Insurance Auto Auctions reports record first quarter financial results.NORTH HOLLYWOOD Hollywood. 1 Community within the city of Los Angeles, S Calif., on the slopes of the Santa Monica Mts.; inc. 1903, consolidated with Los Angeles 1910. , Calif.--(BUSINESS WIRE)--May 1, 1995--Insurance Auto Auctions Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IAAI IAAI International Association of Arson Investigators IAAI Innovative Applications of Artificial Intelligence (Conference) IAAI Israeli Association for Artificial Intelligence IAAI International Airport Authority of India ), the leading seller of automotive salvage salvage, in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , announced that earnings from operations increased 35% for the quarter ended March 31, 1995, over the like quarter ended 1994. Earnings from operations before interest and income taxes rose 35% in the first quarter of fiscal 1995 to $4,770,000, up from $3,532,000 for the company's first quarter a year ago. Net earnings increased 33% to $2,675,000 or 24 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the first quarter of 1995, compared with $2,011,000 or 18 cents per share, for the like 1994 quarter. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter were $60.2 million compared with $37.6 million a year ago, up 60%. For the quarter ended March 31, 1995, the company sold over 91,000 vehicles, up 20% from the like period a year ago. The IAA IAA 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. Purchase Agreement method of processing accounted for 32,000 vehicles or 35% of total volume, up 60% from the like period in 1994. Existing facility comparisons, for facilities with five full quarters of IAA ownership, were up 36% in revenue for the quarter and up 1% in unit volume vs. the like quarter last year. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, including the units from Underwriters Salvage Co., (which has been in the IAA system less than five quarters), units at existing facilities were up 3% for the first quarter of 1995, compared to the like period in 1994. During the first quarter, the company experienced softer volumes of incoming vehicles at certain of its 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 northeast operations, which the company believes resulted from unusually mild winter weather in the midwest and northeast. Bradley S. Scott, chairman and chief executive officer, said "In our second year as a national service provider, the IAA team continued with strong growth and profitability." Scott added, "With the proceeds from our recently completed debt offering, we are well-positioned to continue our expansion through both acquisitions and start-ups." Christopher Knowles Christopher Knowles (born 1959) is a U.S. poet who has autism. In 1976, his poetry was used by Robert Wilson for the avant-garde minimalist Philip Glass opera Einstein on the Beach. , president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , added, "We continue to focus on streamlining and standardizing our operations, implementing our nationwide computer system, and aligning a·lign v. a·ligned, a·lign·ing, a·ligns v.tr. 1. To arrange in a line or so as to be parallel: align the tops of a row of pictures; aligned the car with the curb. ourselves with the re-engineering re-engineering - The examination and modification of a system to reconstitute it in a new form and the subsequent implementation of the new form. http://erg.abdn.ac.uk/users/brant/sre. efforts of our insurance company customers." In March 1995, IAA completed the acquisition of Sadisco Richmond Richmond, cities, United States Richmond. 1 City (1990 pop. 87,425), Contra Costa co., W Calif., on San Pablo Bay, an inlet of San Francisco Bay; inc. 1905. Inc., near Richmond, Va., which services the entire state and processes approximately 10,000 vehicles per year. Founded in 1982, Insurance Auto Auctions Inc. is the leading seller of automobile salvage in the United States, providing insurance companies a 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. , turnkey See turnkey system. means to process and sell total-loss and recovered theft vehicles. The company currently has 35 auction sites across the United States. -0-
Insurance Auto Auctions Inc.
and Subsidiaries
Condensed Consolidated Statements of Earnings
(Unaudited)
Three Month Periods
Ended March 31,
1995 1994
Net Sales
Vehicle sales $ 41,364,000 $ 24,597,000
Fee income 18,871,000 13,028,000
60,235,000 37,625,000
Costs and expenses: Cost of sales 45,220,000 24,943,000 Direct operating expenses 9,475,000 8,462,000 Amortization of acquisition costs 770,000 688,000 Earnings from operations 4,770,000 3,532,000 Other (income) expense: Interest expense 364,000 124,000 Interest (income) (246,000) (89,000) Earnings before income taxes 4,652,000 3,497,000 Income taxes 1,977,000 1,486,000 Net earnings $ 2,675,000 $ 2,011,000 Net earnings per common and common equivalent shares $ .24 $ .18 Weighted average common and common equivalent shares outstanding 11,320,000 11,192,000
Insurance Auto Auctions Inc.
and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
March 31, December 31,
1995 1994
ASSETS
Current assets:
Cash and cash equivalents $ 6,178,000 $ 2,529,000
Short-term investments 25,352,000 7,849,000
Accounts receivable, net 25,261,000 23,122,000
Inventories 8,317,000 6,437,000
Other current assets 1,715,000 1,453,000
Total current assets 66,823,000 41,390,000
Property and equipment, at cost, net 17,544,000 15,571,000
Other assets,
principally goodwill, net 119,165,000 116,680,000
$203,532,000 $173,641,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments
of long-term debt $ 424,000 $ 820,000
Accounts payable 24,368,000 17,853,000
Accrued liabilities 8,059,000 8,443,000
Income taxes 3,611,000 2,219,000
Total current liabilities 36,462,000 29,335,000
Long-term debt, excluding
current installments 24,315,000 4,409,000
Total liabilities 60,777,000 33,744,000
Shareholders' equity:
Preferred stock, par value of $.001
per share Authorized 5,000,000 shares;
none issued -- --
Common stock, par value of $.001 per share
Authorized 20,000,000 shares; issued
and outstanding 11,262,642 and
11,250,905 shares as of March 31,
1995 and Dec. 31, 1994, respectively 11,000 11,000
Additional paid-in capital 131,410,000 131,227,000
Retained earnings 11,334,000 8,659,000
Net shareholders' equity 142,755,000 139,897,000
$203,532,000 $173,641,000
CONTACT: Insurance Auto Auctions William W. Liebeck, 415/233-1952 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion