Boyd Group revenue up 32 percent
Aug. 16, 2012—The Boyd Group Income Fund recently reported its financial results for the first two quarters of 2012, which ended June 30.
The company, which operates collision repair facilities in the U.S. and Canada, reported a revenue increase of more than 32 percent to $210.3 million, compared to $159.1 million during the same period last year. The Boyd Group exceeded $173 million of revenue specifically in the U.S., a 43 percent increase compared to $120.9 million in 2011.
The Boyd Group attributes the increase to revenue generated from 27 Cars Collision locations, eight Master Collision Repair locations and 14 other new shop locations opened since January 2011. The Boyd Group said Cars Collision generated $32.9 million, Master Collision Repair generated $10.3 million, and the other 14 shops generated $5.7 million.
"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," said Brock Bulbuck, president and CEO 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.”
The Boyd Group said its net earnings during the first two quarters of 2012 was $3.2 million, 1.5 percent of revenue, compared to a loss of $1.5 million in 2011. The company’s adjusted net earnings increased to $6.4 million, or 3.1 percent of revenue, compared $5.2 million in 2011.
“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,” Bulbuck said. “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."
The Boyd Group currently operates collision repair locations in four Canadian provinces and 14 U.S. states under five trade names: Boyd Autobody & Glass, Gerber Collision & Glass, True2Form, Master Collision Repair and Pearl Auto Body. The company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with roughly 3,000 affiliated service providers throughout the U.S.