Changes in value of units behind big swings in net profit: Boston Pizza

VANCOUVER – Boston Pizza Royalties Income Fund (TSX:BPF.UN) is reporting a big increase in fourth-quarter net profit, but similarly large decline in full-year earnings. However, the Vancouver-based franchisor of casual dining restaurants says that in both cases the numbers don’t accurately reflect the company’s business operations or ability to pay distributions to unitholders. As it is, Boston Pizza reported net income of $4.3 million or 23 cents per diluted unit for the most recent quarter, up from $300,000 or two cents per unit in the final quarter of 2011. Full-year net earnings fell to $2 million from almost $15.6 million.