Boyd Group Reports Record Third-Quarter; Sales Rise by 2.4 Percent Increase
November 16, 2009

Boyd Group's Third-Quarter Results
Sales $51.3 million $52.5 million +2.4 percent
EBITDA $3.3 million $3.8 million +14.3 percent
Net Earnings $1.9 million $2.2 million +15.8 percent
Distributable Cash $3.1 million $2.8 million -9.7 percent

The Boyd Group, which owns Boyd Auto Body and Glass, Gerber Collision and Glass and Gerber National Glass Services, reported a 2.4 percent increase in sales for the third quarter of 2009-setting a third-quarter record with sales of $52.5 million, up from $51.3 million for the same period in 2008. The company also hit a record with its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITA)-which rose to $3.8 million, up from $3.3 million for the third-quarter in 2008, a 14.3 percent surge.

Net earnings were up 15.8 percent over the previous year, to an all-record quarter of $2.2 million, compared with $1.9 million in third-quarter 2008, according to a statement from the company.

Boyd's adjustable distributable cash did see a drop at $2.8 million, down from $3.1 million for the quarter of 2008—a 9.7 percent drop.

"We are pleased to report a record third quarter with increased sales and EBITDA," says Terry Smith, Boyd Group CEO. "Although we experienced a decline in same store sales growth in the third quarter in both Canada and the [United States], we are confident that this still represents market share gains for our business. As previously disclosed, due to the extent and duration of the downturn, we expect that achieving same store sales growth will continue to be a challenge until economic conditions improve. We believe that we are well-positioned to continue to mitigate the impact of the recession and will continue to focus on a return to same store sales growth."

CLICK HERE for full text of financial statement.

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