Boston Pizza Royalties Income Fund announces 2017 fourth quarter and annual results including system-wide gross sales Of $1.1 billion for the year, an increase of 1.7%

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Boston Pizza Royalties Income Fund announces 2017 fourth quarter and annual results including system-wide gross sales Of $1.1 billion for the year, an increase of 1.7%

Canada NewsWire

Toronto Stock Exchange: BPF.UN

Franchise Sales of $844.5 million for 2017 increased by 1.9% versus one year ago

Highlights

  • System-Wide Gross Sales1 of $275.5 million for the Period and $1.1 billion for the Year, representing increases of 1.8% and 1.7%, respectively, versus the same periods one year ago.
  • Franchise Sales2 from royalty pool restaurants of $207.9 million for the Period and $844.5 million for the Year, representing increases of 1.8% and 1.9%, respectively, versus the same periods one year ago.
  • Same store sales growth of positive 0.1% for the Period and negative 0.3% for the Year.
  • Distributable Cash3 per Unit decreased 2.9% for the Period and decreased 0.6% for the Year.
  • Payout Ratio4 of 104.2% for the Period and 100.0% for the Year.  Cash balance at the end of the Year was $3.3 million.
  • Boston Pizza opened eight net new full service restaurants and completed 28 restaurant renovations in 2017.
  • On February 7, 2018, the trustees declared the January 2018 distribution to unitholders of 11.5 cents per Unit.

VANCOUVER, Feb. 8, 2018 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") and Boston Pizza International Inc. ("BPI") reported financial results today for the fourth quarter period from October 1, 2017 to December 31, 2017 (the "Period") and January 1, 2017 to December 31, 2017 (the "Year").  A copy of this press release, the annual consolidated financial statements and related Management's Discussion and Analysis ("MD&A") of the Fund and BPI are available at www.sedar.com and www.bpincomefund.com.  The Fund will host a conference call to discuss the results on February 8, 2018 at 8:30 am Pacific Time (11:30 am Eastern Time).  The call can be accessed by dialling 1-800-319-4610 or 604-638-5340.  A replay will be available until March 8, 2018 by dialling 1-855-669-9658 or 1-604-674-8052 and entering the access code: 2014 followed by the # sign. The replay will also be available at http://www.bpincomefund.com/.

Same store sales growth ("SSSG"), a key driver of distribution growth for unitholders of the Fund, was positive 0.1% for the Period and negative 0.3% for the Year compared with negative 3.1% and negative 0.3%, 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 negative 0.2% for the Period and negative 0.4% for the Year compared with negative 3.1% and negative 0.5%, respectively, for the same periods in 2016. The SSSG for the Period and the Year was attributable to the combined impact of menu re-pricing, higher online take-out and delivery sales, weak general economic conditions in regions directly connected to the Canadian oil and gas industry, the adverse impact of the Saskatchewan 6% provincial sales tax on restaurant purchased food, and in the case of the Year, having one less day compared to the same period one year ago.  Franchise Sales of restaurants in the Fund's Royalty Pool were $207.9 million for the Period and $844.5 million for the Year compared to $204.1 million and $828.6 million, respectively for the same periods in 2016.  The $3.8 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.  The $15.9 million increase in Franchise Sales for the Year 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 satisfied with our finish to the year with positive SSSG in the fourth quarter of 2017 and System-Wide Gross Sales increasing by 1.7% to $1.1 billion for the year.  Our results in 2017 were also driven by the continued investment in the brand as evidenced by the opening of 11 new Boston Pizza restaurants and the extensive renovation of our downtown Toronto location showcasing our urban concept," said Jordan Holm, President of BPI.  "Although we continued to be impacted by weak economic conditions in oil and gas regions, we started to see improvements in these areas towards the end of the year and we continue to see strength in other parts of Canada."

The Fund's net and comprehensive income was $7.1 million for the Period compared to net and comprehensive income of $8.7 million for fourth quarter of 2016. The $1.6 million decrease in the Fund's net and comprehensive income for the Period compared to the fourth quarter of 2016 was primarily due to a $2.5 million change in fair value adjustments and lower interest income of $0.5 million, partially offset by lower interest and financing expenses of $1.0 million.  The Fund's net and comprehensive income was $27.0 million for the Year compared to $37.8 million in 2016.  The $10.8 million decrease in the Fund's net and comprehensive income for the Year compared to the same period in 2016 was primarily due to a $12.5 million change in fair value adjustments partially offset by lower deferred income tax expense of $1.2 million and higher Royalty income of $0.7 million.  For a detailed discussion on the Fund's net and comprehensive income, please see the "Operating Results – Net and Comprehensive Income / Basic and Diluted Earnings" section in the Fund's MD&A for the Period and the Year.  The Fund's net income under International Financial Reporting Standards ("IFRS") contains non-cash items, such as the fair value adjustments on financial instruments and deferred income taxes, that do not affect the Fund's business operations or its ability to pay distributions to unitholders.  In the Fund's view, net income is not the only or most meaningful measurement of the Fund's ability to pay distributions.  Consequently, the Fund reports the non-IFRS metrics of Distributable Cash and Payout Ratio to provide investors with more meaningful information regarding the amount of cash that the Fund has generated to pay distributions and the extent to which the Fund has distributed that cash.  Readers are cautioned that Distributable Cash and Payout Ratio are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers.  For a reconciliation between cash flow from operating activities (the most directly comparable IFRS measure) and Distributable Cash see the "Financial Summary" section of this press release.  For a detailed discussion on the Fund's Distributable Cash and Payout Ratio, please see the "Operating Results – Distributable Cash / Payout Ratio" section in the Fund's MD&A for the Period and the Year.

