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VANCOUVER, BC (April 30, 2019)Boulevard Kitchen & Oyster Bar further cemented its role in Vancouver’s culinary landscape when it claimed its second consecutive nods for Best Seafood and Best Upscale Restaurant while adding Best Dessert and a Premier Crew designation for Executive General Manager and Wine Director JP Potters at the 30th annual Vancouver Magazine Restaurant Awards held last night at the Sheraton Wall Centre.

The judges first honoured Executive Pastry Chef Kenta Takahashi and his team in the category of Best Dessert, awarding them the gold medal “for creations like the genre-bending fromage blanc, a cheese mousse and soufflé mash-up topped with shortbread crumble and served with fresh raspberry sorbet.”

Boulevard — which was recently singled out as one of Canada’s 100 Best Restaurants for 2019 and earned the Best Hotel Dining nod at the 2019 Where to Dine Vancouver Awards — continued its winning streak with gold awards in the Best Seafood and Best Upscale Restaurant categories for the second consecutive year at the annual ceremony. 

“…Boulevard does so many things right that sometimes it’s easy to forget that it’s first and foremost a seafood restaurant,” stated the magazine in its 2019 awards issue. “But our judges didn’t forget, and they rewarded chefs Alex Chen and Roger Ma (and perhaps the most talented team of sous-chefs in town) for their innovative take on all things fish … When the two are working in tandem, there’s no one who’s cooking with more finesse or ambition.”

Boulevard’s Executive General Manager and Wine Director JP Potters was also honoured at the ceremony with a Premier Crew designation. Of Potters, the magazine stated:

“He juggles the myriad demands of a large hotel restaurant with ease, seamlessly shuttling back and forth between large group events and couples enjoying intimate chef’s tasting menus à deux, making sure all is on point and helping navigate the voluminous wine list.”

Potters, who worked at top restaurants such as Whistler’s Araxi Restaurant & Oyster Bar and Toronto’s Spoke Club, George Restaurant and Susur before joining the Boulevard team in 2017, ascribed full credit to his front- and back-of-house teams at Boulevard.

“We are open for breakfast, lunch and dinner and it’s consistent from open to close thanks to our culinary, bar and service teams,” said Potters. “We are just very happy to have a platform where we can tell a story about great service, great food and the great things that come from British Columbia, and we never lose sight of how important it is to relate that story on every plate and in every glass.”

The Vancouver Magazine Restaurant Awards are judged by a panel of leading culinary experts and critics and handed out at a formal award show that gathers together the best and brightest of the local hospitality scene. A full list of the winners from the 2019 edition of the annual awards is available at vanmag.com.

 
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TORONTO, May 1, 2019 /CNW/ - Starting today, Tim Hortons guests now have the chance to choose from three new OREO flavoured baked goods and to add a new OREO flavoured Iced Capp to their list of go-to beverages.

"As one of the most loved cookies in Canada, OREOs are a staple treat. That's why we're excited to pair our most popular baked goods and our Iced Capp with the delicious taste of OREOs," says Markus Sturm, Head of Marketing, Tim Hortons.

For a limited time, guests are able to enjoy:

  • OREO flavoured Iced Capp - A spin on the classic Iced Capp mixed with OREO bits and additional cookie crumbs sprinkled on top. $3.09*
  • OREO infused donut - A chocolate donut with vanilla filling dipped in white fondant and OREO crumbs, topped with drizzled chocolate fondant. $1.59*
  • OREO infused muffin - Chocolate muffin with vanilla filling, topped with delicious bits of OREO crumbs. $1.69*
  • OREO flavoured cream-filled pocket - Chocolate and OREO pastry pocket with a vanilla filling. $1.49*

Also new to the menu starting May 15 are the new Tim Hortons Creamy Chill beverages. Available in three flavours, these cool, creamy beverages are our take on a shake, combining real cream and delicious layers of either strawberry, vanilla, or chocolate.

  • Strawberry - Finished with whipped topping and a sweet strawberry drizzle. $3.09*
  • Vanilla - Finished with whipped topping and colourful rainbow sprinkles. $3.09*
  • Chocolate - Finished with whipped topping and a delicious chocolate drizzle. $3.09*

Tim Hortons new OREO baked goods and OREO Iced Capps, are now available in participating restaurants across the country for a limited time only.

*Prices vary by size and region, plus applicable taxes.

 
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TORONTO, April 29, 2019 /CNW/ - Restaurant Brands International Inc. (TSX/NYSE: QSR, TSX: QSP) today reported financial results for the first quarter ended March 31, 2019.

Jose Cil, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") commented, "At BURGER KING® and POPEYES®, we saw strong system-wide sales growth driven by net restaurant growth, reflecting the strength of our brands and business model around the world. Underlying fundamentals at TIM HORTONS® remain strong and we are excited about our first three restaurants in China.  Overall, we are confident in the long-term growth prospects for each of our three iconic brands, and remain focused on providing a great guest experience while driving franchisee profitability."

