Toronto, Ontario, June 8, 2016 – Pizza Pizza Royalty Corp. (TSX:PZA) today announced a 2.4% increase to its monthly dividend. On an annualized basis, the dividend will increase to $0.856 from $0.836 per share.
The monthly dividend per share will increase to $0.0713 from $0.0697 beginning with the June 2016 dividend and will be payable July 15, 2016 to shareholders of record at the close of business on June 30, 2016.
This distribution increase follows two dividend increases in 2015, and is the seventh increase over the past five years as a result of consistent same store sales growth. On May 10, 2016, the Company reported same store sales growth of 2.5% and a working capital surplus of $4,900,000 for the most recent quarter ended March 31, 2016.
Paul Goddard, CEO at Pizza Pizza Limited said, “We are pleased to provide continued yield growth to shareholders backed by consistent sales growth and a healthy cash balance which adds support to the dividend.”
For tax purposes, the 2016 dividend will be considered a taxable eligible dividend.
For further information:
Curt Feltner, Chief Financial Officer
(416) 967-1010 x307