Your Source for Up-To-Date News and Research on the Collision Repair Industry
click here to subscribe to the FREE INSIGHT Editor's Desk News Alert Email
SUBSCRIBERS-ONLY
Today's News
INSIGHT This Month
INSIGHT Archives
Survey Center
Letter to the Editor
Business Tools
Subscription Information
CSI Reporting
Financial Analysis
IRS Audit Guide
Management/
Technical Info
Market Watch Rates
INSIGHT Inside this month's issue...
Feedback
Letter to the Editor
Friday August 13
Boyd Group Reports Q2 Financial Results
The Boyd Group Income Fund has announced its financial results for the three and six-month periods ended June 30, 2004. Revenue for the second quarter of 2004 increased 33 percent to $42.1 million, compared to $31.6 million in the second quarter of 2003. For the six months ended June 30, 2004 revenue increased 26 percent to $83.9 million from $66.5 million in the same period a year ago. Net income for the quarter ended June 30, 2004 was $967 thousand or $0.10 per fully diluted unit, compared to net income of $563 thousand or $0.13 per fully diluted unit in the second quarter a year ago. Net income for the six months ended June 30, 2004 totalled $2.6 million or $0.32 per fully diluted unit compared to net income of $303 thousand or $0.03 per fully diluted unit in the first six months of 2003.The Boyd Group's year-over-year increase in sales and net income is primarily attributable to the company's integration of the Gerber Group and the resulting contribution from Gerber's operations to Boyd's consolidated financial results for the three and six-month periods ended June 30, 2004.
Distributable cash generated for the three months ended June 30, 2004 totalled $1.1 million and distributions paid to unitholders and dividends paid to non-controlling shareholders totalled $2.4 million for the period. Distributable cash generated for the six months ended June 30, 2004 totalled $2.5 million, while distributions paid to unitholders and dividends paid to non-controlling shareholders totalled $3.9 million for the period.
"While we are pleased with our progress this year in expanding our network of collision repair centres and increasing our consolidated revenue base, in 2004, overall revenues in the North American auto collision repair industry have again declined compared to the prior year," said Terry Smith, President and CEO of Boyd Group. "Notwithstanding these challenging industry conditions, we are confident in the longer-term outlook for our business and we remain focused on the continued expansion of our network of repair centres both through acquisitions and new site developments. We believe that current industry conditions may effect increased industry consolidation activity and with our scale of operations, strong customer relationships and financial resources, we are well positioned to capitalize on this opportunity."
The Fund had working capital of $5.3 million including $3.2 million in cash and cash equivalents on June 30, 2004. This compares to working capital of $3.7 million including $1.6 million in cash and cash equivalents on December 31, 2003. Long term debt of the Fund increased to $26.3 million as at June 30, 2004, from $17.2 million as at December 31, 2003, primarily as a result of a draw down on the Company's $15 million acquisition loan facility.The Fund used the draw down to fund a portion of its acquisition of the Gerber Group Inc., which closed on February 2, 2004.
The Boyd Group is the largest operator of collision repair centres in Canada and among the largest in North America. It operates 82 corporate locations in the U.S. and Canada, and 10 franchised locations operating under its trade names.
©2004 Collision Repair Industry INSIGHT
All Rights Reserved
FEATURED
LINKS:
INSIGHT Supports the NABC!
Do You?