Consolidated Operational Highlights Three Months Ended March 31,
  2019   2018
  (Unaudited)
System-wide Sales Growth          
TH   0.5 %     2.1 %
BK   8.2 %     11.3 %
PLK   6.8 %     10.9 %
Consolidated   6.4 %     9.2 %
System-wide Sales (in US$ millions)          
TH $ 1,547   $ 1,608
BK $ 5,289   $ 5,149
PLK $ 955   $ 903
Consolidated $ 7,791   $ 7,660
Net Restaurant Growth          
TH   1.9 %     2.8 %
BK   5.7 %     6.9 %
PLK   6.6 %     6.7 %
Consolidated   5.1 %     6.1 %
System Restaurant Count at Period End          
TH   4,866     4,774
BK   17,823     16,859
PLK   3,120     2,926
Consolidated   25,809     24,559
Comparable Sales          
TH   (0.6) %     (0.3) %
BK   2.2 %     3.8 %
PLK   0.6 %     3.2 %
 
Note: System-wide sales growth and comparable sales are calculated on a constant currency basis and include sales at franchise restaurants and company-owned restaurants. System-wide sales are driven by sales at franchise restaurants, as approximately 100% of current restaurants are franchised. We do not record franchise sales as revenues; however, our franchise revenues include royalties based on a percentage of franchise sales.

Consolidated Financial Highlights

  Three Months Ended March 31,
(in US$ millions, except per share data) 2019   2018
  (Unaudited)  
Total Revenues $ 1,266   $ 1,254
Net Income Attributable to
Common Shareholders and
Noncontrolling Interests
$ 246   $ 279
Diluted Earnings per Share $ 0.53   $ 0.59
 
TH Adjusted EBITDA(1) $ 237   $ 245
BK Adjusted EBITDA(1) $ 222   $ 214
PLK Adjusted EBITDA(1) $ 41   $ 39
Adjusted EBITDA(2) $ 500   $ 498
 
Adjusted Net Income(2) $ 255   $ 314
Adjusted Diluted Earnings per Share(2) $ 0.55   $ 0.66
   
  As of March 31,  
  2019   2018
  (Unaudited)  
LTM Free Cash Flow(2) $ 1,346   $ 951
Net Debt $ 11,364   $ 11,415
Net Leverage(2)   5.1x     5.2x
   
(1) TH Adjusted EBITDA, BK Adjusted EBITDA and PLK Adjusted EBITDA are our measures of segment profitability.
(2) Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share, LTM Free Cash Flow, and Net Leverage are non-GAAP financial measures. Please refer to "Non-GAAP Financial Measures" for further detail.

Effective January 1, 2019, we adopted the new lease accounting standard ("New Standard"). Our consolidated financial statements for 2019 reflect the application of the New Standard, while our consolidated financial statements for 2018 were prepared under the guidance of the previously applicable lease accounting standard ("Previous Standard").

The most significant changes of this adoption that affect comparability of our results of operations between 2019 and 2018 are summarized as follows:

  • Under the Previous Standard, we did not reflect reimbursements of property tax and maintenance costs from lessees and sublessees or related costs in our Consolidated Statement of Operations or segment results.  Under the New Standard, property tax and maintenance costs and related reimbursements from lessees and sublessees are reported on a gross basis in our Consolidated Statement of Operations and segment results. Although there is no net impact to Net Income Attributable to Common Shareholders and Noncontrolling Interests or Adjusted EBITDA from this change, the presentation resulted in a total increase of $34 million in franchise and property revenues and franchise and property expenses.
  • Additionally, the New Standard requires the reclassification of favorable lease assets and unfavorable lease liabilities to the right-of-use asset recorded for the underlying lease.  As a result, the amortization period for certain lease assets and liabilities was reduced, resulting in a year-over-year increase of approximately $2 million in non-cash amortization in the three months ended March 31, and expect a full year increase of approximately $10 million in 2019 compared to 2018. Amortization of favorable and unfavorable leases is classified as depreciation and amortization and is excluded from segment income. This impact is expected to decrease significantly over the following few years as leases tied to the increased amortization are renewed or expire.  The estimated impact is based on our existing lease portfolio as of December 31, 2018.

The implementation of the New Standard also impacted our Consolidated Balance Sheets, the most significant of which was the recognition of approximately $1.1 billion of operating lease liabilities and related right-of-use assets on January 1, 2019.  Additionally, "capital leases" have been renamed as "finance leases" under the New Standard, with no material changes in accounting.

