Toronto Stock Exchange: BPF.UN
COVID-19's continued impact on Boston Pizza
resulted in Same Restaurant Sales of negative 29.3% for the Period
and negative 40.3% if compared to the first quarter of
2019.
HIGHLIGHTS
- Throughout the Period, approximately 375 Boston Pizza
restaurants were providing take-out and delivery services, with a
low of approximately 100 Boston Pizza restaurants, and a high of
approximately 350 Boston Pizza restaurants, also having either
their dining rooms and sports bars and/or patios open with reduced
seating capacity.
- System-Wide Gross Sales1 of $156.7 million for the Period, representing a
decrease of 30.3% versus the same period one year ago.
- Franchise Sales2 from royalty pool restaurants of
$129.0 million for the Period,
representing a decrease of 25.9% versus the same period one year
ago.
- Same Restaurant Sales3 of negative 29.3% for the
Period. As COVID-19 began to adversely affect sales in Boston Pizza
restaurants in March of 2020, the Fund believes that it is also
useful to calculate and report SRS comparing 2021 gross sales to
2019 gross sales. If SRS were calculated comparing gross sales in
the Period to gross sales in the first quarter of 2019, SRS would
be negative 40.3%.
- SRS on a Franchise Sales basis of negative 24.9% for the
Period. If SRS were calculated comparing Franchise Sales in the
Period to Franchise Sales in the first quarter of 2019, SRS would
be negative 36.7%.
- Distributable Cash4 per Unit decreased 52.1% for the
Period.
- Payout Ratio5 of 231.8% for the Period, and 103.5%
on a trailing 12-month basis. Payout Ratio for the Period factors
in the Special Distribution that was paid on January 29, 2021 even though the cash generated
to fund the Special Distribution was generated during 2020. If the
Special Distribution was excluded in the calculation of Payout
Ratio for the Period, it would be 114.5%. Cash balance at the end
of the Period was $1.9 million.
- On May 11, 2021, the trustees of
the Fund declared the April 2021
distribution to unitholders of $0.065
per Unit.
VANCOUVER, BC, May 12,
2021 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund")
and Boston Pizza International Inc. ("BPI") reported
financial results today for the first quarter period from
January 1, 2021 to March 31, 2021 (the
"Period"). 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
May 12, 2021 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 June 12, 2021 by dialling
1-800-319-6413 or 604-638-9010 and entering the access code: 6481
followed by the # sign. The replay will also be available at
www.bpincomefund.com.
"The first quarter continued to present challenges brought on by
COVID-19 adversely affecting the business of Boston Pizza
restaurants across Canada," said
Jordan Holm, President of BPI.
"Overall guest traffic remains weakened by various local
regulations and changes in guest behaviour. With the rise in
COVID-19 cases due mainly to COVID-19 variants, and the resulting
increase in local government restrictions, we anticipate that the
business of Boston Pizza restaurants will continue to be negatively
impacted during the first half of 2021. Our focus continues
to be the safety of our guests and staff in restaurants, serving
our communities with take-out, delivery and on-premise dining where
permitted, and helping our franchisees manage effectively during
these challenging times."
ONGOING EFFECTS OF COVID-19
COVID-19 had significant adverse effects on the business of the
Fund, BPI and Boston Pizza Canada Limited Partnership
("BP Canada LP") during the Period.
Various governmental authorities across Canada imposed assorted restrictions on the
operations of restaurants in an attempt to control the spread of
COVID-19. The restrictions ranged from reductions in
operating hours, reductions in permitted hours to serve alcohol,
closures of indoor dining rooms and closures of patio dining
depending upon the particular regions and times within the
Period. Throughout the Period, approximately 375 Boston
Pizza restaurants were providing take-out and delivery services,
with a low of approximately 100 Boston Pizza restaurants, and
a high of approximately 350 Boston Pizza restaurants, also
having either their dining rooms and sports bars and/or patios open
with reduced seating capacity. Such restrictions adversely
affected SRS and Franchise Sales at Boston Pizza restaurants, and
the resulting Royalty, Distribution Income and Distributable Cash
available for distribution to unitholders. For a detailed
discussion on the Fund's SRS, Franchise Sales, Royalty,
Distribution Income and Distributable Cash, please see the
"Operating Results" section in the Fund's MD&A for the
Period.
