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REPOSSESSION AUCTION, INC. REPORTS EARNINGS

 MIAMI, Nov. 16 ~PRNewswire~ -- Repossession Auction, Inc. (NASDAQ-NMS: REPO) today announced third quarter 1992 earnings of $118,316 on sales of $2,515,001 compared to net income of $393,101 of $2,503,054 during the third quarter of 1991. Net income for the nine months ended Sept. 30, 1992, totaled $266,292 on sales of $6,977,479, compared with net income of $906,166 on sales of $7,757,475 for the first nine months of 1991. Results for the 1991 periods do not include any provision for Federal income taxes since the company was an S Corporation during that period. Mr. Lyons indicated that the company had remained profitable in spite of both the lingering recession in the Miami area, the catastrophic August 1992 hurricane that hit South Florida, the additional costs of personnel and other expenses occasioned by the opening and closing of the new location in the Broward County, Fla., and the extensive preparations for the opening of a location in Panama. Revenues from the Panama location are expected to have a material financial statement impact in the first quarter of 1993.
 Mr. Lyons emphasized that the company's overall financial position remained strong, with inventories in excess of $3 million and marketable securities of almost $7 million at Sept. 30, 1992.
 Third quarter results are summarized below:
 REPOSSESSION AUCTION, INC.
 Statements of Income
 Three months ended Sept. 30 1992 1991
 Sales $2,515,001 $2,503,054
 Net income 118,316 393,101
 Average shares 3,300,000 1,575,000
 Earnings per share .04 .25
 Nine months ended Sept. 30 1992 1991
 Sales $6,977,479 $7,757,475
 Net income 266,292 906,166
 Average shares 3,300,000 1,575,000
 Earnings per share .08 .57
 (A) No provision for Federal income taxes was made in 1991, since the company was an S Corporation for Federal income tax purposes during that period.
 -0- 11~16~92
 ~CONTACT: Lloyd Lyons of Repossession Auction, Inc., 305-756-1000~
 (REPO)


CO: Repossession Auction, Inc. ST: Florida IN: SU: ERN

LD-OS -- NY114 -- 1478 11~16~92 16:39 EST
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Publication:PR Newswire
Date:Nov 16, 1992
Words:352
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