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Pizza Pizza Royalty profit misses consensus by 22.0% in Q2

Pizza Pizza Royalty Corp. said its second-quarter normalized net income amounted to 16 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 21 cents per share.

EPS increased 7.7% year over year from 15 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$5.0 million, a gain of 9.3% from C$4.6 million in the prior-year period.

The normalized profit margin rose to 59.2% from 58.1% in the year-earlier period.

Total revenue increased 7.3% on an annual basis to C$8.5 million from C$7.9 million, and total operating expenses increased 18.8% year over year to C$139,000 from C$117,000.

Reported net income declined 10.7% from the prior-year period to C$5.3 million, or 17 cents per share, from C$6.0 million, or 20 cents per share.