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Boyd Group reverses year-earlier loss, posts $2.4-million Q4 profit; sales rise
WINNIPEG - Boyd Group Income Fund (TSX:BYD.UN) had $2.4 million or 19 cents per unit of net income in the fourth quarter, reversing a year-earlier loss even as fewer road accidents as a result of warm and dry weather reduced demand for auto body repairs.
The Winnipeg based income fund, which had 221 locations across the United States and Canada at the end of 2012, says its adjusted net earnings grew to $5 million or 38.6 cents per unit — up $1.2 million from the fourth quarter of 2011.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose to $8.6 million in the quarter ended Dec. 31, up from $7.6 million a year earlier.
Acquisitions drove up the group's sales to $115 million, a 14.4 per cent increase from the year-earlier period. The United States accounted for $94.8 million of revenue, up $13.5 million or 16.6 per cent, mainly due to acquisitions. Canada contributed $20.2 million, a 5.4 per cent increase.
Boyd's monthly distributions to unitholders remain at 3.9 cents per unit.
In the fourth quarter of 2011, Boyd had $100.5 million of sales, a $1.1 million net loss or 19 cents per unit and adjusted net earnings of $3.8 million, or 29.1 cents per unit.
Brock Bulbuck, the group's president and chief executive officer, said the business was able to overcome a challenging market for the auto body repair industry, which has faced soft sales due to mild and dry weather.
Weather-related collisions typically are a major source of sales for the industry.
"Looking ahead to our first quarter, weather has continued to be a challenge in many of our markets," Bulbuck said in a statement.
"While the second half of the quarter began with some inclement weather in some of our northern markets, this weather has not generally been sustained and we have, therefore, seen little positive impact on our business."
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