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As of 8:10 PM 07/29/14 All times are local (Market data is delayed by at least 15 minutes).
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Canada Newswire  06/18/2014 5:00 PM ET
SIR Royalty Income Fund Reports SIR Corp. Third Quarter 2014 Results

BURLINGTON, ON, June 18, 2014 /CNW/ - SIR Royalty Income Fund (TSX: SRV.UN) (the "Fund") today announced that SIR Corp. ("SIR" or the "Company"), the operating entity from which the Fund earns equity income and interest income, has filed its financial results for the 12-week and 36-week periods ended May 4, 2014 ("Q3 FY2014" and "YTD FY2014", respectively).

SIR has advised the Fund that revenue from corporate restaurant operations for Q3 FY2014 increased 5.5% to $59.8 million compared to $56.7 million for the 12-week period ended May 5, 2013 ("Q3 FY2013"). Revenue from corporate restaurant operations for YTD FY2014 increased 7.4% to $171.1 million from $159.3 million for the 36-week period ended May 5, 2013 ("YTD FY2013"). Revenue growth was driven by the addition of new restaurants.

Same Store Sales(1)

12-week period ended

May 4, 2014

(unaudited)

36-week period ended

May 4, 2014

(unaudited)

Jack Astor's™

(1.0%)

(0.6%)

Canyon Creek™

1.8%

(0.8%)

Alice Fazooli's™ / Scaddabush Italian Kitchen & Bar™

(4.0%)

(6.8%)

Signature Restaurants

0.7%

8.1%

Overall Same Store Sales(1)

 (0.7%)

(0.4%)

 

Overall same store sales(1) ("SSS") declined by 0.7% and 0.4% for Q3 FY2014 and YTD FY2014, respectively, primarily as a result of the unfavourable weather during the fiscal 2014 periods compared to the corresponding periods a year ago. Jack Astor's, which has contributed approximately 74% of Pooled Revenue in YTD FY2014, experienced SSS(1) declines of 1.0% and 0.6% for Q3 FY2014 and YTD FY2014, respectively. Canyon Creek generated same store sales growth ("SSSG")(1)

 

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