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Letter to the Editor

Boyd Group Earnings Flat for Q1

The Boyd Group Inc. has announced that its interim report to shareholders for the three months ended March 31, 2002 reflects sales of $36.8 million, an increase of approximately 9 percent over the same period of the prior year. Net earnings were $1.1 million compared to $1.1 million in the same period of the prior year and $818 thousand recorded in the prior quarter. Earnings per share were $0.070 per share for the quarter, off slightly from the same period a year ago.

The lower than historically achieved year-over-year growth in quarterly sales and earnings is primarily attributed to a temporary slowing in acquisition growth through late 2001 and in the first quarter of 2002, coupled with weak sales performance in certain markets, including the U.S. Midwest region. Boyd continues to identify, review, and negotiate on several acquisition opportunities while also focusing on identifying and implementing cost synergies in existing operations during this slower growth period.

"While we are disappointed not to have reported double-digit growth in this quarter, we believe that we are well positioned to report improving results as the year progresses," said Terry Smith, President and CEO. "We remain focused and committed to our 2002 business plan and are confident that we can continue to deliver enhanced shareholder value."

The Boyd Group Inc. now operates 66 company-owned locations with annualized sales of approximately $152 million Cn. It is the largest operator of collision repair shops in Canada and is among the largest in North America. Boyd also has eight third party owned licensed locations operating under its tradenames.

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