The Fund generated Distributable Cash of $7.2 million for the Period compared to $6.9 million for the fourth quarter of 2016.  The increase in Distributable Cash of $0.3 million or 4.7% was primarily attributable to the decrease in BPI's Class B Unit entitlement of $0.3 million as a result of BPI having exchanged 1,910,597 Class B general partner units of Boston Pizza Royalties Limited Partnership and 40,815,839 Class 2 general partner units of Boston Pizza Canada Limited Partnership ("BP Canada LP") for 1,600,000 units of the Fund ("Units") on September 26, 2017 (the "Unit Exchanges").  The Fund generated Distributable Cash of $28.6 million for the Year compared to $28.2 million in 2016.  The increase in Distributable Cash of $0.4 million or 1.3% was primarily due to higher Royalty income.

The Fund's Distributable Cash per Unit was $0.331 for the Period and $1.379 for the Year compared to $0.341 and $1.388, respectively, for the same periods in 2016.  The decreases in Distributable Cash per Unit of $0.010 or 2.9% for the Period and $0.009 or 0.6% for the Year, are primarily attributable to there being more Units outstanding due to the Unit Exchanges, partially offset by the increase in Distributable Cash noted above.

The Fund's Payout Ratio for the Period was 104.2% and 100.0% for the Year compared to 101.1% and 98.9%, respectively, in the same periods in 2016.  The increase in the Fund's Payout Ratio for the Period compared to the same period in 2016 was due to the combined effects of distributions paid increasing by $0.6 million or 7.9% and Distributable Cash increasing by $0.3 million or 4.7%.  The increase in the Fund's Payout Ratio for the Year compared to 2016 was due to the combined effects of distributions paid during the Year increasing by $0.7 million or 2.4% and Distributable Cash for the Year increasing by $0.4 million or 1.3%.  The increase in distributions paid for the Year 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 and there being more Units outstanding as a result of the Unit Exchanges.  The Fund strives to provide unitholders with consistent monthly distributions, and as a result, the Fund will generally experience seasonal fluctuations in its Payout Ratio.  The Fund's Payout Ratio is likely to be higher in the first and fourth quarters each year compared to the second and third quarters each year since Boston Pizza restaurants generally experience higher Franchise Sales during the summer months when restaurants open their patios and benefit from increased tourist traffic.  Higher Franchise Sales generally result in increases in Distributable Cash.  A key feature of the Fund is that it is a "top line" structure, in which BPI and BP Canada LP pay the Fund an amount based on Franchise Sales from restaurants in the Fund's royalty pool.  Accordingly, 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 February 7, 2018, the trustees of the Fund approved a cash distribution to unitholders of 11.5 cents per Unit in respect of the period from January 1, 2018 to January 31, 2018.  This distribution will be payable on February 28, 2018 to Unitholders of record at the close of business on February 21, 2018.  The Fund periodically reviews distribution levels based on its policy of stable and sustainable distribution flow to unitholders. Including the January 2018 distribution, which will be paid on February 28, 2018, the Fund will have paid out 187 consecutive monthly distributions totaling $279.2 million or $19.38 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 annual consolidated financial statements together with other data and should be read in conjunction with the annual consolidated financial statements and MD&A of the Fund for the years ended December 31, 2017 and 2016.

