May 19, 2010 – Boyd Group Income Fund has reported its financial results for the three-month period ended March 31, 2010. The Fund's complete fiscal 2010 first quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com). Boyd Group also announced that the Trustees of the Fund have approved a 4.8% increase in monthly distributions from $0.02625 per unit to $0.0275 per unit commencing July 2010 for unitholders of record on June 30, 2010.
May 19, 2010 – Boyd Group Income Fund has reported its financial results for the three-month period ended March 31, 2010. The Fund's complete fiscal 2010 first quarter financial statements and MD&A have been filed on SEDAR. Boyd Group also announced that the Trustees of the Fund have approved a 4.8% increase in monthly distributions from $0.02625 per unit to $0.0275 per unit commencing July 2010 for unitholders of record on June 30, 2010.
Q1 2010 Highlights
——————
– Adjusted EBITDA(1) totalled $3.4 million compared to Adjusted
EBITDA(1) of $3.5 million in Q1 2009
– Adjusted distributable cash(2) increased to $2.8 million from
$2.1 million in Q1 2009
– Payout ratio of 31.5% compared to 34.2% in Q1 2009
– Sales decreased by 13.6% to $54.7 million from $63.3 million in Q1
2009, significantly impacted by the weakness of the U.S. dollar
– Same-store sales declined by 6.3%, excluding the impact of foreign
exchange translation
– Net earnings were $1.9 million, or 3.4% of sales, compared to $2.0
million, or 3.2% of sales, in Q1 2009
"We are pleased to report stable net earnings and EBITDA, as well as increased cash available for distribution to begin 2010, despite the negative impact of the weakening U.S. dollar on our U.S. operations and the continuing negative impact of the economy combined with extremely mild and dry winter weather in many of our northern markets during the quarter," said Brock Bulbuck, President and Chief Executive Officer of the Boyd Group. "As a result of our operational efficiencies and cash flow strength, we have announced a further 4.8% increase in our monthly distributions, which represents the tenth consecutive quarterly increase."
"In addition to posting good results in a challenging market environment in the first quarter, we are also pleased with our progress in advancing both our operational and growth initiatives. In May 2010 we opened a new start-up facility in Georgia and acquired the assets and business of a collision repair facility in Oklahoma. We believe that, despite current market challenges, we are well positioned to benefit from long-term opportunities in our highly fragmented industry through consolidation and economies of scale," added Mr. Bulbuck.
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