Boyd Group Reports Record Third-Quarter, 32.1 Percent Sales Increase Over 2009
November 10, 2010
The Boyd Group, which owns Boyd Autobody and Glass and Gerber Collision and Glass, announced this week that it achieved a record third quarter for 2010—with sales up 32.1 percent from the third-quarter 2009. According to the report, the company achieved sales of $69.0 million for the third quarter of 2010, compared with $52.2 million for the third quarter of 2009. The company attributes the increase to its acquisition of True2Form Collision Repair Centers in July 2010.
The company’s same-store sales increased 4.9 percent, excluding the impact of foreign exchange translation, according to the report, and its gross margin was 45.7 percent (compared with 44.9 percent in 2009).
Boyd’s EBITDA totaled $5.0 million compared with adjusted EBITDA of $3.8 million in the third quarter of 2009—a difference of 24 percent. The company’s net earnings for the quarter were $3.2 million, or 4.6 percent of sales, compared with $2.2 million, or 4.3 percent of sales, in the third quarter of 2009.
"Once again, we are pleased to report record sales, net earnings, EBITDA, and operating cash flow during the quarter," says Brock Bulbuck, president and chief executive officer of the Boyd Group. "As a result of continued operational efficiencies and cash flow strength, we have announced a further 4.3 percent increase in our monthly distributions, which represents the twelfth consecutive quarterly increase."
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