SIR Royalty Income Fund Announces SIR Corp. FY2012 Q1 Results
SIR Royalty Income Fund (SRV-UN.TO), which closed Thursday down 1%, announced that SIR Corp., the operating entity from which the Fund earns distribution income and interest income, has filed its financial results for the 12-week period ended November 20, 2011.
SIR has advised the Fund that revenue for Q1 2012 increased 9.8% to $49.2 million from $44.8 million for the same period a year ago. Same store sales for Q1 2012 increased 5.6% compared to the same period a year ago. Same store sales growth for Jack Astor's, SIR's flagship concept restaurant brand, which generated approximately 70% of current Fiscal 2012 Pooled Revenue, increased 7.0% during the first quarter.
Net loss for the period attributable to shareholders of SIR for Q1 2012 was $1.2 million compared with $2.0 million for the same period in fiscal 2011. The lower net loss in the Q1 2012 period was primarily due to favourable earnings from corporate restaurant operations, resulting primarily from same store sales growth.
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