Q: What are you think of their latest quarter.
5i Research Answer:
Q4 sales were $244.4M, up 4% year over year. Same store sales growth was decent at 3.7%. Cash flow was $9.9M, up 4.9%. Distributable cash per unit rose 5.1%. Payout ratio ex the special payment was 97.5%. The year was a record, with the highest franchise sales ever. Promotions and execution offset competitive and price pressures. We would consider the results solid. The units are up 48% in a year. We would not expect these types of returns on a regular basis, however.