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WINNIPEG, MB -- May 15, 2008 -- Boyd Group Income Fund (TSX: BYD.UN) today reported its financial results for the three-month period ended March 31, 2008. The Fund's complete fiscal 2008 first quarter financial statements and MD&A will be filed on sedar.com on May 14, 2008.
Revenue increased to $53.1 million compared to $52.6 million in Q1 2007, with same store sales growth of 10.3 per cent in the U.S. and 4.6 per cent in Canada. Net earnings increased to $1.9 million from $0.8 million in Q1 2007.
Adjusted distributable cash increased to $2.3 million from $0.5 million in Q1 2007. Trustees of the Fund approved an increase to monthly distributions to $0.01625 per unit beginning in May 2008, for unitholders and shareholders of record on April 30, 2008. Subsequently, on May 14, 2008 the Trustees of the Fund approved an increase in monthly distributions to $0.0175 per unit.
"The Fund continued to perform well during the first quarter of 2008 as we built on the positive results demonstrated in fiscal 2007, with increases in revenue, net earnings and cash available for distribution," said Terry Smith, CEO of the Boyd Group. "In March 2008, based on continuing improvement in our financial performance, we announced an increase to monthly distributions beginning in May 2008. I am pleased to announce today that, subsequent to the end of the first quarter, on May 14, 2008, the Trustees of the Fund approved an additional increase in monthly distributions to $0.0175 per unit beginning in July 2008. With stable to improving financial performance, we expect that distributions will continue to be gradually increased over time."
The Fund's net earnings for the three months ended March 31, 2008 were $1.9 million or $0.16 per fully diluted unit compared to net earnings of $0.8 million or $0.07 per fully diluted unit for the same period in the prior year. The increase in net earnings reflects the strong same store sales growth for the first quarter of 2008 in both Canada and the U.S., as well as reductions in operating costs as a percentage of sales and reduced interest, amortization and income tax expenses. For more information, please visit boydgroup.com.
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