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– Announced reopening of almost all Florida and Collision Repair Centers in South Carolina –
WINNIPEG, MB, October 4, 2022 /CNW/ – Boyd Group Services Inc. (TSX: BYD.TO) (“the Boyd Group”, “Boyd” or “the Company”) announced that nearly all Gerber Collision & Glass (“Gerber”) locations that were temporarily closed in the states of Florida and Caroline from the south have now reopened. A total of 62 collision locations were ultimately impacted by temporary closures as well as Florida Glass America business. To date, four collision sites in Southwest Florida remain closed, and may remain closed for several weeks. Where possible, staff have been reassigned to other locations that have been less severely affected.
“We are pleased to report that all of our employees have weathered this storm safely,” said Timothy O’Day, President and CEO of the Boyd Group. “We will continue to support them as they come together to rebuild and recover from this devastating event. Our hearts go out to those affected by the impact of Hurricane Ian.”
“These events will have a modest impact on our third and fourth quarter results,” said Timothy O’Day, President and CEO of the Boyd Group. “In addition to the loss of production and sales during the closures, we will also have the impact of some additional costs, as well as business disruption before and after the closures. Our teams are currently assessing the full impact of the storm and will provide us with more details when we announce our third quarter results on November 9.”
“We are relieved that most of our locations have been able to reopen and we hope these locations will be back to full staffing and capacity in the near future,” O’Day added. “We thank all of our employees for getting these locations back up and running so quickly and for their continued commitment to serving our customers and insurance partners with the highest levels of service and quality.”
About Boyd Group Services Inc.
Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. Shares of Boyd Group Services Inc. trade on the Toronto Stock Exchange (TSX) under the symbol BYD.TO. For more information about The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at https://www.boydgroup.com.
About The Boyd Group Inc.
The Boyd Group Inc. (the “Company”) is one of the largest non-franchised collision center operators in North America in terms of number of locations and sales. The Company operates locations in Canada under the trade names Boyd Autobody & Glass (https://www.boydautobody.com) and Assured Automotive (https://www.assuredauto.ca) as well as in the United States under the trade name Gerber Collision & Glass (https : //www.gerbercollision.com). Additionally, the company is a major automotive glass retail operator in the United States with operations 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”), which provides window, roadside emergency and first notice of loss services. For more information about The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at (https://www.boydgroup.com).
Caution Regarding Forward-Looking Statements
Statements made in this press release, other than those regarding historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Certain forward-looking statements may be identified by words such as “may”, “will”, “anticipate”, “estimate”, “expect”, “intend” or “continue” or their negative form or similar variants. Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied by such statements. Factors that could cause results to vary include, but are not limited to: employee relations and staffing; margin pressure and changes in sales mix; supply chain risk; pandemic risk and economic slowdown; acquisition risk; operational performance; brand management and reputation; change in the market environment; reliance on technology; changes in customer relationships; decrease in the number of insurance claims; environmental, health and safety risks; climate change and weather patterns; competition; access to capital; reliance on key personnel; tax position risk; corporate governance; increased government regulation and tax risk; fluctuations in operating results and seasonality; risk of litigation; execution on new strategies; insurance risk; interest rate; US health care costs and workers’ compensation claims; risk of change ; low catch rates; capital expenditure; and energy costs and BGSI’s success in anticipating and managing the aforementioned 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 BGSI’s Annual Information Form, “Risks and Uncertainties” and other sections of our Management’s Discussion and Analysis of Financial Condition and our other periodic filings with Canadian securities regulators. All forward-looking statements presented herein should be read in conjunction with these materials.
SOURCE Boyd Group Services Inc.
For further information: Timothy O’Day, President and CEO, Tel. : (847) 410-6002, [email protected]; Craig MacPhail, Investor Relations, Tel: (416) 586-1938 or toll free 1-800-385-5451, [email protected]; Pat Pathipati, Executive Vice President and Chief Financial Officer, Tel: (204) 895-1244 (ext. 33841), [email protected]