VAUGHAN, ON, March 4, 2021 /CNW/ - Recipe Unlimited
Corporation reported financial results today for the 13 and 52
weeks ended December 27, 2020.
- Off-premise System Sales surpassed $500 million for the year, an increase of 44.6%
compared to 2019
- EBITDA Contribution from the Retail and Catering division of
$48.4 million for the year, an
increase of 32.6% compared to 2019
- Positive Operating EBITDA of $35.0
million for Q4 and $113.8
million for the year
- Successfully amended lending covenants to provide additional
covenant flexibility through to the end of Q1 2022
"Despite 94% of our operating weeks in Q4 being impacted by
mandated full closures or severely restricted capacity constraints
due to COVID-19, the company generated $35
million in operating EBITDA and positive cash flow of
$17.5 million. This is a testament to
both the resilience of our people, our brands and the
diversification of our portfolio.
Our attention is fully focused on inviting our guests back into
our dining rooms and providing a best in class experience that
reminds them of what they have missed. We understand that in
the near term, consumers will be cautious returning into dining
rooms as restrictions ease, which is why we launched our Social
Safely campaign. This national campaign highlights the strict
standard and enhanced safety protocols that we have put in place to
give our guests peace of mind while dining at a Recipe restaurant.
The TV media component of this campaign will begin on March 15, 2021 and will complement our ongoing
digital messaging.
For 138 years, we have been committed to delivering exceptional
service while also operating safe and clean restaurants. The safety
of our customers and our teammates will always remain our top
priority."
– Frank Hennessey, CEO
Highlights for the 13 and 52 weeks ended December 27,
2020:
- System Sales(1) for the 13 weeks ended
December 27, 2020 decreased by 31.8% to $611.3 million, driven by a 43% reduction in
operating weeks caused by complete and partial restaurant closures
during the fourth quarter. System Sales(1) for the 52
weeks ended December 27, 2020 decreased $1,062.2 million to $2,424.7 million compared to $3,486.9 million in 2019, representing a decrease
of 30.5%. Decreases in restaurant system sales were partially
offset by sales increases in the Retail and Catering segment.
- Off-premise System Sales surpassed $0.5
billion for the 52 weeks ended December 27, 2020,
representing an increase of 44.6% from 2019. Off-premise System
Sales for the 13 weeks ended December 27,
2020 was $150.4 million
compared to $90.3 million in 2019,
representing an increase of 66.6%. This change in consumer
behaviour is expected to continue post-COVID and the Company is
well-positioned with most brands to build on its off-premise
channels because of its established IT platforms and multiple
options for delivery.
- Contribution from Retail and Catering for the 13 and 52 weeks
ended December 27, 2020 were $13.1
million and $48.4 million,
compared to $13.1 million and
$36.5 million in 2019, respectively.
This represents an increase of 32.6% for the fiscal year, which was
driven by increased sales to retail grocery customers at higher
gross margin rates after the benefit of government wage
subsidies.
- Operating EBITDA(1) for the 13 weeks ended
December 27, 2020 was $35.0 million compared to $60.5 million in 2019, a decrease of $25.5 million or 42.1% for the quarter. Operating
EBITDA(1) for the 52 weeks ended December 27, 2020
decreased to $113.8 million
compared to $216.0 million in 2019, a
reduction of $102.2 million or
47.3%. The decrease was driven by the impact of COVID-19,
which caused the decline in system sales, partially offset by lower
SG&A costs, government wage subsidies, and various cost savings
measures implemented by the Company.
- Operating EBITDA Margin on System Sales(1) before
The Keg royalty expense was 5.9% for the quarter compared to 7.1%
in 2019. Operating EBITDA Margin on System Sales(1)
before The Keg royalty expense for the 52 weeks ended
December 27, 2020 was 4.9% compared to 6.6% in
2019. Operating EBITDA Margin on System Sales after The Keg
royalty expense for the 13 and 52 weeks ended December 27,
2020 was 5.7% and 4.7% compared to 6.8% and 6.2% in 2019,
respectively.
- The Company opened two Ultimate Kitchens locations in
Toronto during 2020. Ultimate
Kitchens is a delivery and take-out concept offering customers
greater choice from the ability to order from multiple brands on
the same order or to simply order from a specific brand. Ultimate
Kitchens represents a significant opportunity for future growth and
expansion for Recipe. It is on-point with the shift in consumer
behaviour, and is a viable option for us to serve markets where it
may otherwise be cost prohibitive to build a traditional
restaurant. The Company intends to open two additional Ultimate
Kitchens locations in Montreal and
Hamilton during the first and
second quarters of 2021.
