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Letter to the Editor

Boyd Reports Best Results Ever

The Boyd Group Inc. has announced that its financial results for the year ended December 31, 2001 reflect that revenue grew to $133.6 million, up 38 percent from a year ago, and that net earnings grew to $3,317,946, an increase of 26 percent over the previous year. Earnings per share rose to $0.210 for the year, an increase of nearly 23 percent over the previous year.

"Despite the general softness in the North American economy that was evident during the past year, we are pleased to report that our business has continued to post double digit growth in revenue, earnings, and earnings per share," said Terry Smith, President and CEO. "In 2001 we again made significant progress as we remained focused on the basics of fixing cars and making our customers happy, while at the same time continuing with our tradition of careful risk-taking, innovation, and solid execution of our business plan."

The Boyd Group Inc. now operates 66 company owned locations with annualized sales of approximately $152 million. It is the largest operator of collision repair shops in Canada and is among the largest in North America.

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