Insurance Auto Auctions Announces Second Quarter Results.WESTCHESTER Westchester is the name of some places in the United States of America:
abbr. indoleacetic acid Noun 1. IAA - a plant hormone promoting elongation of stems and roots indoleacetic acid auxin - a plant hormone that promotes root formation and bud growth 2. reported Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (Earnings Before Interest, Taxes, Depreciation and Amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Grand Prairie is a city in Dallas County (USA), with a significant overlap into Tarrant County, and a minor overlap into Ellis County. facility. "In the second quarter we saw a continuation of the trends that we have seen over the past several quarters, including higher sales, record returns for our suppliers, and strong cash flow generation," said Tom O'Brien Tom O’Brien or Thomas O’Brien may refer to:
Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the bidding capability using our state-of-the-art I-bid LIVE product, remains unmatched in our industry and continues to drive new buyers to our auctions." IAA has aggressively expanded its geographic footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. during the year, making seven acquisitions that have added 15 new locations to the Company's national network of sites. In March, IAA purchased NW Penn. Auction Sales/Warren County Salvage located in Erie, Pennsylvania “Erie” redirects here. For other uses, see Erie (disambiguation). Erie (pronounced IPA: /ˈɪəri/) is a major industrial city on the shore of Lake Erie in the northwestern corner of the U.S. . In April, IAA purchased Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). Auto Storage Pools two locations in Indianapolis Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. and South Bend South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. . After the end of the second quarter, IAA acquired Gardner's Insurance Auction in Missoula, Montana Missoula is a city in and the county seat of Missoula CountyGR6 in western Montana, United States. As of the United States 2000 Census, the population was 57,053, with more than 100,000 in the metropolitan area making it the second-largest city in . This acquisition was quickly followed by the purchase of Auto Disposal Systems, Inc. in Dayton, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. , one of the largest independent salvage pool companies in the United States. The Auto Disposal Systems acquisition links the adjacent IAA facilities in the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians and East with the addition of five facilities in Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. , Cleveland Cleveland, former county, England Cleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and , Columbus Columbus. 1 City (1990 pop. 178,681), seat of Muscogee co., W Ga., at the head of navigation on the Chattahoochee River; settled and inc. 1828 on the site of a Creek village. , Dayton Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and and Lima, Ohio Lima (IPA pronunciation: [laɪmə]) is a city in the U.S. state of Ohio and the county seat of Allen CountyGR6. , plus facilities in Ashland, Kentucky Ashland is a city located in Boyd County, Kentucky, USA, nestled along the banks of the Ohio River. The population was 21,981 at the 2000 census. Ashland is a part of the Huntington-Ashland, WV-KY-OH, Metropolitan Statistical Area (MSA). and Buckhannon, West Virginia Buckhannon is the only incorporated city in Upshur County, West Virginia and is located along the Buckhannon River. The population was 5,725 at the 2000 census. As of 2004, it has reached a population above 7,500. . Next, the Company announced the purchase of Lenders & Insurers' three locations blanketing the state of Iowa. The sites are located in Des Moines Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. , Cedar Falls Cedar Falls, city (1990 pop. 34,298), Black Hawk co., N Iowa, on the Cedar River; inc. 1854. It developed as a milling center in the late 19th-century after the coming of the railroad; its name is derived from the cedar tree. and Sioux City Sioux City, city (1990 pop. 80,505), seat of Woodbury co., NW Iowa, at the junction of the Big Sioux and Floyd rivers with the Missouri; inc. 1857. It is a shipping, wholesale trade, and industrial center for an extensive agricultural and livestock area (including . Just last week, IAA announced the acquisition of Salvage Management of Syracuse Syracuse, city, Italy Syracuse (sĭr`əky  s, –kyz), Ital. Siracusa, city (1991 pop. in Cicero, New York Cicero is a town in Onondaga County, New York, USA. The population was 27,982 at the 2000 census. The name of the town was assigned by a clerk interested in the classics, honoring Cicero, a Roman statesman. .O'Brien O'Bri·en , Edna Born 1932. Irish writer whose works, including The Lonely Girl (1962) and Johnny I Hardly Knew You (1977), explore the lives of women in modern-day Ireland. Noun 1. added, "We believe our year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. efforts on the expansion front will pay significant