- The Company opened its first "Fresh Since 1999" joint venture
location in the fourth quarter of 2020. Fresh is a modern
plant-based brand that offers healthy vegan menu options made from
whole and natural ingredients. The Fresh brand represents a
significant opportunity for future growth and is on-point to meet
the increasing consumer demand for plant-based restaurants.
- The Company successfully amended its lending covenants with its
banking syndicate and private noteholders on February 18, 2021. The amendments will provide
additional covenant flexibility during the COVID-19 disruption
period. The covenant amendments are effective through to the end of
the first quarter of 2022.
- The Company continues to execute the planned closures of
restaurants that no longer fit its long-term strategic plan. For
the 52 weeks ended December 27, 2020, the Company successfully
closed and exited 64 restaurants, including 18 corporate, 43
franchise and 3 joint venture locations.
- Net earnings were $23.6 million for the 13 weeks ended
December 27, 2020 compared to a net loss of $1.9 million in 2019, an increase of $25.5 million for the quarter. The
$25.5 million increase in the quarter
was primarily driven by a decrease in asset impairment charges in
the quarter of $42.5 million,
partially offset by a decrease in Operating EBITDA of $25.5 million.
- Net losses were $53.0 million for
the 52 weeks ended December 27, 2020 compared to net earnings
of $43.9 million in 2019,
representing a decrease of $96.9 million. The $96.9 million decrease for the year was primarily
driven by a decrease in Operating EBITDA due to the effects of
COVID-19.
- Adjusted Basic Earnings per Share (1) ("EPS") for
the 13 weeks ended December 27, 2020 was $0.29 compared to $0.79 in 2019, a decrease of $0.51 or 64.6%. Adjusted Diluted EPS for the 13
weeks ended December 27, 2020 was $0.28 compared to $0.77 in 2019, a decrease of $0.49 or 63.6%.
- Adjusted Basic Earnings per Share(1) for the 52
weeks ended December 27, 2020 was $0.82 compared to $1.76 in 2019, a decrease of $0.94 or 53.4%. Adjusted Diluted EPS for the 52
weeks ended December 27, 2020 was $0.82 compared to $1.71 in 2019, a decrease of $0.89 or 52.0%.
- Free Cash Flow before growth capex, for the 13 weeks ended
December 27, 2020 was $17.5 million, compared to $44.3 million in 2019. Free Cash Flow before
growth capex, dividends and share repurchases under the Company's
normal course issuer bid ("NCIB")(2) for the 52 weeks
ended December 27, 2020 was
$50.5 million, compared to
$155.9 million in 2019. Positive Free
Cash Flow for the quarter and year reflects the success of our cost
management efforts, the benefit of government subsidies, while
providing financial support to franchisees.
- Free Cash Flow per share before growth capex on a diluted basis
for the 13 weeks ended December 27,
2020 was $0.31, compared to
$0.76 in 2019. Free Cash Flow per
share before growth capex, dividends and share repurchases under
the Company's NCIB(2), for the 52 weeks ended
December 27, 2020 was $0.90, compared to $2.52 in 2019.
(1) See "Non-IFRS Measures" section
of the Company's press release for definitions of System Sales,
Adjusted Net Earnings, Operating EBITDA, Operating EBITDA Margin on
System Sales, Adjusted Basic EPS and Adjusted Diluted
EPS.
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(2) The
Company's normal course issuer bid expired on June 23, 2020 without
being renewed.
