Toronto, Ontario, February 17, 2022 – Pizza Pizza Royalty Corp. (the “Company”) (TSX: PZA) today announced an 8.3% increase to its monthly dividend. Beginning with February 2022, the dividend will increase to $0.065 per share from $0.06 per share. Annualized, the dividend will increase to $0.78 from $0.72 per share. The dividend will be payable to shareholders of record at the close of business February 28, 2022, and will be paid on March 15, 2022.
The Company’s dividend policy is to distribute all available cash in order to maximize returns to shareholders over time, after allowing for reasonable reserves. Despite seasonal variations inherent to the restaurant industry, the Company’s policy is to make equal dividend payments to shareholders on a monthly basis in order to smooth out income to shareholders.
With government-mandated pandemic restrictions scheduled to ease in most provinces in the near future, the Company will continue closely monitor sales and royalty income to determine when additional dividend adjustments may be warranted.
For tax purposes, the 2022 dividend will be considered a taxable eligible dividend.
The Company also announced that its financial results for the fourth quarter ended December 31, 2021 will be issued after markets close on Wednesday, March 2, 2022.
The Company invites analysts and portfolio managers to participate in a conference call with Paul Goddard, Chief Executive Officer, and Christine D’Sylva, Chief Financial Officer. The call will take place on Wednesday, March 2, 2022 at 5:30 p.m. Shareholders and media are invited to listen to the call.
Details of the Conference Call:
Date: Wednesday, March 2, 2022
Time: 5:30 p.m. ET
Call-in number: 416-764-8650 / 888-664-6383
Recording call in number: 416-764-8677 / 888-390-0541
Available until midnight, March 16, 2022
Conference ID: 762293
For further information:
Christine D’Sylva, Chief Financial Officer, Pizza Pizza Royalty Corp.
(416) 967-1010 x 393 cdsylva@pizzapizza.ca
phx2uat.pizzapizza.ca and www.pizza73.com or www.sedar.com.
