Winnipeg, Manitoba -- May 15, 2016 -- Boyd Group Income Fund has reported its financial results for the three-month period ended March 31, 2016. The Fund's first quarter 2016 financial statements and MD&A have been filed on SEDAR at sedar.com.
Sales increased by 24.3 percent to $350.4 million from $281.8 million in 2015, including same-store sales increases of 7.4 percent. Adjusted net earnings increased to $12.8 million compared with $8.0 million in 2015.
"We are again very pleased with our progress in the quarter. We had strong same-store sales growth throughout our network and continued to add new accretive locations," said Brock Bulbuck, President and Chief Executive Officer of the Boyd Group.
The Boyd Group has added 20 collision repair locations since the start of 2016.
"When we reported our year-end results this past March, we stated that our goal was to double the size of our business by 2020 and based on our results this past quarter we're confident we are right on track," said Bulbuck. "The positive industry trends that drive same-store sales growth, our strong balance sheet, along with 'dry powder' of $350 million, position us extremely well for continued growth and continued investment in our business.
"With respect to Q2, we did start to see softening of demand in some of our markets in late March. This softening of demand has continued into Q2 and is therefore expected to result in lower same-store sales growth in Q2, especially given the strong same-store sales growth in Q2 last year. This softening is attributable to the effects of the El Nino weather system, which brought unusually warm and dry conditions in several of our markets this past winter."
Boyd Group management discussesd the company's 2016 first quarter results in a conference call on Friday, May 13. A live audio webcast of the conference call will be available through boydgroup.com. An archived replay of the webcast will be available for 90 days. A taped replay of the conference call will also be available until Friday, March 20, 2016, at midnight by calling 1-855-859-2056 or 416-849-0833, reference number 90781861.
For more information, please visit boydgroup.com.