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For the 13 weeks
ended
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For the 52 weeks
ended
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(C$ millions
unless otherwise stated)
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December
27,
2020
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December
29,
2019
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|
December
27,
2020
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December
29,
2019
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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Total System
Sales
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$
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611.3
|
|
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$
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895.8
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$
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2,424.7
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$
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3,486.9
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System Sales Growth
(1)
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(31.8)
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%
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(1.1)
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%
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(30.5)
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%
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2.1
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%
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Total number of
restaurants (at period end)
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1,341
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1,373
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1,341
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1,373
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|
|
|
|
|
|
|
|
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Operating EBITDA,
excluding The Keg royalty
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$
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36.1
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|
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$
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64.0
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$
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119.3
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$
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230.3
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Operating EBITDA
Margin on Total System Sales
before Keg royalty (1)
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5.9
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%
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7.1
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%
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4.9
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%
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6.6
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%
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|
|
|
|
|
|
|
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Operating
EBITDA (1)
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$
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35.0
|
|
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$
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60.5
|
|
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$
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113.8
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|
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$
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216.0
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Operating EBITDA on
System Sales
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5.7
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%
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6.8
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%
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|
4.7
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%
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6.2
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%
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|
|
|
|
|
|
|
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Corporate restaurant
sales
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$
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89.0
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$
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192.6
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$
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408.7
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$
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772.7
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Number of corporate
restaurants (at period end)
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210
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202
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210
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|
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202
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Contribution from
Corporate segment
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$
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1.5
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$
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19.3
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$
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0.4
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$
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75.0
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Contribution as a %
of corporate sales
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1.7
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%
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10.0
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%
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0.1
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%
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9.7
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%
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Franchise restaurant
System Sales
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$
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425.7
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$
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606.1
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$
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1,663.0
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$
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2,380.5
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Number of franchised
& JV restaurants
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1,131
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1,171
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1,131
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1,171
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Contribution from
Franchise segment
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$
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16.7
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$
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26.6
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|
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$
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64.8
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|
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$
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105.1
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Contribution as a %
of Franchise sales
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3.9
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%
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4.4
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%
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3.9
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%
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4.4
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%
|
|
|
|
|
|
|
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Retail and Catering
sales
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$
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92.6
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$
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92.3
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|
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$
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337.9
|
|
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$
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316.4
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Contribution from
Retail and Catering
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|
$
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13.1
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|
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$
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13.1
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|
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$
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48.4
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$
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36.5
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Contribution as a %
of Retail & Catering sales
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14.2
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%
|
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14.2
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%
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14.3
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%
|
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11.5
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%
|
|
|
|
|
|
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Contribution from
Central segment (excluding net
royalty expense)
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$
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4.8
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$
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5.0
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$
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5.8
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$
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13.7
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Contribution as a %
of total System Sales
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0.8
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%
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0.6
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%
|
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0.2
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%
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0.4
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%
|
|
|
|
|
|
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Total gross
revenue
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$
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210.9
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$
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327.0
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$
|
864.6
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$
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1,252.5
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Operating EBITDA
Margin on gross revenue
|
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16.6
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%
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18.5
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%
|
|
13.2
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%
|
|
17.2
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%
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Earnings (loss)
before income taxes
|
|
$
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23.9
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|
$
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(6.0)
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|
|
$
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(69.2)
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|
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$
|
60.8
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Net earnings
(loss)
|
|
$
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23.6
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|
|
$
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(1.9)
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|
|
$
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(53.0)
|
|
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$
|
43.9
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Adjusted Net
Earnings (1)
|
|
$
|
16.1
|
|
|
$
|
44.8
|
|
|
$
|
46.1
|
|
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$
|
105.7
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|
|
|
|
|
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|
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EPS attributable to
common shareholders of the
Company (in dollars)
|
|
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Basic EPS (in
dollars)
|
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$
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0.43
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|
|
$
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(0.03)
|
|
|
$
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(0.92)
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|
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$
|
0.74
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Diluted EPS (in
dollars)
|
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$
|
0.42
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$
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(0.03)
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|
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$
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(0.92)
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|
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$
|
0.72
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Adjusted Basic EPS
(1) (in dollars)
|
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$
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0.29
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$
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0.79
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|
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$
|
0.82
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|
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$
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1.76
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Adjusted Diluted
EPS (1) (in dollars)
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$
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0.28
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$
|
0.77
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$
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0.82
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$
|
1.71
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|
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|
|
|
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|
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Free Cash Flow before
growth capex, dividends and
NCIB (1)
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$
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17.5
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$
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44.3
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$
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50.5
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$
|
155.9
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Free cash flow Per
Share - Basic (in dollars)
|
|
$
|
0.31
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$
|
0.79
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|
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$
|
0.90
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$
|
2.60
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Free cash flow Per
Share - Diluted (in dollars)
|
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$
|
0.31
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|
|
$
|
0.76
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|
|
$
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0.90
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|
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$
|
2.52
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(•)
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Results from East
Side Mario's restaurants in the United States are excluded in the
System Sales totals and number of restaurants. See "Non-IFRS
Measures" section of the Company's press release for definitions of
System Sales Growth, Adjusted Net Earnings, Operating EBITDA,
Operating EBITDA Margin on System Sales, Adjusted Basic EPS and
Adjusted Diluted EPS.
