September 25, 2017
Boyd Group Income Fund Provides Hurricane Irma Update - All Affected Collision Repair Centers Now Re-Opened
Winnipeg, Manitoba – September 25, 2017 – Boyd Group Income Fund (TSX: BYD.UN) (“the Fund” or “the Boyd Group”) announced today that all 63 collision repair centers in Florida and Georgia that were temporarily closed have now re-opened. Fortunately, nearly all employees have been able to return to their homes and to their work, and none of the affected locations sustained damage that will result in any long term business interruption.
“We are pleased to report that all of our employees have come through this storm safely,” said Tim O’Day, President and COO of the Boyd Group. “We continue to support them and our local communities as they are coming together to rebuild. Our thoughts are with those that have been negatively affected by this and other recent storms.”
“While we are certainly thankful that the outcome from the hurricane and related storms is much less severe than what might have been anticipated in the days leading up to the storms, we do expect that these events will have a noticeable impact on our third quarter results,” said Brock Bulbuck, CEO of the Boyd Group. “In addition to lost production and sales during the closures, which ranged from one to eight days, we will also have the impact of some extra costs, as well as disruption to the business both before and after the closures. Our glass business will also be negatively impacted. Our teams are currently assessing the full impact of the storm and we will provide further details when we announce our third quarter earnings results on November 8th.”
“We are relieved that all centers have largely returned to normal operations and we are not expecting an impact into the fourth quarter,” added Mr. Bulbuck. “We thank all of our employees for getting our locations back up and running so quickly and for their continuing commitment to serving our customers and insurance partners with the highest levels of service and quality.”
About 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 http://www.boydgroup.com.
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 names Boyd Autobody & Glass (http://www.boydautobody.com) and Assured Automotive (http://www.assuredauto.ca), as well as in 20 U.S. states under the trade name Gerber Collision & Glass (http://www.gerbercollision.com). 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 Autoglassonly.com. 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 (http://www.boydgroup.com).
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