Since the end of the Period, COVID-19 continued to have adverse
effects on the business of the Fund, BPI and
BP Canada LP, and on the operation of Boston Pizza
restaurants. Franchise Sales, and the resulting Royalty and
Distribution Income, for April 2021 were approximately 164% of
the level they were in April 2020 and approximately 56% of the
level they were in April 2019. SRS for April 2021
was approximately positive 74% when compared to the same period in
2020 and approximately negative 47% when compared to the same
period in 2019.
PERIOD RESULTS
SRS, a key driver of distribution growth for unitholders of the
Fund, was negative 29.3% for the Period compared to negative 15.8%
for the same period one year ago. As COVID-19 began to
adversely affect sales in Boston Pizza Restaurants in March of
2020, the Fund believes that it is also useful to calculate and
report SRS comparing 2021 gross sales to 2019 gross sales. If
SRS were calculated comparing gross sales in the Period to gross
sales in the first quarter of 2019, SRS would be negative
40.3%. Franchise Sales, the basis upon which Royalty and
Distribution Income are paid by BPI and BP Canada LP, respectively,
indirectly to the Fund, excludes revenue from sales of liquor,
beer, wine and approved national promotions and discounts. On
a Franchise Sales basis, SRS was negative 24.9% for the Period
compared to negative 15.9% for the same period one year ago.
If SRS on a Franchise Sales basis were calculated comparing
Franchise Sales in the Period to Franchise Sales in the first
quarter of 2019, SRS would be negative 36.7%. The decline in
SRS for the Period was principally due to declines in restaurant
guest traffic and the temporary closure of dining rooms, sports
bars and patios, partially offset by increased take-out and
delivery sales as a result of COVID-19.
Franchise Sales of Boston Pizza restaurants in the royalty pool
were $129.0 million for the
Period compared to $174.1 million for the same period one year
ago. The decrease in Franchise Sales for the Period was
primarily due to negative SRS on a Franchise Sales basis.
The Fund's net and comprehensive income was $11.6 million for the Period compared to net
and comprehensive loss of $16.9 million for the same period one year
ago. The $28.5 million
increase in the Fund's net and comprehensive income for the Period
compared to the first quarter of 2020 was primarily due to a
$30.2 million increase in fair
value gain, lower income tax expense of $0.5 million, lower interest expense on
Class B Units of $0.2 million
and lower administrative expense of $0.1
million, partially offset by lower Royalty and Distribution
Income of $2.4 million and
higher interest expense on long-term debt of $0.2 million. For a detailed
discussion on the Fund's net and comprehensive income, please see
the "Operating Results – Net and Comprehensive Income (Loss) /
Basic and Diluted Earnings (Loss)" section in the Fund's MD&A
for the Period. The Fund's net income or loss 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 or loss 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. The Fund
also reports the non-IFRS metric of SRS to provide investors useful
information regarding the change in gross sales of Boston Pizza
restaurants. Readers are cautioned that Distributable Cash,
Payout Ratio and SRS 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. A reconciliation of SRS and Payout Ratio to an IFRS
measure is not possible.
The Fund generated Distributable Cash of $3.7 million for the Period, compared to
$7.7 million for the first
quarter of 2020. The decrease in Distributable Cash of
$4.0 million or 52.3% was
primarily due to a decrease in cash flow generated from operating
activities of $3.6 million, a
contractually required debt repayment of $1.0 million for which there is no
comparable repayment in the first quarter of 2020 and an increase
of interest paid on long-term debt of $0.2 million, partially offset by lower SIFT
Tax on units of the Fund ("Unit") of $0.6 million and decreased entitlement for
BPI's Class B general partner units ("Class B Units")
of Boston Pizza Royalties Limited
Partnership ("Royalties LP") of $0.2 million.
The Fund generated Distributable Cash per Unit of $0.170 for the Period compared to $0.355 per Unit for the first quarter of
2020. The decrease in Distributable Cash per Unit of
$0.185 or 52.1% was primarily
attributable to the decrease in Distributable Cash outlined above,
partially offset by fewer Units outstanding compared to the same
period in 2020 due to the Fund's normal course issuer bid that was
in place from February 19, 2020 to February 18, 2021.
The Fund's Payout Ratio for the Period was 231.8% compared to
90.0% in the first quarter of 2020. The increase in the
Fund's Payout Ratio for the Period was due to the combined effects
of Distributable Cash decreasing by $4.0
million or 52.3% and distributions paid increasing by
$1.6 million or 22.8%.
Payout Ratio is calculated by dividing the amount of distributions
paid during the applicable period by the Distributable Cash for
that period. Accordingly, the Payout Ratio for the Period
factors in the special distribution of $0.20 per Unit that was paid on
January 29, 2021 (the "Special Distribution") even
though the cash generated to fund the Special Distribution was
generated during 2020. If the Special Distribution was
excluded in the calculation of Payout Ratio for the Period, it
would be 114.5%. The Fund's Payout Ratio is typically higher
in the first and fourth quarters compared to the second and third
quarters since Boston Pizza restaurants generally experience higher
Franchise Sales levels during the summer months when restaurants
open their patios and benefit from increased tourist traffic.
On a trailing 12-month basis, the Fund's Payout Ratio was 103.5% as
at March 31, 2021. The effects of COVID-19 may
materially affect the Fund's Payout Ratio in the future.
COVID-19 has resulted in material declines to Franchise
Sales and SRS when compared to periods prior to COVID-19. The
declines in Franchise Sales and SRS will result in significant
declines to Royalty and Distribution Income payable by BPI and BP
Canada LP to the Fund when compared to periods prior to COVID-19,
and significant declines in the amount of Distributable Cash
available for distribution to Unitholders when compared to periods
prior to COVID-19.
DISTRIBUTIONS
During the Period, the Fund declared distributions on the Units
in the aggregate amount of $2.8 million or $0.130 per Unit compared to $4.4 million or $0.204 per Unit in the first quarter of
2020. During the Period, the Fund paid distributions on the
Units in the aggregate amount of $8.5 million or $0.395 per Unit, compared to $6.9 million or $0.319 per Unit in the same period in 2020.
The amount of distributions declared during the Period decreased by
$0.074 per Unit due to a
decrease in the monthly distribution rate from $0.102 per Unit that was in effect for
distributions declared in the first quarter of 2020 to $0.065 per Unit for the Period. The amount
of distributions paid during the Period increased by $0.076 per Unit due to the Special
Distribution, partially offset by decreases in the monthly
distribution rates: (a) from $0.115 per Unit that was in effect for the
December 2019 distribution that was paid on January 31,
2020 to $0.065 per Unit for the
December 2020 distribution that was paid on January
29, 2021; and (b) from $0.102 per Unit that was in effect for the
January and February 2020 distributions that were paid on
February 28 and March 31, 2020, respectively, to
$0.065 per Unit for the January
and February 2021 distributions that were paid on
February 26 and March 31, 2021, respectively.
On May 11, 2021, the trustees of the Fund declared a
distribution for the period of April 1, 2021 to April 30,
2021 of $0.065 per Unit, which
will be payable on May 31, 2021 to unitholders of record on
May 21, 2021. Including the April 2021
distribution, which will be paid on May 31, 2021, the Fund
will have paid out total distributions of $356.8 million or $22.95 per Unit which includes 220 monthly
distributions and the Special Distribution.