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Outlook
Management expects that post COVID-19, the restaurant industry
will be very different. There will be less restaurant seats
in the market from competitors that will not re-open and from
changes in consumer behaviour. Management believes Recipe is well
positioned with certain brands to build on its off-premise (takeout
and delivery) and retail channels because of its established
business platforms (IT investments in digital apps for online
ordering, and relationships with grocery chains). The year 2020 has
proven that our brands and franchisees are strong and resilient,
and we can recover from the effects of the pandemic when our
restaurants are open and allowed to operate.
Due to a resurgence of COVID-19 cases, the Provincial
governments of Ontario,
Quebec and Manitoba announced province-wide shutdowns at
the end of the fourth quarter, which resulted in dining room
closures for all of our corporate and franchise locations in those
regions. Restaurants in other regions of Canada continue to operate at a reduced
capacity to adhere to social distancing guidelines and company-wide
health and safety protocols. During this COVID-19 disruption
period, we will continue to deliver safe dining experiences and
focus on our off-premise channels, which include plans to open 2
additional "Ultimate Kitchens" locations by the end of the first
quarter of 2021. Our retail division will continue to supply
branded and private label products to grocery customers across
Canada. Management believes that
its brands and franchisees will successfully manage through the
pandemic, despite government mandated closures and evolving
restrictive measures, because of our healthy balance sheet, our
various financial assistance programs provided to franchisees,
existing lender accommodations to Recipe and franchisees, rent and
wage subsidies from the Canadian Federal and Provincial
governments, as well as continued focus on off-premise sales
channels.
In February 2021, the Company
began to gradually re-open many of its Canadian restaurants in the
provinces of Ontario, Quebec and Manitoba, at a reduced capacity. The Company
is closely monitoring the global situation surrounding COVID-19 and
will continue to execute industry leading safety measures to
protect its teammates and franchise partners, as its restaurants
gradually reopen.
During the short and medium term, our focus will include:
- Continue to practice "Social Safely" safety protocols across
all of our corporate and franchise locations to protect the health
of our guests, teammates and franchise partners;
- Expanding dining room sales, where possible, by maximizing
seating capacity and table turns through strategic seating plans,
table separations and/or safety shields between tables and
reservation systems, while still maintaining social distancing
protocols with a focus on keeping our associates and guests
safe;
- Reducing menu size and complexity to deliver on the 4-Pillar
strategy of exceeding customer expectations for food quality,
service, value and ambiance, while improving profitability flow
through;
- Manage and improve the long-term health of our network and
restaurant profitability by providing tools and guidance for
franchisees to access government assistance programs (in particular
the CEWS and CERS programs), providing direct assistance through
the Recipe COVID Support Program, reducing and/or deferring
non-essential restaurant costs, and working with our franchise
lending partners to defer franchisee loan payments and to ensure
our franchisees have full access to the emergency loan programs
that the government has introduced in response to COVID-19;
- Actively negotiating early exit and permanent closure of
under-performing restaurants that were identified at the end of
2019;
- Continue to expand the Company's off premise business for all
brands with digital and mobile order applications and brand
appropriate features including curb-side pick-up, preorder and pay,
as well as other payment convenience options. The Company is also
focused on the expansion of our multiple brands delivery and
take-out only concept and expects to open 2 additional Ultimate
Kitchens locations in Ontario by
the end of the first quarter of 2021; and
- Reduce and adjust overhead cost structure in response to slower
growth and revenue reductions, including rent and overhead cost
reductions, and taking advantage of government initiatives like the
wage subsidies and government rent assistance to help offset the
reduction in revenues. The Company expects it will continue
to qualify for the government wage subsidy program (CEWS) and
Canada Emergency Rent Subsidy
program (CERS) in 2021 and will report the recoveries earned in
future quarters.
The foregoing description of Recipe's outlook is based on
management's current strategies and its assessment of the outlook
for the business and the Canadian restaurant industry as a whole
and may be considered to be forward–looking information for
purposes of applicable Canadian securities legislation. Readers are
cautioned that actual results may vary. A description of the risks
and uncertainties that impact the Company's business are discussed
in detail under the heading "Risk Factors" in the Company's Annual
Information Form dated March 25,
2021, available on SEDAR. See "Forward Looking
Information".
