Boyd Group Reports Second-Quarter Results
August 12, 2011
Boyd Group Income Fund has reported its financial results for the three-month and six-month periods ended June 30, 2011. The company has reported a 48.3 percent in sales for the quarter, from $52.3 million in 2010 to $77.6 million in 2011, $22.9 million of which the company attributes to its purchase of True2Form Collision Repair Centers and ten other new locations.
Boyd’s adjusted EBITDA totaled $4.9 million, compared with $3.5 million in the second quarter of 2010.
"The second quarter of 2011 has proven to be reasonably strong, despite challenging market conditions, including high gas prices, year over year reductions in miles driven and persistent high unemployment rates," says Brock Bulbuck, president and chief executive officer for the Boyd Group. "Specifically, the continued improvement in same-store sales is indicative of continuing market share gains and is therefore encouraging, as we expand our U.S. presence with the completed acquisition of Cars at the end of the second quarter. This is in addition to the positive contribution of True2Form to our operating results, a 2010 acquisition that continues to meet and exceed our expectations.”
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