For the years ended December 31

2017

2016

2015

(in thousands of dollars – except restaurants, SSSG, Payout Ratio and per Unit items)

System-Wide Gross Sales

1,099,107

1,080,559

1,059,549

Number of restaurants in Royalty Pool

383

372

366

Franchise Sales reported by restaurants in the Royalty Pool

844,496

828,619

814,001





Royalty income

33,780

33,145

32,560

Distribution Income

10,904

10,700

8,173

Interest income

1,217

1,808

1,844

Total revenue

45,901

45,653

42,577

Administrative expenses

(1,209)

(1,174)

(1,226)

Interest expense on debt

(2,437)

(2,461)

(2,084)

Interest expense on Class B Unit and Class C GP Unit liabilities

(5,818)

(6,392)

(5,492)

Profit before fair value adjustments and income taxes

36,437

35,626

33,775

Fair value adjustment on investment in BP Canada LP

(4,441)

24,733

(14,869)

Fair value adjustment on Class B Unit liability

3,122

(12,960)

8,546

Fair value adjustment on interest rate swaps

1,275

702

(613)

Current and deferred income tax expense

(9,400)

(10,336)

(7,685)

Net and comprehensive income

26,993

37,765

19,154





Basic earnings per Unit

1.30

1.86

1.02

Diluted earnings per Unit

1.16

1.86

0.59





Distributable Cash / Distributions / Payout Ratio




Cash flows from operating activities

36,823

36,858

33,151


Class C GP Unit distributions to BPI

(1,200)

(1,800)

(1,800)


BPI Class B Unit entitlement

(4,618)

(4,522)

(3,802)


Interest paid on long-term debt

(2,440)

(2,394)

(1,961)


SIFT Tax on Units                                                               

(9)

37

(24)

Distributable Cash

28,556

28,179

25,564

Distributions paid

28,547

27,876

24,037

Payout Ratio

100.0%

98.9%

94.0%

Distributable Cash per Unit

1.379

1.388

1.364

Distributions paid per Unit

1.380

1.373

1.274





Other




Same store sales growth

(0.3%)

(0.3%)

1.8%

Number of restaurants opened

11

13

12

Number of restaurants closed

3

2

6

As at December 31

 

2017

2016

2015

Total assets

434,939

444,332

413,174

Total liabilities

139,201

181,120

157,151





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 the Year.

4)

Payout Ratio is calculated by dividing the distributions paid by the Fund during a period by the Distributable Cash generated in that period. Payout Ratio is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. This non-IFRS financial measure provides investors with useful information regarding the extent to which the Fund distributes cash on the Units. Investors are cautioned that this should not be construed as an alternative net income measure of profitability. As the Payout Ratio is calculated from a formula which includes Distributable Cash, which is a non-IFRS measure, a reconciliation of Payout Ratio to an IFRS measure is not possible. For additional information regarding this financial metric, see the heading "Description of Non-IFRS and Additional IFRS Measures" in the Fund's MD&A for the Period and the Year.

5)

The Fund licenses BPI the right to use various Boston Pizza trademarks in return for BPI paying the Fund a royalty equal to 4% of Franchise Sales of Boston Pizza restaurants in the Fund's royalty pool ("Royalty"). "Distribution Income" is income received 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 the Year 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 the Year.

7)

Other capitalized terms used in this press release are defined in the Fund's MD&A for the Period and the Year.         

 

SUMMARY OF QUARTERLY RESULTS


 Q4 2017

  Q3 2017

         Q2 2017

     Q1 2017

(in thousands of dollars – except restaurants, SSSG, Payout Ratio and per Unit items)




System-Wide Gross Sales

275,539

286,731

275,637

261,200

Number of restaurants in Royalty Pool

383

383

383

383

Franchise Sales reported by restaurants in the Royalty Pool

207,852

221,547

212,691

202,406






Royalty income

8,314

8,862

8,508

8,096

Distribution Income

2,797

2,863

2,686

2,558

Interest income

9

304

452

452

Total revenue

11,120

12,029

11,646

11,106

Administrative expenses

(299)

(273)

(335)

(302)

Interest expense on debt

(613)

(611)

(612)

(601)

Interest expense on Class B Unit and Class C GP Unit liabilities

(1,138)

(1,727)

(1,756)

(1,197)

Profit before fair value adjustments and income taxes

9,070

9,418

8,943

9,006

Fair value adjustment on investment in BP Canada LP

1,146

(7,455)

2,575

(707)

Fair value adjustment on Class B Unit liability

(393)

4,929

(1,561)

147

Fair value adjustment on interest rate swaps

115

668

493

(1)

Current and deferred income tax expense

(2,885)

(2,115)

(2,527)

(1,873)

Net and comprehensive income

7,053

5,445

7,923

6,572






Basic earnings per Unit

0.32

0.27

0.39

0.32

Diluted earnings per Unit

0.32

0.02

0.39

0.26






Distributable Cash / Distributions / Payout Ratio





Cash flows from operating activities

8,749

9,953

9,379

8,742


Class C GP Unit distributions to BPI

-

(300)

(450)

(450)


BPI Class B Unit entitlement

(871)

(1,113)

(1,304)

(1,330)


Interest paid on long-term debt                                                                                        

(605)

(615)

(619)

(601)


SIFT Tax on Units

(24)

(5)

53

(33)