Non–IFRS Measures
These measures are not recognized measures under IFRS, do not
have a standardized meaning prescribed by IFRS and are therefore
unlikely to be comparable to similar measures presented by other
companies. Rather, these measures are provided as additional
information to complement those IFRS measures by providing further
understanding of the Company's results of operations from
management's perspective. Accordingly, they should not be
considered in isolation nor as a substitute for analysis of the
Company's financial information reported under IFRS. The Company
uses non–IFRS measures including "System Sales", "EBITDA",
"Operating EBITDA", "Operating EBITDA Margin", "Operating EBITDA
Margin on System Sales", "System Sales Growth", "Adjusted Net
Earnings", "Adjusted Basic EPS", "Adjusted Diluted EPS", and "Free
Cash Flow" to provide investors with supplemental measures of its
operating performance and thus highlight trends in its core
business that may not otherwise be apparent when relying solely on
IFRS financial measures. The Company also believes that securities
analysts, investors and other interested parties frequently use
non–IFRS measures in the evaluation of issuers. The Company's
management also uses non–IFRS measures in order to facilitate
operating performance comparisons from period to period, to prepare
annual operating budgets, and to determine components of management
compensation.
"System Sales" represents top–line sales from restaurant
guests at both corporate and franchise restaurants including
take–out and delivery customer orders. System Sales includes
sales from both established restaurants as well as new
restaurants. System sales also includes sales received from
its food processing and distribution division. Management believes
System Sales provides meaningful information to investors regarding
the size of Recipe's restaurant network, the total market share of
the Company's brands sold in restaurant and grocery and the overall
financial performance of its brands and restaurant owner base,
which ultimately impacts Recipe's consolidated financial
performance.
"System Sales Growth" is a metric used in the restaurant
industry to compare System Sales over a certain period of time,
such as a fiscal quarter, for the current period against System
Sales in the same period in the previous year.
"EBITDA" is defined as net earnings before: (i) net
interest expense and other financing charges; (ii) income taxes;
(iii) depreciation of property, plant and equipment;
(iv) amortization of other assets and deferred gain.
"Operating EBITDA" is defined as net earnings before:
(i) net interest expense and other financing charges; (ii)
income taxes; (iii) depreciation of property, plant and
equipment; (iv) amortization of other assets and deferred
gain; (v) impairment of assets, net of reversals;
(vi) losses on early buyout / cancellation of equipment
rental contracts; (vii) restructuring and other;
(viii) conversion fees; (ix) net (gain) / loss on
disposal of property, plant and equipment; * stock based
compensation, costs related to its restricted share units, and
one-time cash payments related to the exercise and settlement of
stock options; (xi) changes in onerous contract provision;
(xii) expense impact from fair value inventory adjustment resulting
from the St-Hubert purchase
relating to inventory sold during the period; (xiii) acquisition
related transaction costs; (xiv) change in fair value of
non-controlling interest liability; (xv) change in fair value of
Exchangeable Partnership units; (xvi) the Company's proportionate
share of equity accounted investment in joint ventures; (xvii)
interest income from the Partnership units; and the rent expense
impact related to the implementation of IFRS 16,
"Leases".
"Operating EBITDA Margin" is defined as Operating EBITDA
divided by total gross revenue.
"Operating EBITDA Margin on System Sales" is defined as
Operating EBITDA divided by System Sales.
"Free Cash Flow before capex, dividends and NCIB" is
defined as Operating EBITDA less (i) cash interest paid; (ii)
maintenance capex; and (iii) cash taxes paid.
"Free Cash Flow after capex, dividends and NCIB" is
defined as Operating EBITDA less (i) cash interest paid; (ii)
maintenance capex; (iii) cash taxes paid; (iv) growth capex; (vi)
dividends paid; (vii) shares repurchased under the NCIB; and (viii
) proceeds from sale of assets.
"Adjusted Net Earnings" is defined as net earnings plus
(i) change in fair value of non-controlling interest liability;
(ii) change in fair value of Exchangeable Partnership units; (iii)
one-time transaction costs; (iv) non-cash impairment charges; (v)
restructuring and other; (vi) amortization of unearned conversion
fees income; (vii) losses on early buyout/cancellation of equipment
rental contracts; (viii) net gain on disposal of property, plant
and equipment and other assets; and (ix) write-off of deferred
financing fees.
"Adjusted Basic EPS" is defined as Adjusted Net Earnings
divided by the weighted average number of shares
outstanding.
