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WINNIPEG, MB, Oct. 3, 2023
/CNW/ - Boyd Group Services Inc. (TSX: BYD) ("BGSI", "Boyd", "the
Boyd Group", or "the Company") today commented on the potential
impact of the United Auto Workers labor strike (the
"Strike").
"To date, the Strike has not impacted our ability to source
parts required to complete collision repairs; however, should the
Strike continue for an extended period of time, it is possible that
parts supply from General Motors, Stellantis and Ford could be
disrupted in a way that could have a material impact on our future
results", commented Tim O'Day,
President & CEO of the Company.
"Leading up to this, many of our supplier partners increased
their inventory levels to mitigate disruptions to supply. In
the event of an extended Strike, based on information available to
date, a number of actions could be taken to reduce the impact of
the supply chain disruption so that some repairs for the impacted
vehicles could continue; however, many repairs could be suspended
until parts become available", added Mr. O'Day. "We expect to
provide our next update when we release our third quarter results
in November."
About Boyd Group Services
Inc.
Boyd Group Services Inc. ("BGSI") is a Canadian corporation and
controls The Boyd Group Inc. and its subsidiaries. BGSI shares
trade on the Toronto Stock Exchange (TSX) under the symbol BYD. For
more information on The Boyd Group Inc. or BGSI, please visit our
website at http://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. 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; margin
pressure and sales mix changes; acquisition risk; operational
performance; brand management and reputation; market environment
change; reliance on technology; supply chain risk; 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; low capture rates; capital expenditures; 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.