TORONTO, ONTARIO–(Marketwired – March 7, 2016) – Pizza Pizza Ability Corp. (the “Company”) (PZA.TO), which owns the Pizza Pizza and Pizza 73 Rights and Marks, appear banking after-effects today for the fourth division and year concluded December 31, 2015.
Fourth Division highlights:
For the quarter, System Sales from the 730 restaurants in the Ability Basin added by 4.4% to $141.4 actor from $135.5 actor in the above-mentioned year division back there were 722 restaurants in the pool. For the year, Ability Basin System Sales added 5.6% to $533.8 actor from $505.4 actor in the above-mentioned year.
Same abundance sales advance (“SSSG”), the key disciplinarian of crop advance for shareholders of the Company, added 3.4% for the division back compared to the aforementioned aeon in 2014 and added 4.5% for the abounding year back compared to the above-mentioned year.
SSSG is apprenticed by the advance in the boilerplate chump analysis and in chump cartage both of which are afflicted by changes in appraisement and sales mix. On a circumscribed basis, during the division and year, both the boilerplate analysis and cartage added back compared to the aforementioned periods aftermost year.
Paul Goddard, CEO, Pizza Pizza Limited (“PPL”), said: “Overall, we’re admiring with the achievement at our restaurants with Pizza Pizza assuming abnormally able-bodied in Ontario. In Alberta, the abatement in the bulk of oil has put burden on Pizza 73 sales growth. Geographic about-face has accurate to be key in advancement constant and abiding sales growth. The constant SSSG over the accomplished four years has accustomed the Aggregation to access assets six times while additionally architecture a $4.9 actor alive basic reserve.”
MONTHLY DIVIDENDS AND WORKING CAPITAL RESERVE
The Aggregation declared actor assets of $5.1 million, or $0.2074 per share, for the division compared to $4.4 million, or $0.2001 per share, for the above-mentioned year quarter. The payout arrangement was 91% for the division and was 90% in the above-mentioned year quarter.
For the year concluded December 31, 2015, the Aggregation declared assets of $19.7 million, or $0.8155 per share, compared to $17.5 million, or $0.8004 per allotment for the above-mentioned year; the payout arrangement was 95% for the year and 99% in 2014. For Canadian federal tax purposes, the allotment is advised a taxable acceptable dividend.
In 2015, the Aggregation added the account allotment twice. First, in April 2015, the Aggregation added the account allotment by 1.95% to $0.068 per Allotment ($0.816 annualized). The added access was in November 2015, back the Aggregation added the account allotment by 2.5% to $0.0697 per Allotment ($0.836 annualized).The antecedent allotment access was in January 2014, back the Aggregation added the account allotment by 2.6% to $0.0667 per Share.
The Company’s alive basic assets is $4.9 actor at December 31, 2015, compared to $3.9 actor at December 31, 2014, which is an access of $1.0 actor for the year. The assets is accessible to balance assets and armamentarium added expenditures in the accident of short- to medium-term airheadedness in System Sales and, thus, the Company’s ability income. With this assets now in place, activity forward, the Aggregation will abide to ambition a payout arrangement at or a 100% on an annualized basis. The Aggregation does not accept basic bulk requirements or employees.
EARNINGS PER SHARE (“EPS”)
Fully-diluted EPS for the division was $0.225 per allotment compared to $0.222 per allotment for the aforementioned division in 2014. The aeon over aeon access is attributable to an access in ability assets and abatement in absorption expense. However, instead of EPS, the Aggregation considers “adjusted” EPS1 to be a added allusive indicator of the Company’s operating achievement and, thus, additionally presents fully-diluted adapted EPS. Back adapted for non-cash items, EPS for the division added 0.9% to $0.233 per allotment compared to adapted EPS of $0.231 per allotment in the commensurable aeon aftermost year.
For the year, EPS was $0.821 compared to $0.826 for the above-mentioned year. The aeon over aeon abatement is attributable to a non-cash bulk of $1.25 actor accompanying to renewing the Company’s acclaim ability during the added quarter, account by an access in ability assets and abatement in absorption expense. Back adapted for non-cash items, EPS for the Year added 3.9% to $0.895 per allotment compared to adapted EPS of $0.861 per allotment in the above-mentioned year.
CURRENT INCOME TAX EXPENSE
Current assets tax bulk for the division was $1.5 actor compared to $1.2 actor for the above-mentioned year quarter. For the year, the assets tax bulk was $5.1 actor compared to $4.3 actor for the above-mentioned year. The access in tax bulk is due to an access in ability assets and a abatement in the tax amortization, account by a tax answer for the bandy abortion cost.
