Good news! Solid growth and good earnings....
BOYD GROUP REPORTS OUTSTANDING RESULTS FOR 1999
March 21, 2000 - Winnipeg, Manitoba
The Boyd Group Inc. ("Boyd"), operating principally as Boyd Autobody & Glass, announced today that its annual report to shareholders for the year ended December 31, 1999 will reflect another outstanding year of growth and profitability. Sales for the year were $54.6 million, representing an increase of 90.2% over 1998 sales. Earnings before interest, taxes, depreciation and amortization, or EBITDA, increased to $5.9 million, or 10.8% of sales in 1999 from $2.8 million, or 9.7% of sales in the prior year. Net earnings increased 168% over 1998 to $1,546,355 or $0.095 per share.
The 1999 results reflect the impact of seven acquisition transactions during the year and one start-up location, which together comprised 11 operating locations. Including the Company?s recent acquisitions in the states of Oklahoma, Nevada and Washington, its current operations now represent annualized revenues of approximately $88 million, 115% higher than 1998 year end annualized revenues of $41 million.
Commenting on the results, Terry Smith, Boyd?s President and CEO said, "By any measure, 1999 was an extremely strong year in terms of advancing our business plan, creating value for our shareholders and demonstrating our management team?s ability to set and consistently meet aggressive business objectives. We will continue to fine tune our strategy so that we can take the strength of our position today and springboard to an even stronger one for tomorrow."
The Boyd Group Inc. now operates 50 company owned locations and is the largest operator of collision repair shops in Canada and is among the largest in North America. In addition to its company owned locations, Boyd also has eight third party owned licensed locations operating under its trade names. Boyd continues to successfully carry out its proven strategy of acquiring additional company owned locations as part of its plan to be a leader in the consolidation of the highly fragmented North American collision repair industry, recently estimated to represent approximately $40 billion (Cdn.) in annual revenue.
I wonder how big these will expand before taking a breather.
This is a good long term hold, but is there a ceiling somewhere? |
