November 9, 2016

Boyd Group Income Fund Reports Third Quarter Results

Acquisitions and same-store sales growth continue to deliver strong results, distribution increase announced

Not for distribution to U.S. newswire services or for dissemination in the United States

Winnipeg, Manitoba - November 9, 2016 - Boyd Group Income Fund (TSX: BYD.UN) (“the Fund”, “the Boyd Group” or “Boyd”) today reported its financial results for the three and nine-month periods ended September 30, 2016. The Fund’s third 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.

Q3 Highlights
  • Sales increased by 14.7% to $345.3 million from $301.1 million in 2015, including same-store sales increases of 4.7%
  • Adjusted EBITDA1 increased 19.7% to $31.6 million, compared with $26.4 million in 2015
  • Adjusted net earnings1 increased 29.4% to $13.1 million, compared with $10.1 million in 2015
  • Added 20 collision repair locations during the quarter, including a multi-store operation (“MSO”) with 10 collision repair centres located in the Cincinnati region
Subsequent to Quarter End
  • Added ten collision repair locations, bringing new location additions to 55 year-to-date
  • Announced a distribution increase of 2.4% to $0.516 per unit annualized from $0.504 per unit
“We achieved strong growth in the third quarter of 2016 as a result of continuing success with the consistent execution of our strategy to both increase same-store sales and add new locations,” said Brock Bulbuck, President and Chief Executive Officer of Boyd Group. “As a result of this continued growth and performance, we are pleased to announce that the Board of Trustees has approved a 2.4% increase in our annualized distribution to $0.516 per unit, commencing November, 2016, for unitholders and shareholders of record on November 30, 2016.”

Results of Operations For the three months ended
September 30
For the nine months ended
September 30
(thousands of dollars, except per unit amounts) 2016 % change 2015 2016 % change 2015
Sales - total 345,309 14.7 301,076 1,026,670 19.2 861,572
Same-store sales - Total (excluding foreign exchange) 310,611 4.7 296,552 898,407 5.7 850,076
Gross margin % 46.1 1.1 45.6 45.8 (0.2) 45.9
Operating expense % 36.9 0.3 36.8 36.8 (1.6) 37.4
Adjusted EBITDA1 31,620 19.7 26,425 91,621 25.3 73,115
Acquisition and transaction costs 611 (0.5) 614 1,111 (36.5) 1,749
Depreciation and amortization 8,498 24.9 6,804 24,085 20.1 20,048
Fair value adjustments 6,218 (78.5) 28,855 16,924 (63.3) 46,137
Finance costs 2,427 (35.8) 3,782 7,267 (24.6) 9,643
Income tax expense 7,392 26.4 5,849 20,266 37.0 14,796
Adjusted net earnings1 13,069 29.4 10,100 39,530 35.5 29,175
Adjusted net earnings per unit1 0.724 17.3 0.617 2.194 23.1 1,783
Net earnings (loss) 6,474 N/A (19,479) 21,968 N/A (19,258)
Basic earnings (loss) per unit 0.358 N/A (1.189) 1.219 N/A (1.177)
Diluted earnings (loss) per unit 0.158 N/A (1.189) 1.020 N/A (1.177)
Standardized distributable cash 8,648 (33.1) 12,923 44,167 (3.8) 45,919
Adjusted distributable cash1 8,057 (31.2) 11,718 41,618 (3.8) 43,247
Distributions and dividends paid 2,306 12.7 2,047 6,860 11.8 6,136
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 September 30, 2016, which can be accessed via the SEDAR Web site (


“With 55 new locations added so far this year, along with healthy organic growth, we are confident that we are on track to achieve our long-term goals,” added Mr. Bulbuck. “Going forward, we expect that our prudent and disciplined approach will continue to deliver positive results, supported by our strong balance sheet, which has about $340 million in dry powder available to act on opportunities.”

2016 Third Quarter Conference Call & Webcast

Management will hold a conference call on Wednesday, November 9, 2016, at 10:00 a.m. (ET) to review the Fund’s 2016 third 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 Wednesday, November 16, 2016, at midnight by calling 1-855-859-2056 or 416-849-0833, reference number 2964476.

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 glass, emergency roadside and first notice of loss 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 Bulbuck Craig MacPhail
President & CEO Investor Relations
Tel: (204) 594-1770 Tel: (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.