Distributable Cash

7,249

7,920

7,059

6,328

Distributions paid

7,551

6,999

6,998

6,999

Payout Ratio

104.2%

88.4%

99.1%

110.6%

Distributable Cash per Unit

0.331

0.389

0.348

0.312

Distributions paid per Unit

0.345

0.345

0.345

0.345






Other





Same store sales growth

0.1%

0.4%

(1.6%)

0.0%

Number of restaurants opened

7

2

1

1

Number of restaurants closed

0

1

1

1

 

SUMMARY OF QUARTERLY RESULTS (continued)





Q4 2016

Q3 2016

Q2 2016

        Q1 2016

(in thousands of dollars – except restaurants, SSSG, Payout Ratio and per Unit items)



System-Wide Gross Sales

270,800

281,538

274,039

254,182

Number of restaurants in Royalty Pool

372

372

372

372

Franchise Sales reported by restaurants in the Royalty Pool

204,121

215,597

210,852

198,049






Royalty income

8,165

8,624

8,434

7,922

Distribution Income

2,617

2,790

2,728

2,565

Interest income

452

452

452

452

Total revenue

11,234

11,866

11,614

10,939

Administrative expenses

(299)

(292)

(296)

(287)

Interest expense on debt

(620)

(619)

(612)

(610)

Interest expense on Class B Unit and Class C GP Unit liabilities

(2,184)

(1,551)

(1,573)

(1,084)

Profit before fair value adjustments and income taxes

8,131

9,404

9,133

8,958

Fair value adjustment on investment in BP Canada LP

5,098

9,237

6,511

3,887

Fair value adjustment on Class B Unit liability

(2,668)

(4,833)

(3,407)

(2,052)

Fair value adjustment on interest rate swaps

967

171

7

(443)

Current and deferred income tax expense

(2,782)

(3,473)

(2,240)

(1,841)

Net and comprehensive income

8,746

10,506

10,004

8,509






Basic earnings per Unit

0.43

0.52

0.49

0.42

Diluted earnings per Unit

0.43

0.52

0.49

0.42






Distributable Cash / Distributions / Payout Ratio





Cash flows from operating activities

9,128

9,718

9,323

8,689


Class C GP Unit distributions to BPI

(450)

(450)

(450)

(450)


BPI Class B Unit entitlement

(1,134)

(1,108)

(1,119)

(1,161)


Interest paid on long-term debt

(612)

(560)

(617)

(605)


SIFT Tax on Units                                                                                                   

(7)

27

(20)

37

Distributable Cash

6,925

7,627

7,117

6,510

Distributions paid

6,999

6,999

6,998

6,880

Payout Ratio

101.1%

91.8%

98.3%

105.7%

Distributable Cash per Unit

0.341

0.376

0.351

0.320

Distributions paid per Unit

0.345

0.345

0.345

0.338






Other





Same store sales growth

(3.1%)

(0.5%)

2.1%

0.6%

Number of restaurants opened

5

4

4

0

Number of restaurants closed

0

0

0

2

 

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 and 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 eight net new restaurants that opened in 2017.  There are currently two 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 January 2018 distribution which is payable on February 28, 2018, the Fund has delivered 18 distribution increases and 187 consecutive monthly distributions to unitholders totaling $279.2 million or $19.38 per unit since 2002.  The Fund earns revenue based on the franchise system sales from the 391 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 50 million guests through over 390 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 seven 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, the impact of the economy and the improvements in the economic conditions in specified regions, and other such matters are forward-looking information.  When used in this press release, forward-looking information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan", "should", "continue" and other similar terminology.  The material factors and assumptions used to develop the forward-looking information contained in this press release include the following: future results being similar to historical results, expectation related to future general economic conditions, business plans, receipt of franchise fees and other amounts, franchisees access to financing, pace of commercial real estate development, protection of intellectual property rights of Boston Pizza Royalties Limited Partnership and absence of changes of laws. Risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by the forward-looking information contained herein, relate to (among others) competition, demographic trends, consumer preferences and discretionary spending patterns, business and economic conditions, legislation and regulation, Distributable Cash and reliance on operating revenues, accounting policies and practices, the results of operations and financial condition of BPI, BP Canada LP and the Fund, as well as those factors discussed under the heading "Risks and Uncertainties" in the most recent Annual Information Form of the Fund. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Except as required by law, the Fund and BPI assume no obligation to update previously disclosed forward-looking information. For a complete list of the risks associated with forward-looking information and the Fund's business, please refer to the "Risks and Uncertainties" and "Note Regarding Forward-Looking Information" sections included in the Fund's MD&A for the Period and the Year available at www.sedar.com and www.bpincomefund.com.

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

SOURCE Boston Pizza Royalties Income Fund

View original content: http://www.newswire.ca/en/releases/archive/February2018/08/c5842.html

Copyright CNW Group 2018

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