interest rate swaps				171	7	(443)	47
Current and deferred income tax expense				(3,473)	(2,240)	(1,841)	(1,954)
Net and comprehensive income				10,506	10,004	8,509	8,662
Basic earnings per Unit				0.52	0.49	0.42	0.42
Diluted earnings per Unit				0.52	0.49	0.42	0.42
Distributable Cash / Distributions / Payout Ratio
Cash flows from operating activities				9,718	9,323	8,689	9,259
			Class C GP Unit distributions to BPI	(450)	(450)	(450)	(450)
			BPI Class B Unit entitlement	(1,108)	(1,119)	(1,161)	(1,011)
		Interest paid on long-term debt		(560)	(617)	(605)	(617)
		SIFT Tax on Units		27	(20)	37	(23)
Distributable Cash				7,627	7,117	6,510	7,158
Distributions paid				6,999	6,998	6,880	6,642
Payout Ratio				91.8%	98.3%	105.7%	92.8%
Distributable Cash per Unit				0.376	0.351	0.320	0.350
Distributions paid per Unit				0.345	0.345	0.338	0.325
Other
Same store sales growth				(0.5%)	2.1%	0.6%	2.2%
Number of restaurants opened				4	4	0	5
Number of restaurants closed				0	0	2	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 seven new locations that have opened to date in 2017.  There are currently four new locations 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.

ABOUT US

The Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002.  Including the October 2017 distribution which is payable on November 30, 2017, the Fund has delivered 18 distribution increases and 184 consecutive monthly distributions to unitholders totalling $271.6 million or $19.03 per unit since 2002.  The Fund earns revenue based on the franchise system sales of the 383 Boston Pizza restaurants included in the Fund's royalty pool.

BPI is Canada's number one casual dining brand with annual gross sales in excess of $1.0 billion serving more than 45 million guests through over 380 mainly franchisee operated restaurants. The Boston Pizza brand has successfully existed for over 50 years since opening its first restaurant in Edmonton, Alberta in 1964.  BPI has been recognized as a Platinum Member of Canada's 50 Best Managed Companies and has been a Franchisees' Choice Designation winner for six consecutive years.

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, Boston Pizza Holdings GP Inc., Boston Pizza GP Inc., BPI, BP Canada LP, Boston Pizza Canada Holdings Inc., Boston Pizza Canada Holdings Partnership, 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 YTD available at http://www.sedar.com/ and www.bpincomefund.com.

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

SOURCE Boston Pizza Royalties Income Fund

Wes Bews, Chief Financial Officer, Tel: [phone], E-mail: [email protected], www.bpincomefund.com

Related Links

www.bpincomefund.com