"Adjusted Diluted EPS" is defined as Adjusted Net
Earnings divided by the weighted average number of shares
outstanding plus the dilutive effect of stock options and
RSUs.
Forward-Looking Information
The financial performance of the Company is subject to a number
of factors that affect the commercial food service industry
generally and the full–service restaurant and limited–service
restaurant segments of this industry in particular. The Canadian
restaurant industry is intensely competitive with respect to price,
value proposition, service, location and food quality. There are
many well–established competitors, including those with greater
financial and other resources than the Company. Competitors include
national and regional chains, as well as numerous individually
owned restaurants. Recently, competition has increased in the
mid–price, full–service, casual dining segment of this industry in
which many of the Company's restaurants operate. Some of the
Company's competitors may have restaurant brands with longer
operating histories or may be better established in markets where
the Company's restaurants are located or may be located. If the
Company is unable to successfully compete in the segments of the
Canadian Restaurant industry in which it operates, the financial
condition and results of operations of the Company may be adversely
affected.
The Canadian restaurant industry business is also affected by
changes in demographic trends, traffic patterns, and the type,
number, locations of competing restaurants and public health
issues. In addition, factors such as inflation, increased food,
labour and benefit costs, and the availability of experienced
management and hourly employees may adversely affect the restaurant
industry in general and the Company in particular. Changing
consumer preferences and discretionary spending patterns and
factors affecting the availability of certain foodstuffs could
force the Company to modify its restaurant content and menu and
could result in a reduction of revenue. Even if the Company is able
to successfully compete with other restaurant companies, it may be
forced to make changes in one or more of its concepts in order to
respond to changes in consumer tastes or dining patterns. If the
Company changes a restaurant concept, it may lose additional
customers who do not prefer the new concept and menu, and it may
not be able to attract a sufficient new customer base to produce
the revenue needed to make the restaurant profitable. Similarly,
the Company may have different or additional competitors for its
intended customers as a result of such a concept change and may not
be able to successfully compete against such competitors. The
Company's success also depends on numerous other factors affecting
discretionary consumer spending, including general economic
conditions, disposable consumer income, consumer confidence and
consumer concerns over food safety, the genetic origin of food
products, public health issues and related matters. Adverse changes
in these factors could reduce guest traffic or impose practical
limits on pricing, either of which could reduce revenue and
operating income, which would adversely affect the Company.
The Company's audited consolidated financial statements for the
52 weeks ended December 27, 2020 and Management's Discussion
and Analysis are available under the Company's profile on SEDAR at
www.sedar.com.
Related Communications
Frank Hennessey, Chief Executive
Officer and Ken Grondin, Chief
Financial Officer, will hold a teleconference with the investment
community to discuss 2020 fourth quarter and year end results at
9:00 am Eastern Time on Friday March
5, 2021.
To access the webcast, please visit
https://produceredition.webcasts.com/starthere.jsp?ei=1439461&tp_key=164d270de2. A
replay will be available via the same URL until midnight on
March 4, 2022.
To dial in by telephone, please call (647) 427-7450 or
1-888-231-8191, five to ten minutes prior to the start time. The
Conference ID is 7139926. A telephone replay of the
call will be available until midnight on March 26, 2021. To access the replay, please dial
(416) 849-0833 or 1-855-859-2056 and enter passcode 7139926.
About Recipe
Founded in 1883, RECIPE Unlimited Corporation is Canada's oldest and largest full-service
restaurant company. The Company franchises and/or operates some of
the most recognized brands in the country including Swiss Chalet,
Harvey's, St-Hubert, The Keg,
Milestones, Montana's, Kelseys,
East Side Mario's, New York Fries, Prime Pubs, Bier Markt, Landing,
Original Joe's, State & Main, Elephant & Castle, The
Burger's Priest, The Pickle Barrel, Marigolds & Onions, 1909
Taverne Moderne, Fresh and Ultimate Kitchens.
RECIPE's iconic brands have established the organization as a
nationally recognized franchisor of choice. As at December 27,
2020, Recipe had 25 brands and 1,341 restaurants, 84% of which are
operated by franchisees and joint venture partners, operating in 11
countries (Canada, USA, Bahrain,
China, India, Macao,
Oman, Panama, Qatar, Saudi
Arabia and the UAE). RECIPE's shares trade on the
Toronto Stock Exchange under the ticker symbol RECP. More
information about the Company is available at
www.recipeunlimited.com.
SOURCE Recipe Unlimited Corp.