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-month periods ended March 31, 2021 and
March 31, 2020.
|
|
|
|
For the periods
ended March 31
|
|
Q1 2021
|
Q1 2020
|
(in thousands of
dollars – except restaurants, SRS, Payout Ratio and per Unit
items)
|
|
|
|
System-Wide Gross
Sales
|
|
156,741
|
224,757
|
Number of restaurants
in Royalty Pool
|
|
387
|
395
|
Franchise Sales
reported by restaurants in the Royalty Pool
|
|
128,997
|
174,069
|
|
|
|
|
Royalty
income
|
|
5,160
|
6,963
|
Distribution
Income
|
|
1,717
|
2,293
|
Interest
income
|
|
40
|
5
|
Total
revenue
|
|
6,917
|
9,261
|
Administrative
expenses
|
|
(346)
|
(394)
|
Interest expense on
debt and financing fees
|
|
(941)
|
(703)
|
Interest expense on
Class B Unit liability
|
|
(414)
|
(648)
|
Profit before fair
value gain (loss) and income taxes
|
|
5,216
|
7,516
|
Fair value gain
(loss) on investment in BP Canada LP
|
|
11,566
|
(37,591)
|
Fair value (loss)
gain on Class B Unit liability
|
|
(5,152)
|
16,735
|
Fair value gain
(loss) on Swaps
|
|
1,118
|
(1,840)
|
Current and deferred
income tax expense
|
|
(1,168)
|
(1,738)
|
Net and comprehensive
income (loss)
|
|
11,580
|
(16,918)
|
|
|
|
|
Basic earnings (loss)
per Unit
|
|
0.54
|
(0.78)
|
Diluted earnings
(loss) per Unit
|
|
0.54
|
(1.36)
|
|
|
|
|
Distributable Cash /
Distributions / Payout Ratio
|
|
|
|
Cash flows generated
from operating activities
|
|
5,917
|
9,501
|
BPI Class B Unit
entitlement
|
|
(466)
|
(648)
|
Interest paid on
long-term debt
|
|
(880)
|
(701)
|
Principal repayments
on long-term debt
|
|
(1,036)
|
-
|
SIFT Tax on
Units
|
|
132
|
(458)
|
Distributable
Cash
|
|
3,667
|
7,694
|
Distributions
paid
|
|
8,501
|
6,923
|
Payout
Ratio
|
|
231.8%
|
90.0%
|
Distributable Cash
per Unit
|
|
0.170
|
0.355
|
Distributions paid
per Unit
|
|
0.395
|
0.319
|
|
|
|
|
Other
|
|
|
|
Same Restaurant
Sales
|
|
(29.3%)
|
(15.8%)
|
Number of restaurants
opened
|
|
0
|
1
|
Number of restaurants
closed
|
|
1
|
2
|
|
|
|
|
|
Mar 31,
2021
|
Dec 31, 2020
|
Total
assets
|
|
395,940
|
390,804
|
Total
liabilities
|
|
130,258
|
133,904
|
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 that are in the
Fund's royalty pool; and (ii) reported to BP Canada LP by
franchised Boston Pizza restaurants in Canada that are in the
Fund's royalty pool, 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)
|
"Same Restaurant
Sales" or "SRS" is the change in gross revenue of Boston
Pizza restaurants as compared to the gross revenue for the same
period in the previous year for Boston Pizza restaurants that have
been open for a minimum 24 months. SRS 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. Management believes SRS
provides investors useful information regarding the change in gross
sales of Boston Pizza restaurants.
|
4)
|
"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.
Management believes that 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.
|
5)
|
"Payout Ratio"
is calculated by dividing the aggregate 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. Management believes that this non-IFRS
financial measure provides investors with useful information
regarding the extent to which the Fund distributes cash on the
Units. 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.
|
6)
|
Royalties LP licenses
BPI the right to use various Boston Pizza trademarks in return for
BPI paying Royalties LP a royalty equal to 4% of Franchise Sales of
Boston Pizza restaurants (the "Royalty") in the Fund's
royalty pool (the "royalty pool"). "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 for more details.
|
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.
|
8)
|
Capitalized terms
used in this press release that are undefined have the meanings
ascribed to them in the Fund's MD&A for the Period.