dividends for both IAA and our customers as we remain focused on upgrading our service offering to our existing buyer base while simultaneously attracting additional buyers in new geographic markets. We have been able to acquire several premiere independent salvage operators that will present our buyers with a greater supply of vehicles over an expanded geographic base. The fifteen new locations we have added so far in 2006 have bridged our excellent company-owned Midwest and East Coast operations through our entry into six new states, which is even more powerful considering the excellent coverage in those new states. Going forward, we will continue to pursue both acquisition and Greenfield Greenfield, town (1990 pop. 18,666), seat of Franklin co., NW Mass., at the confluence of the Deerfield and Green rivers, near their junction with the Connecticut; settled 1686, set off from Deerfield and inc. 1753. opportunities in order to further strengthen our national presence in order to better service our customers." About Insurance Auto Auctions, Inc. Insurance Auto Auctions, Inc., founded in 1982, a leader in automotive total loss and specialty salvage services in the United States, provides insurance companies with cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. , turn-key solutions to process and sell total-loss and recovered-theft vehicles. The Company currently has 95 sites across the United States. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The statements in this release should be read in conjunction with the unaudited condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. included in our Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. and our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 25, 2005, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . The statements contained in this release that are not historical facts are forward-looking statements. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially form those projected, expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by use of words such as "may," "will," "should," "anticipates," "predict," "projects," "targeting," "potential," "or "contingent," the negative of these terms, or other similar expressions. Our actual results could differ materially from those discussed in or implied by forward-looking statements for various reasons, including those discussed in "Risk Factors" in our Form 10-K for the year ended December 25, 2005, as amended. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, we undertake no obligation to publish, update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or any other reason. Additional information about Insurance Auto Auctions, Inc. is available on the World Wide Web at www.iaai.com Financial Tables Follow...
INSURANCE AUTO AUCTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands except per share amounts)
SUCCESSOR SUCCESSOR
-------------- -------------
June 25, December 25,
2006 2005
-------------- -------------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $25,619 $25,882
Accounts receivable, net 47,007 46,920
Inventories 21,099 19,611
Income taxes receivable 3,751 2,732
Deferred income taxes 6,512 8,511
Other current assets 6,039 5,323
-------------- -------------
Total current assets 110,027 108,979
-------------- -------------
Property and equipment, net 78,230 77,231
Intangible assets, net 122,565 126,378
Goodwill 206,628 191,266
Other assets 10,488 11,006
-------------- -------------
$527,938 $514,860
============== =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $44,883 $38,022
Accrued liabilities 18,736 17,445
Obligations under capital leases 334 367
Obligations under line of credit 7,000 -
Current installments of long-term debt 1,143 1,143
-------------- -------------
Total current liabilities 72,096 56,977
-------------- -------------
Deferred income taxes 35,892 37,582
Other liabilities 12,415 12,765
Obligations under capital leases 158 329
Senior notes 150,000 150,000
Long-term debt, excluding current
installments 112,610 113,183
-------------- -------------
Total liabilities 383,171 370,836
-------------- -------------
Shareholders' equity:
Common stock, par value of $.01 per
share 100 shares authorized, issued
and outstanding - -
Additional paid-in capital 150,776 149,458
Retained loss (6,009) (5,434)
-------------- -------------
Total shareholders' equity 144,767 144,024
-------------- -------------
$527,938 $514,860
============== =============
INSURANCE AUTO AUCTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands)
THREE MONTHS
(unaudited)
--------------------------------------------
SUCCESSOR SUCCESSOR PREDECESSOR
-------------- -------------- --------------
May 25 - March 28 -
June 25 June 26, May 24,
2006 2005 2005
-------------- -------------- --------------
Revenues:
Fee income $66,366 $19,242 $42,102
Vehicle sales 11,938 3,119 7,399
-------------- -------------- --------------
78,304 22,361 49,501
Cost of Sales
Branch cost 49,975 14,481 29,877
Vehicle cost 10,178 2,652 6,175
-------------- -------------- --------------
60,153 17,133 36,052
Gross profit 18,151 5,228 13,449
