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WINNIPEG, March 31, 2014 /CNW/ - Boyd Group Income Fund (TSX: BYD.UN) (the "Fund," "Boyd" or the "Boyd Group") today announced that, further to its news release on January 31, 2014, it has finalized and executed a new definitive agreement with its existing paint supplier. Under the new agreement, Boyd will continue to benefit from a back-end purchase discount structure that was originally put in place as part of the amendment and restructuring of its paint supply agreement in October, 2013.
About The Boyd Group Income Fund
The Boyd Group Income Fund (http://www.boydgroup.com) 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 Units trade on the Toronto Stock Exchange (TSX) under the symbol BYD.UN.
About The Boyd Group Inc.
In terms of locations, The Boyd Group Inc. is the largest operator of non-franchised collision repair centers in North America and one of the largest in terms of sales. The Company operates locations in five Canadian provinces under the trade name Boyd Autobody & Glass (http://www.boydautobody.com), as well as in 15 U.S. states under the trade names Gerber Collision & Glass (http://www.gerbercollision.com) and Hansen Collision. The Company is also a major retail auto glass operator in the U.S. with locations across 28 U.S. states under the trade names Gerber Collision & Glass, Glass America, Auto Glass Services, Auto Glass Only, Auto Glass Authority, S&L Glass and Hansen Auto Glass. The Company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with approximately 3,000 affiliated service providers throughout the U.S. under the "Gerber National Glass Services" name. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at (http://www.boydgroup.com).
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", "forecast", "anticipate", "estimate", "expect", "intend", or "continue" or the negative thereof or similar variations. Forward looking statements in this press release include the likelihood of the restructuring of the paint supply arrangements and the Offering being completed on the stated terms or at all and the accretive nature of the stated market-driven, back-end paint purchase discounts to the Fund's earnings and cash flows.
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: ability to successfully complete paint supply arrangement restructuring on an accretive basis;dependence upon The Boyd Group Inc. and its Subsidiaries; cash distributions not guaranteed; inability to successfully integrate acquisitions; economic downturn; operational performance; rapid growth; loss of key customers; brand management and reputation; insurance risk; quality of corporate governance; tax position risk; risk of litigation; acquisition risk; credit & refinancing risks; dependence on key personnel; employee relations; decline in number of insurance claims; market environment change; reliance on technology; weather conditions; expansion into new markets; fluctuations in operating results and seasonality; increased government regulation and tax risk; execution on new strategies; operating hazards; energy costs; U.S. health care costs and workers compensation claims; low capture rates; key supplier relationships; capital expenditures; competition; potential undisclosed liabilities associated with acquisitions; foreign currency risk; ability to successfully integrate acquisitions and realize synergies; regulatory risks; margin pressure; acquisition and start-up growth and ongoing access to capital; environmental, health and safety risk; interest rates; 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. All forward-looking statements are made as of this date and the Fund assumes no obligation to update such statements.
SOURCE: Boyd Group Income Fund
For further information: Brock Bulbuck, President & CEO, Tel: (204) 794-1770, [email protected]; Dan Dott, Chief Financial Officer, Tel: (204) 794-1771, [email protected]; Renée Lam, Investor Relations, Tel: (416) 815-0700 or toll free 1-800-385-5451 (ext. 258), [email protected]