August 12, 2016

Boyd Group Income Fund Reports Second Quarter Results

18.8% growth in sales in the quarter, 38 locations added year-to-date
Winnipeg, Manitoba - August 12, 2016 - Boyd Group Income Fund (TSX: BYD.UN) (“the Fund”, “the Boyd Group” or “Boyd”) today reported its financial results for the three and six-month periods ended June 30, 2016. The Fund’s second quarter 2016 financial statements and MD&A have been filed on SEDAR ( This news release is not in any way a substitute for reading the Boyd Group’s financial statements, including notes to the financial statements, and Management’s Discussion & Analysis.

Q2 Highlights
  • Sales increased by 18.8% to $331.0 million from $278.7 million in 2015, including same-store sales increases of 5.1%
  • Adjusted EBITDA1 increased 19.6% to $30.5 million, compared with $25.5 million in 2015
  • Adjusted net earnings1 increased to $13.6 million compared with $11.1 million in 2015
  • Added eight collision repair locations during the quarter
  • Continued roll-out of the Wow Operating Way

Subsequent to Quarter End
  • Added 13 collision repair locations, including a multi-store operation (“MSO”) with 10 collision repair centres located in the Cincinnati region
“With 38 locations added to date, strong same-store sales increases and overall solid financial results, we are very pleased with our progress thus far in 2016 towards our stated goals,” commented Brock Bulbuck, President and Chief Executive Officer of the Boyd Group. “With our new location in Kentucky we have also now entered our 20th state, representing yet another milestone for our company.”

Results of OperationsFor the three months ended
June 30
For the six months ended
June 30
(thousands of dollars, except per unit amounts)2016% change20152016% change2015
Sales — total331,00518.8278,726681,36121.6560,496
Same-store sales — Total (excluding foreign exchange)290,1795.1276,066590,4036.2555,680
Gross margin % 46.1(0.6)46.445.6(0.9)46.0
Operating expense %36.9(1.1)37.336.8(2.4)37.7
Adjusted EBITDA130,51119.625,50560,00128.546,690
Acquisition and transaction costs57(93.7)902500(55.9)1,135
Depreciation and amortization7,76816.36,68015,58717.713,244
Fair value adjustments(1,547)N/A1,32010,706(38.1)17,282
Finance costs2,426(17.3)2,9334,840(17.4)5,861
Income tax expense6,59531.65,01312,87443.98,947
Adjusted net earnings113,63323.111,07926,46138.719,075
Adjusted net earnings per unit10.75611.70.6771.47026.11.166
Net earnings15,212N/A8,65715,494N/A221
Basic earnings per unit0.843N/A0.5290.861N/A0.014
Diluted earnings per unit0.683N/A0.3940.855N/A0.014
Standardized distributable cash30,908174.911,24535,5197.632,996
Adjusted distributable cash129,793174.710,84433,5616.431,529
Distributions and dividends paid2,30212.72,0434,55411.44,089

1. EBITDA, Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, adjusted for the fair value adjustments related to the exchangeable share liability and unit option liability, convertible debenture conversion features and non-controlling interest put option, as well as acquisition and transaction costs), distributable cash, adjusted distributable cash and adjusted net earnings are not recognized measures under International Financial Reporting Standards (“IFRS”). Management believes that in addition to revenue, net earnings and cash flows, the supplemental measures of distributable cash, adjusted distributable cash, adjusted net earnings, EBITDA and Adjusted EBITDA are useful as they provide investors with an indication of earnings from operations and cash available for distribution, both before and after debt management, productive capacity maintenance and non-recurring and other adjustments. Investors should be cautioned, however, that EBITDA, Adjusted EBITDA, distributable cash, adjusted distributable cash and adjusted net earnings should not be construed as an alternative to net earnings determined in accordance with IFRS as an indicator of the Fund’s performance. Boyd’s method of calculating these measures may differ from other public issuers and, accordingly, may not be comparable to similar measures used by other issuers. For a detailed explanation of how the Fund’s non-GAAP measures are calculated, please refer to the Fund’s MD&A filing for the period ended June 30, 2016, which can be accessed via the SEDAR Web site (


“Looking to the rest of 2016, we are confident that we will continue to make progress toward our long-term growth targets and operational plans,” added Mr. Bulbuck. “Our strong balance sheet, along with approximately $350 million in dry powder, positions us extremely well for continued growth and continued investment in our business.”

2016 Second Quarter Conference Call & Webcast

Management will hold a conference call on Friday, August 12, 2016, at 10:00 a.m. (ET) to review the Fund’s 2016 second quarter results. You can join the call by dialing 1-888-231-8191 or 647-427-7450. A live audio webcast of the conference call will be available through 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, August 19, 2016, at midnight by calling 1-855-859-2056 or 416-849-0833, reference number 50201274.

About The Boyd Group Income Fund
The Boyd Group Income Fund is an unincorporated, open-ended mutual fund trust created for the purposes of acquiring and holding certain investments, including a majority interest in The Boyd Group Inc. and its subsidiaries. The Boyd Group Income Fund units trade on the Toronto Stock Exchange (TSX) under the symbol BYD.UN. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at

About The Boyd Group Inc.
The Boyd Group Inc. (the “Company”), directly and through subsidiaries, is one of the largest operators of non-franchised collision repair centres in North America in terms of number of locations and sales. The Company operates locations in five Canadian provinces under the trade name Boyd Autobody & Glass (, as well as in 20 U.S. states under the trade name Gerber Collision & Glass ( The Company uses newly acquired brand names during a transition period until acquired locations have been rebranded. The Company is also a major retail auto glass operator in the U.S. with locations across 31 U.S. states under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and The Company also operates a third party administrator, Gerber National Claims Services (“GNCS”) that offers first notice of loss, glass and related services. GNCS has approximately 5,500 affiliated glass provider locations and 4,600 affiliated emergency roadside services providers throughout the U.S. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at (

For further information, please contact:
Brock BulbuckCraig MacPhail
President & CEOInvestor Relations
Tel: (204) 594-1770Tel: (416) 586-1938 or toll free 1-800-385-5451
Pat Pathipati
Executive Vice President & CFO
Tel: (204) 895-1244 (ext. 33841)

Caution concerning forward-looking statements
Statements made in this press release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like “may”, “will”, “anticipate”, “estimate”, “expect”, “intend”, or “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include, but are not limited to: dependence upon The Boyd Group Inc. and its Subsidiaries; operational performance; acquisition risk; employee relations and staffing; foreign currency risk; loss of key customers; decline in number of insurance claims; brand management and reputation; margin pressure; market environment change; reliance on technology; weather conditions; low capture rates; competition; access to capital; dependence on key personnel; tax position risk; quality of corporate governance; economic downturn; increased government regulation and tax risk; interest rates; environmental, health and safety risk; fluctuations in operating results and seasonality; U.S. health care costs and workers compensation claims; energy costs; risk of litigation; execution on new strategies; operating hazards; insurance risk; cash distributions not guaranteed; unitholder limited liability is subject to contractual and statutory assurances that may have some enforcement risks; and the Fund’s success in anticipating and managing the foregoing risks.

We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the “Risk Factors” section of the Fund’s Annual Information Form, the “Risks and Uncertainties” and other sections of our Management’s Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings.