Boyd Group Income Fund Reports Second-Quarter
August 10, 2012
The Boyd Group Income Fund, which owns Boyd Autobody and Glass,
Gerber Collision and Glass and Gerber National Glass Services, reported
its financial results today for the three- and six-month periods
ended on June 30, 2012.
Highlights from the report include the addition of nine new single
locations during the first and second quarters and, subsequent to
the end of the quarter, two additional single locations; for a total
of eleven new single locations year-to-date. Boyd also added an
additional six locations with the multi-location acquisition of
Pearl Auto Body on July 1, 2012. Including the acquisition of Master
on January 3, 2012, Boyd reports an added total of 25 locations
since the end of 2011.
Sales for Boyd have increased by 32.7 percent to 102.9 million from
$77.6 million in the second quarter of 2011. Same-store sales decreased
by 1.3 percent, excluding the impact of foreign exchange translation.
Gross margin increased to $46.4 million, or 45.1 percent, compared
with $34.7 million, or 44.7 percent in the second quarter of 2011.
Boyd's adjusted EBITDA was $6.8 million, compared with $4.9 million
in the second quarter of 2011.
Net earnings were $1.1 million, or $0.090 per unit (diluted), compared
with a net loss of $2.4 million, or $0.221 per unit (diluted), in
the second quarter of 2011. Adjusted net earnings increased to $3.2
million of 3.1 percent of sales for the second quarter of 2012,
compared to adjusted net earnings for $2.7 million, or 3.4 percent,
of sales for the same period in 2011.
"We continued to execute on our growth strategy through a combination
of single location growth as well as through the acquisition of
other multi-location collision repair businesses," says Brock
Bulbuck, president and chief executive officer of the Boyd Group.
"We recorded growth in sales and Adjusted EBITDA as a result
of these new locations, but more importantly, we also continued
to experience positive same-store sales growth in the U.S., where
we have focused our growth. As we had expected last quarter, our
overall results were adversely affected by the carry-over effects
of the mild and dry winter. These effects were more pronounced in
Canada, as they reduced pent-up demand that under normal circumstances
would help contribute to second-quarter sales. Overall, we believe
that our growth strategy and strong industry position have helped
us to gain market share and minimize the weather-related challenges
during the first half of the year."
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