Boyd Group boosts investor payouts
WINNIPEG - Boyd Group Income Fund (TSX:BYD.UN) says it's raising monthly distributions to unitholders by four per cent, starting with this month's payout.
The new rate will be 3.9 cents per unit per month, up 15 one-hundredths of a cent from 3.75 cents per unit.
The Winnipeg-based fund, which owns auto body repair shops across North America, announced the increase along with a mixed third-quarter financial report that showed higher revenue but flat internal growth and lower profit.
The quarter included a 12.1 per cent increase in overall revenue, which rose to $109.1 million from $97.3 million in the third quarter of 2011.
Most of the increase came from the addition of 13 locations during the first nine months of this year. Same-store sales at locations open at least a year fell by 0.8 per cent, excluding the impact of currency exchange fluctuations.
Net income also fell to $1.5 million, or 12 cents per unit, from $6.5 million, or 22 cents per unit. Over the past year, the number of units increased to just over 12.5 million from just under 11 million.
Adjusted net income performed better, increasing to $3.3 million or three per cent of sales from $2.7 million or 2.8 per cent of sales in the third quarter of 2011.
However, adjusted distributitable cash fell to $1.9 million, from $5.4 million in the third quarter of 2011, as higher acquisition costs, finance costs,income taxes and payments reduced cash from operations.
A 1967 Shelby GT500 Super Snake sold for $1.3 million. Do you think classic cars were made better than modern rides?
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- Yes, the quality of cars from the 1960s and '70s is the best
- No, modern technology makes cars better today
- Maybe, it's hard to say since most Canadians get a new car every 10 years