Boyd Group earns record sales in 2011, appoints board of trustees member

March 26, 2012

March 26, 2012—The Boyd Group Income Fund recently reported record financial results for the 12-month period ending Dec. 31, 2011.

The Boyd Group said company sales increased by more than 38 percent to a record $357 million, compared to $257 million in sales during the prior year.

The increase consisted of $94.1 million in sales generated from True2Form, Cars Collision, and sixteen other new collision repair locations, as well as $13 million in same-store sales growth, according to the Boyd Group.

"2011 was a good year overall, as we achieved record sales, adjusted EBITDA, and distributable cash for the year," said Brock Bulbuck, president and CEO of the Boyd Group. "The addition of Cars Collision to our operations had a strong positive impact on our results for the year, as both the performance and integration of this business continues to meet our expectations. We also saw meaningful positive same-store sales growth in 2011 despite the headwinds from persistent challenging market conditions as well as a difficult comparable period in 2010 given a significant hailstorm experienced in the Arizona market late in the year. Miles driven continued its trend downward this past year due, in part, to elevated levels in unemployment and gas prices. However, the merits of our business model and related strong industry position and geographical diversity have proven to counter this downside."

"We continued to be careful and opportunistic in executing our acquisition and growth strategy for the year, making sure that the growth would add synergistic value to our business as a whole,” Bulbuck said. "We added nine new collision repair centers in 2011, in line with our stated goal of adding eight to 13 new locations per year as part of our unit growth strategy. Additionally, we also completed the large opportunistic and accretive Cars Collision acquisition. With the additional equity injection late in the year, our balance sheet continues to be strong and we will continue to look to leverage our scale to capitalize on attractive opportunities going forward.”

The Boyd Group also appointed Tim O’Day to its board of trustees, and plans to add two additional independent trustees to the board in 2012. O’Day’s appointment took effect March 22.

O'Day, who currently serves as president and chief operating officer of the Boyd Group’s U.S. operations, has held various executive-level positions with the company. Prior to joining the Boyd Group in 1998, O’Day served as vice president of Midas International’s Western division, where was responsible for 500 Midas locations.

O'Day is also a certified public accountant, the Boyd Group said.

The Boyd Group said it is the largest operator of collision repair centers in North America. The company operates locations in four Canadian provinces under the trade name Boyd Autobody & Glass, and in 14 U.S. states under the trade names Gerber Collision & Glass, True2Form and Master Collision Repair. The company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with 3,000 affiliated service providers throughout the country.

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