Boyd Group Reports Record Third-Quarter; Sales
Rise by 2.4 Percent Increase
November 16, 2009
Group's Third-Quarter Results
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 2008a 9.7 percent
"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
HERE for full text of financial statement.
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