BOYD Group Income Fund 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.
-- The Canadian Press