Pizza Pizza Royalty Corp. Earnings Updates
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Pizza Pizza Royalty Corp.(PZA) earns revenues from a royalty based on sales from Pizza Pizza and Pizza 73 quick service pizza restaurants. Pizza Pizza restaurants are franchise oriented restaurants and Pizza 73 Restaurants are owned and operated as independent businesses with each restaurant being a corporation equally owned by an independent Owner/Operator and the manager, Pizza Pizza Ltd. For the two brands, there are three revenue sources; food sales, royalty payments and profits from the 50% ownership in the Pizza 73 restaurants. Pizza Pizza, operates largely in Ontario while Pizza 73, operates mainly in Alberta and Saskatchewan. Revenues for Pizza Pizza Royalty Corp. are based on collecting a 6% royalty on Pizza Pizza restaurant system sales and 9% on Pizza 73 restaurant system sales included in the Royalty Pool. Since 2006 the Royalty Pool has increased from 501 restaurants to 761 as of Jun-30-2017.
Pizza Pizza contributes 80% of annual sales, Pizza 73 the remaining 20%. The Pizza Pizza and Pizza 73 restaurants are subject to seasonal variations in their business; system sales for the quarter ended March 31 have generally been the softest and the December 31 quarter end system sales have been the strongest. Pizza Pizza Royalty Corp. owns 81% of the Pizza Pizza Royalty LP and Pizza Pizza Ltd., a private company held by management owns 20.4%.
Traditional Pizza Pizza Restaurants feature self-service counters with a majority of its renovated restaurants ranging in size from 1,600 to 3,000 square feet, with seating for approximately 25 customers. Traditional Pizza 73 Restaurants are approximately 1,200 sq. ft. with limited seating. Traditional restaurants also support take-out and delivery service. The Company seeks to locate these restaurants in high traffic and high visibility locations that are easily accessible. Non-traditional restaurants feature a more limited menu and are targeted to "captured traffic" locations. Non-traditional restaurants typically offer counter service and are oriented to individual purchases by walk-in customers.
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