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A&W Revenue Royalties Income Fund
Symbol: TSX: AW.UN    
Address: Suite 300, 171 West Esplanade
North Vancouver, British Columbia, Canada V7M 3K9
Phone: (604) 988-2141
Fax: (604) 988-7271
Contact: Paul Hollands, President / Don Leslie, VP, Finance
A&W Revenue Royalties Income Fund is a limited purpose trust established to invest in Trade Marks, which through its interest in A&W Trade Marks Limited Partnership (the Partnership), owns the A&W trademarks used in the A&W quick service restaurant business in Canada. The A&W trade-marks comprise some of the best-known brand names in the Canadian foodservice industry. In return for licensing A&W Food Services to use its trade-marks, Trade Marks (through the Partnership) receives royalties equal to 3% of the sales of A&W restaurants in the Royalty Pool. A&W is the second largest quick-service hamburger restaurant chain in Canada. Operating coast-to-coast, A&W restaurants feature famous trade-marked menu items such as The Burger Family, Chubby Chicken and A&W Root Beer.
The Royalty Pool is adjusted annually to reflect sales from new A&W restaurants, net of the sales of any A&W restaurants that have permanently closed. Additional limited partnership units (LP units) are issued to A&W Food Services to reflect the annual adjustment. A&W Food Services' additional LP units will be exchanged for additional shares of Trade Marks which are exchangeable for units of the Fund. A&W Food Services currently owns 10.6% of the common shares of Trade Marks, and therefore currently owns the equivalent of 10.6% of the units of the Fund on a fully-diluted basis.
Trade Marks' dividends to A&W Food Services and the Fund, and the Fund's distributions to unitholders are based on top-line revenues of the A&W restaurants in the Royalty Pool, less interest, general and administrative expenses and current income taxes of Trade Marks, and are thereby isolated from many of the factors that impact an operating business.

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Financial Results
 Current Quarter
Jun 18 - 2Q
Year Ago Quarter
Jun 18 - 2Q
Revenue (000s) 8,224 7,922
Net Income (000s) 5,015 4,549
EPS 0.4 0.38
 Current 6 monthsYear Ago 6 months
Revenue (000s) 15,579 15,236
Net Income (000s) 9,198 7,179
EPS 0.74 0.59

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