BURLINGTON, ON, Dec. 22, 2017 /CNW/ - SIR Corp. today announced that it is filing amended and restated financial results for the 12-week period ended November 19, 2017 ("Q1 2018").
The revised financial results amends and restates the financial statements and Management's Discussion and Analysis ("MD&A") that were originally filed on December 21, 2017. The amendment corrects for a misclassification of the cash used to purchase property and equipment and other assets – net and the net change in working capital items of $6.5 million. This amount, previously reported as purchases of property and equipment and other assets - net of $10.4 million, has been revised to the correct amount of $3.8 million and the net change in working capital items has been revised to the correct amount of $2.6 million. Note 6 to the financial statements has also been revised to reflect the correction to the net change in working capital items. The MD&A has been revised to reflect these changes on pages 10 and 16. The revised Interim Consolidated Financial Statements and MD&A can be accessed via the SIR Royalty Income Fund's profile on the SEDAR website at www.sedar.com under "Other".
About SIR Corp.
SIR is a privately held Canadian corporation that owns a portfolio of 61 restaurants and one seasonal retail outlet in Canada. SIR's Concept brands include: Jack Astor's Bar and Grill®, with 40 locations; Scaddabush Italian Kitchen & Bar® with eight locations; and Canyon Creek®, with seven locations. SIR also operates one-of-a-kind "Signature" brands including Reds® Wine Tavern, Reds® Midtown Tavern, Reds® Square One and The Loose Moose®. All trademarks related to the Concept and Signature brands noted above are used by SIR under a License and Royalty Agreement with SIR Royalty Limited Partnership in consideration for a Royalty, payable by SIR to the Partnership, equal to six percent of the revenue of the 57 restaurants currently included in the Royalty Pool (54 operating restaurants and three closed restaurants). SIR also owns Duke's Refresher® & Bar in downtown Toronto, one seasonal Signature restaurant, Abbey's Bakehouse®, and one seasonal Abbey's Bakehouse retail outlet, which are currently not in consideration to be part of the Royalty Pool. For more information on SIR Corp. or the SIR Royalty Income Fund, please visit www.sircorp.com.
About SIR Royalty Income Fund
The Fund is a trust governed by the laws of the province of Ontario that receives distribution income from its investment in the SIR Royalty Limited Partnership and interest income from the SIR Loan. The Fund intends to pay distributions to unitholders on a monthly basis.
SOURCE SIR Royalty Income Fund
For further information: Jeff Good, Chief Financial Officer, Tel: 905-681-2997; Bruce Wigle, Bay Street Communications, Tel: 647-496-7856