March 28, 2011—The Boyd Group Income Fund, which owns Boyd Autobody and Glass, Gerber Collision and Glass, and Gerber National Glass Services, reported a 14.8 percent spike in sales in 2010 compared to 2009.
The company credits its purchase of True2Form Collision Repair Centers Inc. in July with helping boost sales. Same-store sales were up 1.4 percent year-over-year.
Sales in 2010 were $256.8 million, compared to $223.7 million in 2009. Net earnings were also up in 2010, to $17.6 million from $8.9 million in 2009.
"Market conditions improved significantly as the year progressed, especially during the fourth quarter, which was very favorable," said Brock Bulbuck, president and CEO of the Boyd Group. "In particular, the fund benefited from a significant and unusual hail storm in the Arizona market, which alone added between $1.1 million and $1.3 million of EBITDA1 to our fourth quarter results."
"In addition, we continued to make progress in integrating True2Form ... We believe we are well positioned to capitalize on our size as the collision repair industry continues to consolidate repair volume with a fewer number of large collision repair companies," added Bulbuck.
The company is on track to continue adding eight to 10 new locations per year, Bulbuck said.
Boyd Group owns 134 collision repair service locations throughout North America. For more information on the company, visit boydgroup.com
