Pizza Delight operator delivers better financial results, appoints new CEO

MONCTON, N.B. – Imvescor Restaurant Group Inc. (TSX:IRG) reports it had $2.57 million of net income in its 2013 financial year, up from $1.84 million a year earlier.

Most of the increased profit came in the Moncton-based company’s fiscal fourth quarter. Its net income for the 13 weeks ended Oct. 27 rose to $868,000 from $120,000 a year earlier.

Imvescor had $55 million in total revenue for the year, including from royalties on banners such as Pizza Delight, Mike’s and Baton Rouge, as well as other sources, up from $47.3 million a year earlier.

Revenue in the fourth quarter was $13.69 million, up from $12.5 million a year earlier.

Imvescor’s corporate and franchised restaurants are primarily in Atlantic Canada, Quebec and Ontario.

The Moncton-based company also announced Friday that its new president and CEO is Denis Richard, effective immediately.