Of accurate agenda is that the Company’s balance from operations afore assets taxes, affected beneath International Banking Reporting Standards (“IFRS”), differs decidedly from its taxable income, abundantly due to the tax acquittal of the Pizza Pizza and Pizza 73 Rights and Marks. The bulk of the tax acquittal deducted is based on a crumbling base and will abatement yearly.
SALE BY PIZZA PIZZA LIMITED (“PPL”) OF 2,800,000 EQUIVALENT SHARES
On March 23, 2015, PPL, the clandestine operating aggregation of the Pizza Pizza and Pizza 73 businesses, entered into an underwriting acceding for the auction by PPL of 2,800,000 accepted shares of the Aggregation at a bulk of $15.00 per share. In adjustment to accommodate the 2,800,000 accepted shares to the underwriters, PPL exchanged 1,564,889 of its Class B Units of the Pizza Pizza Ability Limited Partnership (“Partnership”), applying the Class B Barter Multiplier of 1.789264. PPL’s buying of the Company’s fully-diluted shares decreased from 29% to 19.9% as a aftereffect of the transaction while the Company’s buying in the Partnership added from 71% to 80.1%. The absolute cardinal of fully-diluted shares did not change. All gain of the auction were paid to PPL.
CREDIT FACILITY INTEREST RATE DECREASE
Earlier in the year, on April 24, 2015, the Partnership entered into an acceding with its absolute syndicate of lenders to decidedly advance the acceding of its acclaim facility.
The adapted appellation of the accommodation is for bristles years crumbling on April 24, 2020, with an antecedent able absorption bulk of 2.75%. The adapted ability was to complete December 6, 2016 and had a anchored absorption bulk of 4.12%.
In affiliation with the aboriginal face-lifting of the acclaim facility, the Partnership concluded its again absolute bandy agreements and entered into two new absorption bulk bandy agreements that anchored the ability absorption bulk until April 2020. As a aftereffect of absolute the bandy agreements, the non-cash, out-of-market accident in absolute balance of $1.2 actor associated with the swaps, was reclassified to the account of earnings.
The lower absorption bulk on the $47 actor ability will aftereffect in about $640,000 absorption accumulation annually. Projected anniversary accumulation per allotment is $0.021 and the new absorption bulk was able April 24, 2015.
The cardinal of restaurants in the Company’s Ability Basin added by eight to 730 on the January 1, 2015 Adjustment Date. The cardinal of restaurants in the Ability Basin remained banausic through December 31, 2015.
During the quarter, PPL opened nine restaurants and bankrupt six. By brand, for the quarter, Pizza Pizza opened two acceptable and bristles non-traditional restaurants and bankrupt two acceptable and two non-traditional locations. Pizza 73 opened one acceptable area and one non-traditional location; two non-traditional locations were closed.
For the year, PPL opened 28 restaurants and bankrupt 21, accretion the all-embracing cardinal of restaurants by seven. By brand, for the year, Pizza Pizza opened bristles acceptable and 19 non-traditional locations; two acceptable and 16 non-traditional locations were closed. Pizza 73 opened two acceptable and two non-traditional locations; one acceptable and two non-traditional locations were closed.
Readers should agenda that the cardinal of restaurants added to the Ability Basin anniversary year may alter from the cardinal of restaurant openings and closings appear by PPL on an anniversary base as the periods for which they are appear alter slightly.
SELECTED FINANCIAL HIGHLIGHTS
The afterward table sets out called banking advice and added abstracts of the Aggregation and should be apprehend in affiliation with the audited anniversary circumscribed banking statements of the Company. Readers should agenda that the 2015 after-effects are not anon commensurable to the 2014 after-effects because there are 730 restaurants in the 2015 Ability Basin compared to 722 restaurants in the 2014 Ability Pool.
A archetype of the Company’s audited circumscribed banking statements and accompanying MD&A will be accessible at www.sedar.com and www.pizzapizza.ca afore the bazaar opens on March 7, 2016.
As ahead announced, the Aggregation will host a appointment alarm to altercate the results. The capacity of the appointment alarm are as follows:
A recording of the alarm will additionally be accessible on the Company’s website www.pizzapizza.ca.
Certain statements in this report, including statements as to accepted reductions to absorption bulk bulk and consistent impacts to the Company, may aggregate “forward-looking” statements which absorb accepted and alien risks, uncertainties and added factors which may account the absolute results, achievement or achievements to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by such advanced attractive statements. Back acclimated in this report, such statements accommodate such words as “may”, “will”, “expect”, “believe”, “plan”, and added agnate terminology. These statements reflect management’s accepted expectations apropos approaching contest and allege alone as of the date of this report. These advanced statements absorb a cardinal of risks and uncertainties, including those declared in the Company’s anniversary advice form. The Aggregation assumes no obligation to amend these advanced attractive statements, except as appropriate by applicative balance laws.
www.pizzapizza.ca and www.pizza73.com or www.sedar.com.
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