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Letter to the Editor

Boyd's Q1 Shows Continued Profit Growth

Calgary -- The Boyd Group Inc., operating principally as Boyd Autobody and Glass, has announced that its interim report to shareholders for the three months ended March 31, 2001 reflects strong net earnings of $1.1 million, an increase of 49 percent over the $0.7 million reported for the same period last year. Earnings per share rose to $0.074 for the period, compared to $0.051 in 2000, reflecting earnings per share growth of 46 percent.

The results continue to reflect the impact of the company's acquisition-based growth strategy as well as same store sales growth. Sales for the three month period increased to $33.7 million from $20.6 million for the same period last year, an increase of approximately 64 percent. Boyd's annualized sales are now estimated at $133 million. Earnings before interest, taxes, depreciation and amortization ("EBITDA") also increased to $3.4 million for the period, compared to $2.4 million last year, an increase of 44 percent.

"We have made significant progress toward achieving our year 2001 goals in the first quarter, including growing revenues, earnings and earnings per share" said Terry Smith, Boyd's President and CEO. "We remain focused and committed to our business plan and are confident that we will continue to deliver enhanced shareholder value."

The Boyd Group Inc., with 60 company owned locations, is the largest operator of collision repair shops in Canada and is among the largest in North America. In addition to its company owned locations, Boyd also has eight third-party owned licensed locations operating under its trade names.

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