Operating expense:
Selling, general and
administrative 11,377 3,400 5,773
Loss (gain) on sale
of property and
equipment 11 17 (864)
Loss related to flood 310 - -
Merger costs - 5,021 14,508
-------------- -------------- --------------
11,698 8,438 19,417
Earnings (loss)
from operations 6,453 (3,210) (5,968)
Other (income) expense
Interest expense 6,741 2,642 148
Other income (123) (41) (2,411)
-------------- -------------- --------------
Earnings (loss)
before income taxes (165) (5,811) (3,705)
Income taxes (94) (1,311) 1,756
-------------- -------------- --------------
Net loss $(71) $(4,500) $(5,461)
============== ============== ==============
SIX MONTHS
(unaudited)
--------------------------------------------
SUCCESSOR SUCCESSOR PREDECESSOR
-------------- -------------- --------------
May 25 - December 27,
June 25, June 26, 2004 - May 24,
2006 2005 2005
-------------- -------------- --------------
Revenues:
Fee income $133,145 $19,242 $103,203
Vehicle sales 22,812 3,119 17,242
-------------- -------------- --------------
155,957 22,361 120,445
Cost of Sales
Branch cost 98,219 14,481 72,554
Vehicle cost 19,351 2,652 14,640
-------------- -------------- --------------
117,570 17,133 87,194
Gross profit 38,387 5,228 33,251
Operating expense:
Selling, general and
administrative 23,236 3,400 15,822
Loss (gain) on sale
of property and
equipment 17 17 (896)
Loss related to flood 3,170 - -
Merger costs - 5,021 15,741
-------------- -------------- --------------
26,423 8,438 30,667
Earnings (loss)
from operations 11,964 (3,210) 2,584
Other (income) expense
Interest expense 13,193 2,642 567
Other income (246) (41) (2,442)
-------------- -------------- --------------
Earnings (loss)
before income taxes (983) (5,811) 4,459
Income taxes (408) (1,311) 4,899
-------------- -------------- --------------
Net loss $(575) $(4,500) $(440)
============== ============== ==============
INSURANCE AUTO AUCTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
SUCCESSOR PREDECESSOR
----------------------------- --------------
December 27,
June 25, May 25 - 2004 - May 24,
2006 June 26, 2005 2005
-------------- -------------- --------------
(unaudited) (unaudited) (unaudited)
Cash flows from operating
activities:
Net loss $(575) $(4,500) $(440)
Adjustments to reconcile
net loss to net cash
provided by operating
activities:
Depreciation and
amortization 10,573 1,859 5,464
(Gain) loss on disposal
of fixed assets 817 17 (896)
Share-based
compensation expense 1,168 - -
Amortization of debt
costs 723 60 -
Deferred compensation
related to restricted
stock - - 4,343
Deferred income taxes 2,054 1,489 (1,448)
Tax benefit related to
employee stock
compensation - 678 8,394
Changes in assets and
liabilities (excluding
effects of acquired
companies):
(Increase) decrease
in:
Accounts
receivable, net 964 13,880 (5,312)
Income tax
receivable (931) (7,464) (2,618)
Inventories (1,165) 124 (472)
Other current
assets (616) (2,574) (520)
Other assets (52) (72) (827)
Increase (decrease)
in:
Accounts payable 6,861 (20,321) 6,719
Accrued liabilities (79) (7,308) 12,279
Income taxes - - (1,067)
-------------- -------------- --------------
Total adjustments 20,317 (19,632) 24,039
-------------- -------------- --------------
Net cash provided by
(used in) operating
activities 19,742 (24,132) 23,599
-------------- -------------- --------------
Cash flows from investing
activities:
Purchase of IAAI., Inc. - (356,753) -
Capital expenditures (8,123) (1,612) (8,221)
Acquisition, net of cash
acquired (18,418) - (600)
Proceeds from disposal of
property and equipment 291 22 1,391
-------------- -------------- --------------
Net cash used in
investing activities (26,250) (358,343) (7,430)
-------------- -------------- --------------
Cash flows from financing
activities:
Proceeds from issuance of
common stock - - 905
Contributed capital 150 143,600 -
Proceeds from short-term
borrowings 7,000 - 3,000
Payment of financing and
other fees (128) (12,758) -
Principal payments on
long-term debt (573) (22,125) (3,762)
Purchase of treasury
stock - - (1)
Principal payments on
capital leases (204) (79) (614)
Issuance of senior notes - 150,000 -
Issuance of term loan - 115,000 -
-------------- -------------- --------------
Net cash provided by (used
in) financing activities 6,245 373,638 (472)
-------------- -------------- --------------
Net increase (decrease)
increase in cash and cash
equivalents (263) (8,837) 15,697
Cash and cash equivalents
at beginning of period 25,882 29,022 13,325
-------------- -------------- --------------
Cash and cash equivalents
at end of period $25,619 $20,185 $29,022
============== ============== ==============
Supplemental disclosures
of cash flow information:
Interest paid $12,623 $9 $689
============== ============== ==============
Income taxes paid $436 $3,987 $1,654
============== ============== ==============
Income taxes refunded $1,966 $- $26
============== ============== ==============
Non-cash transactions:
Options exchanged in
merger transaction $- $5,653 $-
============== ============== ==============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion