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Wednesday, 24 March 2021 16:12

Boyd Group Services Inc. Reports Q4, Full Year 2020 Results

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Boyd Group Services Inc. on March 24 announced the results for the three- and 12-month periods ended Dec. 31, 2020.

The Boyd Group’s fourth quarter 2020 financial statements and MD&A have been filed on SEDAR. This news release is not in any way a substitute for reading Boyd’s financial statements, including notes to the financial statements, and Boyd’s Management’s Discussion & Analysis.

 

2020 Results and Highlights:

 

  • Completed the conversion of the Fund from an income trust to a public corporation named Boyd Group Services Inc., pursuant to the plan of arrangement under the Canada Business Corporations Act
  • Appointed Tim O’Day president and CEO, in accordance with the previously announced CEO succession plan with Brock Bulbuck moving into the role of executive chair
  • Financial results were significantly impacted by the COVID-19 pandemic
  • Sales decreased by 8.5% to $2.1 billion from $2.3 billion in the same period of 2019, including same-store sales decreases of 15.6%, with Canada having a greater negative impact due to the slower economic reopening and more significant restrictions in place when compared to the U.S.
  • Adjusted EBITDA decreased 8.2% to $293.6 million, including the benefit of $16.9 million of Canada Emergency Wage Subsidy (CEWS), compared with Adjusted EBITDA of $319.9 million in 2019
  • Adjusted net earnings decreased 43.8% to $54 million, compared with $96.1 million in adjusted net earnings in 2019 and adjusted net earnings per share/unit decreased 46.8% to $2.57, compared with $4.83 in 2019
  • Net earnings decreased 10.0% to $57.7 million, compared with $64.1 million in 2019 and net earnings per share/unit decreased 14.9% to $2.75, compared with $3.23 in 2019
  • Cash balance at quarter end of $77.7 million
  • Positive cash flows provided by operating activities of $307.0 million, an increase from $295.9 million in 2019
  • Net debt of $685.6 million and net debt excluding lease liabilities of $151.7 million
  • Increased and extended its revolving credit facility to US$550 million, with an accordion feature which can increase the facility to a maximum of US$825 million, accompanied by the addition of a new seven-year fixed-rate Term Loan A in the amount of US$125 million, maturing in March 2025 and March 2027, respectively
  • Completed a public offering for the issuance of 1.265 million common shares at a price of $183 per share for gross proceeds to the company of $231.5 million

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