Priszm reports financial results for fourth quarter and year end 2009; amends loan agreement

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Priszm reports financial results for fourth quarter and year end 2009; amends loan agreement

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^{Published on 2010-03-12 13:40:28} Year ended December 27, 2009 versus year ended December 28, 2008 - Cash position of $25.7 million - Completed sale of Toronto salad production facility - Reported income from restaurant operations of $28.9 million - Same store sales declined by 3.3 per cent - Generated EBITDA* of $34.2 million, which included the one-time gain of approximately $9.2 million on the sale of the salad production facility in December 2009 Fourth quarter Full Year (in thousands except per Unit amounts) 2009 2008 2009 2008 Cash provided by operating activities $ 7,490 $ 9,948 $ 21,328 $ 16,845 Net change in non-cash working capital(1) (4,675) (2,512) (3,582) 9,231 Franchise renewal fees (1,970) - (1,970) - Maintenance capital expenditures(2) (1,142) (1,176) (3,038) (3,356) Distributable cash (297) 6,260 12,738 22,720 Distributions declared during the period(3) 459 4,598 7,802 20,876 Distributable cash per Unit (0.012) 0.245 0.500 0.882 Distributions per Fund and Exchangeable Unit(3) 0.020 0.200 0.340 0.900 Distributions per Subordinated Unit - - - - Distributions per Unit - diluted 0.018 0.180 0.306 0.810 Payout ratio nm* 82% 68% 102% * not meaningful Notes: (1) The Company does not need to finance its working capital as it operates in an environment where cash sales precede the payment of restaurant food, supplies and labour. While quarterly fluctuations will occur, on a full year basis these changes will not impact the Company's ability to make Unit distributions and therefore the Company adds back the net change in non-cash working capital to reconcile to distributable cash (2) Maintenance capital expenditures are defined by management as capital expenditures that are necessary to sustain current production capacity. The Company believes that funding for maintenance capital expenditures must come out of operating cash flow. Development capital expenditures are not recorded as a reduction from distributable cash since these expenditures are expected to generate increases in future distributable cash and distributions. Maintenance capital expenditures and development capital expenditures are not measures recognized by GAAP, do not have standardized meanings prescribed by GAAP, and therefore, may not be comparable to similar measures presented by other issuers. (3) Distributions per Unit include all declared distributions for the 2008 and 2009 fiscal years.Fourth quarter Full year (in thousands of dollars) 2009 2008 2009 2008 Net loss for the period $ (3,106) $(34,452) $ (717) $(29,994) Income tax recovery (284) (4,358) (760) (4,333) Interest income (3) (28) (12) (164) Interest expense (including accretion and amortization of deferred financing charges) 2,730 2,779 9,012 8,897 Non-controlling interest (2,276) (26,317) (1,017) (23,379) Amortization, impairment and loss on disposal of PP&E 17,005 71,884 27,563 81,392 Unit-based compensation 4 168 226 660 Long-term incentive plan accrual - (61) (52) (85) EBITDA 14,070 9,615 34,243 32,994