VAUGHAN, Ont. — Shares of Recipe Unlimited Corp. are down in response to weaker quarterly results despite management committing to pursue more strategic acquisitions and return more capital to its shareholders through stock buybacks and dividends.The company — which owns a wide range of restaurant brands including Swiss Chalet, Harvey’s, East Side Mario’s, Kelseys and Milestones — made the commitment as it reported lower second-quarter sales and profit.Total system sales at all locations dropped to $871.3 million from $874.2 million in last year’s second quarter — despite having five additional restaurants — due to a slow start to the patio season and competitor discounting.Recipe Unlimited’s gross revenue, generated by sales at its own restaurants and fees received for services provided to franchise restaurants, increased to $311.9 million from $309.5 million as five locations were added to its portfolio.Net income was $16.6 million (26 cents per diluted share), down from $19.5 million (30 cents), while adjusted net earnings fell to $23.5 million (37 cents per diluted share) from $24.4 million (38 cents).Analysts had estimated $337.98 million of revenue and 35 cents per share of adjusted earnings, according to financial markets data firm Refinitiv.Recipe’s shares were down $1.54 or 5.7 per cent at $25.31 in morning trading on the Toronto Stock Exchange. Companies in this story: (TSX:RECP)The Canadian Press
Agreeing on the outline for the “Bring Down the Wall” campaign contained in the Action Plan, adopted at the end of the conference last Friday, civil society organizations also committed themselves to combining resources to educate the public, increase pressure on governments to condemn the wall’s illegality and demand its immediate destruction. Israel says the barrier, a complex series of walls, barriers, trenches and fences within the occupied West Bank that has nearly encircled and isolated some Palestinian towns and villages, is a security operation necessary to keep out suicide bombers.The conference was organized by the UN Committee on the Exercise of the Inalienable Rights of the Palestinian People in New York.