Boyd Group Income Fund Reports Second-Quarter Results

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."