- Temporary closures of Certain Collision
Repair Centers due to Hurricane Activity-
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
WINNIPEG, MB, Oct. 11,
2024 /CNW/ - Boyd Group Services Inc. (TSX:
BYD.TO) ("BGSI", "the Boyd Group", "Boyd" or "the Company")
announced that recent hurricane activity has called for certain
Gerber Collision & Glass ("Gerber") locations in the affected
areas to be temporarily closed, with some closures made in
accordance with mandatory evacuation orders, and some on a
discretionary basis to allow employees to prepare accordingly.
During the last week of September, Hurricane Helene resulted in
the temporary closure of 47 locations in the states of Florida, Georgia, North
Carolina and South
Carolina, followed by the temporary closure of 52 locations
in the state of Florida as a
result of Hurricane Milton.
"In order to allow our employees to focus on ensuring that they
and their families are safe, we are continuously evaluating
decisions on whether to temporarily close and when to re-open
certain locations," said Timothy
O'Day, Chief Executive Officer of the Boyd Group. "We are
working with our local teams to evaluate damage with a focus on
resuming operations as soon as practicable. Our priority continues
to be the well-being of our employees."
The recent hurricane activity has impacted our employees,
customers and repair locations. These impacts include flooding of
locations and vehicles in the process of being repaired, the
ability of locations to receive and process work, damage to
locations, loss of power, and loss of access roads at certain
locations, as well as damage to many vehicles resulting in total
losses as a result of hurricane activity. The location closings
will result in loss of sales in the period preceding, during and
immediately following the periods of closure. The overall magnitude
of sales and earnings loss will not be determinable until the
activity subsides, the locations reopen, and all of the variables
associated with this event, including the availability of insurance
can be fully assessed. An estimate of the full impact of these
closures should be available for disclosure when the Boyd Group's
third quarter earnings report is released on November 5th.
"Our thoughts are with those affected by these devastating
events," added Mr. O'Day. "We will continue to monitor the direct
impact of the storms on our locations and provide support as needed
for our employees and customers."
About Boyd Group Services Inc.
Boyd Group Services
Inc. is a Canadian corporation and controls The Boyd Group Inc. and
its subsidiaries. Boyd Group Services Inc. shares trade on the
Toronto Stock Exchange (TSX) under the symbol BYD.TO. For more
information on 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 operators of non-franchised
collision repair centres 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 U.S. under the
trade name Gerber Collision & Glass
(https://www.gerbercollision.com). In addition, the Company is a
major retail auto glass operator in the U.S. 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"), that offers glass, emergency roadside and
first notice of loss services. The Company also operates a Mobile
Auto Solutions ("MAS") service that offers scanning and calibration
services. For more information on The Boyd Group Inc. or Boyd Group
Services Inc., please visit our website at
(https://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", "anticipate", "estimate", "expect",
"intend", or "continue" or the negative thereof or similar
variations. 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: employee relations
and staffing; acquisition and new location risk; operational
performance; brand management and reputation; market environment
change; reliance on technology; supply chain risk; margin pressure
and sales mix changes; pandemic risk & economic downturn;
changes in client relationships; decline in number of insurance
claims; environmental, health and safety risk; climate change and
weather conditions; competition; access to capital; dependence 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 rates; U.S. health care costs
and workers compensation claims; foreign currency risk; capital
expenditures; low capture rates; and energy costs and BGSI'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
BGSI'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.
SOURCE Boyd Group Services Inc.