|
SHORT-TERM OUTLOOK
COVID-19 had sudden, unexpected and unprecedented impacts on the
general economy, the restaurant industry and has specifically
caused significant disruption to the business of the Fund and
BPI. The focus of BPI's management is to continue to:
(i) monitor carefully the continuously evolving COVID-19
situation; (ii) modify the operating procedures of Boston
Pizza restaurants to ensure the safety of guests and staff of
BP Canada LP's franchisees; (iii) responsibly and
safely operate the dining rooms, sports bars and patios of Boston
Pizza restaurants across Canada
when permitted by applicable provincial health authorities;
(iv) maximize the opportunity to grow its take-out and
delivery business; and (v) review and adapt current and future
plans to responsibly address the challenges and opportunities
presented by COVID-19. Management of BPI anticipates that
sales levels for the first half of 2021 will continue to be
challenged as a result of COVID-19.
The trustees of the Fund will continue to closely monitor BPI's
and BP Canada LP's business as the COVID-19 situation
continues to develop and consider the best interests of the Fund
and its stakeholders. While COVID-19 persists, the trustees
of the Fund expect that Franchise Sales and SRS at Boston Pizza
restaurants, and resulting Royalty, Distribution Income and
Distributable Cash available for distribution to unitholders will
continue to be adversely affected.
Forward Looking Information
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, Royalties LP, 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 its trustees expect or anticipate will or may occur in the
future, including such things as, the potential for COVID-19 to
continue to materially affect the Fund's Payout Ratio in the
future, the COVID-19 pandemic continuing to result in material
declines to Franchise Sales and SRS, declines in Franchise Sales
and SRS resulting in significant declines to Royalty and
Distribution Income payable to the Fund and significant declines in
the amount of Distributable Cash available for distribution to
unitholders, future distributions and dates distributions are to be
paid or payable, the significant uncertainties related to the
COVID–19 pandemic and the impact on BPI and the Fund, the focus of
BPI's management on guest and staff safety, maximizing the take-out
and delivery business and helping franchisees succeed during these
challenging times, the trustees of the Fund continuing to closely
monitor BPI's and BP Canada LP's business as the COVID-19
situation continues to develop and consider the best interests of
the Fund and its stakeholders, management's anticipation that sales
levels for the first half of 2021 will continue to be challenged as
a result of COVID-19, 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: the COVID-19
pandemic will continue to negatively impact the restaurant
industry, Franchise Sales, SRS and Distributable Cash. 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, 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, neither the Fund
nor BPI assumes any 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
most recent Annual Information Form of the Fund available at
www.sedar.com and www.bpincomefund.com.
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 April 2021 distribution which is payable on
May 31, 2021, the Fund will have paid
out 220 monthly distributions and one special distribution
totaling $356.8 million or
$22.95 per Unit. The Fund
earns revenue based on the franchise system sales of the
387 Boston Pizza restaurants in the Fund's royalty
pool.
BPI is Canada's number one
casual dining brand. The Boston Pizza brand has served
communities from coast-to-coast for over 56 years since
opening its first restaurant in Edmonton,
Alberta in 1964. Today Boston Pizza proudly remains a
Canadian company with its hundreds of local franchise owners
operating more dining rooms, sports bars and patios than any other
single brand in the country, along with take-out and
delivery. BPI has been recognized as a Platinum Member of
Canada's 50 Best Managed
Companies and has been a Franchisees' Choice Designation winner for
eight consecutive years.
The trustees of the Fund have approved the contents of this news
release.
® Boston Pizza Royalties Limited Partnership. All Boston
Pizza registered Canadian trade-marks and unregistered Canadian
trade-marks containing the words "Boston", "BP", and/or "Pizza" are
trade-marks owned by the Boston Pizza Royalties Limited Partnership
and licensed by the Boston Pizza Royalties Limited Partnership to
Boston Pizza International Inc.
SOURCE Boston Pizza International Inc.