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A Pizza Pizza box. (Pascal Eisenschmidt/iStockphoto)
A Pizza Pizza box. (Pascal Eisenschmidt/iStockphoto)

Pizza Pizza Royalty Corp. reports higher second-quarter profit Add to ...

Pizza Pizza Royalty Corp. said Thursday that it earned $5.8-million in its latest quarter as revenue at its restaurants crept higher.

The company, which earns royalty revenue from Pizza Pizza and Pizza 73 restaurants, said the profit amounted to 19 cents a share for the quarter ended June 30.

The results compared with a loss of $2.8-million or 13 cents a share a year ago when it was hit by a one-time charge related to its change to a corporate structure.

Diluted adjusted earnings per share were 20.4 cents, up from 19.7 cents in the same quarter last year.

Sales by restaurants included in the royalty pool totalled $119-million, up from $117-million in the second quarter last year, while same-store sales increased 1.3 per cent.

Royalty revenue increased to $7.7-million from $7.6-million a year ago.

Pizza Pizza said it opened 11 new stores and closed one in the quarter.

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