Winnipeg, Manitoba -- August 14, 2015 -- Boyd Group Income Fund has reported its financial results for the three and six-month periods ended June 30, 2015.
Among the highlights from the quarter, Boyd reports sales increased by 37.4 percent to $278.7 million from $202.8 million in 2014, including same-store sales increases of 4.7 percent, adjusted EBITDA increased 41.2 percent to $25.5 million, compared with $18.1 million in 2014 and adjusted net earnings increased to $11.4 million compared with $8.5 million in 2014.
Boyd Group also added three single locations since March 31, 2015, with another seven single locations added since then. The company has also increased its revolving credit facility to US$150 million, with an accordion feature that increases facility to a maximum of US$250 million.
"We are pleased with our results in the second quarter of 2015 as they continue to demonstrate our success at executing on our strategy to build a business that can deliver consistent results quarter after quarter," says Brock Bulbuck, President and Chief Executive Officer of Boyd Group. "Boyd's strong performance in the quarter was driven by acquisition growth and same-store sales growth, including strong glass sales and earnings, which benefits from higher activity in the summer months."
Total sales increased by 37.4 percent to $278.7 million, compared with sales of $202.8 million for the same period last year. The $75.9 million increase was due largely to the contributions from incremental sales of $48.0 million from acquisitions as well as incremental glass network and other network sales along with $8.4 million of same-store sales increases, excluding foreign exchange. In addition, Boyd benefited from favourable currency translation in the amount of $21.1 million from same-store sales converted at a higher U.S. dollar exchange rate. Sales were affected by the closure of under-performing facilities which decreased sales by $1.6 million.
"Our three-pronged growth strategy will continue to be a key focus. This includes growing through adding single locations, increasing same-store sales and strategically acquiring MSOs that will be accretive to our portfolio. We've had success with all three to date and intend to continue with this strategy, however, we are prepared to evaluate and revise these strategies, as deemed necessary, to ensure that we continue to deliver meaningful growth in a changing market," says Bulbuck. "Operational excellence is also a key priority. Our operational process improvement initiative, called the WOW Operating Way, has now been rolled out and certified in over 30 percent of our locations."
For more information, please visit boydgroup.com.