The year-over-year change in Total Revenues on a GAAP basis was primarily driven by FX movements. On an organic basis, the year-over-year change in Total Revenues was primarily driven by system-wide sales growth.

The decrease in Net Income Attributable to Common Shareholders and Noncontrolling Interests for the first quarter was primarily driven by an increase in income tax expense resulting from a reduced tax benefit of equity based compensation as compared to the prior year.

The year-over year change in Adjusted EBITDA on an organic basis was primarily driven by system-wide sales growth, partially offset by timing of advertising revenues and expenses.

TH Segment Results

  Three Months Ended March 31,
(in US$ millions) 2019   2018
    (Unaudited)
System-wide Sales Growth   0.5%     2.1 %
System-wide Sales $ 1,547   $ 1,608
Comparable Sales   (0.6)%     (0.3)%
           
Net Restaurant Growth   1.9%     2.8%
System Restaurant Count at Period End   4,866     4,774
           
Sales $ 483   $ 508
Franchise and Property Revenues $ 266   $ 255
Total Revenues $ 749   $ 763
           
Cost of Sales $ 372   $ 396
Franchise and Property Expenses $ 87   $ 70
Segment SG&A $ 82   $ 82
Segment Depreciation and Amortization $ 26   $ 26
Adjusted EBITDA(1)(3) $ 237   $ 245
   
(3) TH Adjusted EBITDA includes $3 million of cash distributions received from equity method investments for the three months ended March 31, 2019 and 2018.

For the first quarter of 2019, system-wide sales growth was primarily driven by net restaurant growth of 1.9%. Comparable sales were (0.6)%, including Canada comparable sales of (0.4)%.

The year-over-year change in GAAP Total Revenues was primarily driven by FX movements. On an organic basis, the year-over-year change in Total Revenues was primarily driven by a decrease in company restaurant revenues (VIE deconsolidation and refranchisings), partially offset by system-wide sales growth.

The year-over-year change in Adjusted EBITDA was primarily driven by FX movements, however, on an organic basis Adjusted EBITDA was primarily driven by system-wide sales growth, partially offset by timing of advertising revenues and expenses.

BK Segment Results

  Three Months Ended March 31,
(in US$ millions) 2019   2018
  (Unaudited)            
System-wide Sales Growth   8.2%     11.3%            
System-wide Sales $ 5,289   $ 5,149            
Comparable Sales   2.2%     3.8%            
                       
Net Restaurant Growth   5.7%     6.9%            
System Restaurant Count at Period End   17,823     16,859            
                       
Sales $ 19   $ 19            
Franchise and Property Revenues $ 392   $ 371        
Total Revenues $ 411   $ 390            
                   
Cost of Sales $ 18   $ 16            
Franchise and Property Expenses $ 43   $ 32            
Segment SG&A $ 141   $ 140            
Segment Depreciation and Amortization $ 13   $ 12            
Adjusted EBITDA(1)(4) $ 222   $ 214            
 
(4) BK Adjusted EBITDA includes $1 million of cash distributions received from equity method investments for the three months ended March 31, 2019 and 2018.

For the first quarter of 2019, system-wide sales growth was driven by net restaurant growth of 5.7% as well as comparable sales of 2.2%, including US comparable sales of 0.4%.

The year-over-year change in Total Revenues on a GAAP and on an organic basis was primarily driven by system-wide sales growth. This is partially offset by FX movements on a GAAP basis.

The year-over-year change in Adjusted EBITDA and Adjusted EBITDA on an organic basis was primarily driven by system-wide sales growth.

PLK Segment Results

  Three Months Ended March 31,
(in US$ millions) 2019   2018  
  (Unaudited)  
System-wide Sales Growth   6.8%     10.9%  
System-wide Sales $ 955   $ 903  
Comparable Sales   0.6%     3.2%  
             
Net Restaurant Growth   6.6%     6.7%  
System Restaurant Count at Period End   3,120     2,926  
             
Sales $ 20   $ 21  
Franchise and Property Revenues $ 86   $ 80  
Total Revenues $ 106   $ 101  
             
Cost of Sales $ 16   $ 17  
Franchise and Property Expenses $ 3   $ 2  
Segment SG&A $ 49   $ 46  
Segment Depreciation and Amortization $ 3   $ 3  
Adjusted EBITDA(1) $ 41   $ 39  

For the first quarter of 2019, system-wide sales growth was driven by net restaurant growth of 6.6%. Comparable sales were 0.6%, including US comparable sales of 0.4%.

The year-over-year change in Total Revenues on a GAAP and on an organic basis was primarily driven by system-wide sales growth partially offset by a decrease in company restaurant revenue (related to refranchisings).

The year-over-year change in Adjusted EBITDA and Adjusted EBITDA on an organic basis was primarily driven by system-wide sales growth.

Cash and Liquidity

As of March 31, 2019, total debt was $12.3 billion, net debt (total debt less cash and cash equivalents of $0.9 billion) was $11.4 billion, and net leverage was 5.1x. The RBI Board of Directors has declared a dividend of $0.50 per common share and partnership exchangeable unit of Restaurant Brands International Limited Partnership for the second quarter of 2019. The dividend will be payable on July 3, 2019 to shareholders and unitholders of record at the close of business on June 17, 2019.

Investor Conference Call

We will host an investor conference call and webcast at 8:30 a.m. Eastern Time on Monday, April 29, 2019, to review financial results for the first quarter ended March 31, 2019. The earnings call will be broadcast live via our investor relations website at http://investor.rbi.com and a replay will be available for 30 days following the release. The dial-in number is (877) 317-6711 for U.S. callers, (866) 450-4696 for Canadian callers, and (412) 317-5475 for callers from other countries.

 
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Toronto, April 26, 2019 -- Club Coffee, the leader in plant-based, compostable single serve coffee pods, today announced it will introduce a new compostable pod compatible with Nespresso Original Line brewers and is moving to compostable packaging for its single serve pods. These further innovations are fueled by the significant 40% growth in national branded compostable pod sales. Consumers voices are clear: they don’t want plastic.

Club Coffee was the first company in North America to develop a BPI Certified plant-based coffee pod, making it a key partner to brands including Ethical Bean, Jumping Bean, Muskoka Roastery, Melitta Canada, McCafe and President’s Choice® for their compostable single serve choices.

The consumer success of Club Coffee’s plant-based compostable coffee pods has driven expansion with national brands. Recent 2018 Nielsen data shows a 40% sales increase in national branded compostable pod sales, which is outpacing the market growth of -0.9%. This increased growth is signaling a strong consumer demand for these environmentally-friendly options as alternatives to single-use plastics.

“With consumers turning against plastic coffee pods and other single use plastics, brands see that plant based compostable single serve formats deliver big results. This is great news for our customers and their consumers,” says John Pigott, Club Coffee CEO. “The demand for espresso pods is growing fast and as the market leader, we are pleased to offer our customers the opportunity to dominate this exploding market with a plant based, compostable pod.” Brands will be able to roll out the Nespresso compatible plant-based pods later this year.

Pigott also announced that Club Coffee is also on track to a full brand compostable ecosystem. New innovations include compostable freshness overwrapping for individual pods and the introduction of fully compostable packaging for larger quantities of pods in 2020.

“The data is clear,” says Pigott. “Consumers love compostable – especially when the alternative is petro-plastic that recyclers typically don’t want.” Last year, an estimated56 billioncoffee pods were sent to landfills.

That backlash against plastics is picking up steam with growing health concerns about the chemicals in food packaging such as plastic pods. As Safer Made noted in a recent report, “As people become aware of packaging’s pollution and health impacts they are seeking safer packaging. Brands and retailers need to make their packaging safer for people and the natural world.”https://www.safermade.net/packaging-report

Club Coffee received the2018 Waste Wiki Environmental Leadership Awardfor its original work developing a compostable single-serve pod. The research group praised Club Coffee for developing “an innovative compostable solution that maximizes environmental impact at the lowest possible cost.”

“A conventional single serve coffee pod is made of plastic, has a liner and is extraordinarily difficult to recycle,” says Dr. Calvin Lakhan, research scientist with Canada’s largest waste research project “The Waste Wiki Project” at York University in Toronto. “Compostable pods abate twice as much carbon when compared to plastic pods, but at approximately 1/20thof the cost – it is both the economically and environmentally preferred option.”

PῧrPod100™ uses plant-based components including the lid, ring, coffee and mesh to create a format that enables consumers to smell the coffee in the pod. In addition to certification, it was the first single serve pod approved by the Compost Manufacturing Alliance (CMA), representing major American composters.

“Our network of compost facility owners appreciate that extra steps have been taken to field test the disintegration of the PurPod100™ in various composting processes, as spent coffee is a highly valued input for making great soils amendments,” said CMA managing director Susan Thoman.

Club Coffee has a demonstrated commitment to innovation and to helping its brand partners meet changing consumer demands. In the case of PῧrPod100™ and the new innovations being rolled out, consumers are not forced to trash their coffee pods after brewing. Consumers can compost it all conveniently if they have curbside or depot composting programs that accept certified compostable pods and packaging.

Composting, the biological decomposition of food or plant waste, is an environmentally responsible way to dispose of coffee grinds. Composters love coffee grinds as they put valuable nutrients back into the soil via compost.  These innovations are one way of dealing with theeight million metric tonsof single-use and other plastic entering the world'soceansevery year, their growing proliferation in the environmentand the human health risks associated with chemicals used in food packaging plastics.

 

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