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REPOSSESSION AUCTION, INC., ANNOUNCES FOURTH QUARTER 1992 RESULTS

 MIAMI, April 12 /PRNewswire/ -- Repossession Auction, Inc. (NASDAQ-NMS: REPO), announced fourth quarter 1992 net losses of $101,641 on sales of $2,454,626 compared to net income of $44,335 on sales of $1,999,295 during the fourth quarter of 1991. Net income for the year ended Dec. 31, 1992, totaled $164,651 on sales of $9,432,105, compared with net income of $950,501 on sales of $9,756,770 for the year ended Dec. 31, 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. Lloyd Lyons, chairman of Repossession Auction, Inc., indicated that the company had remained profitable in 1992 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 Broward County, Fla., and the extensive preparations for selling vehicles in Panama. Revenues from international operations are expected to have a material financial statement impact in the first quarter of 1993.
 Lyons emphasized that the company's overall financial position remained strong, with inventories in excess of $3 million and marketable securities in excess of $6 million at Dec. 31, 1992.
 Fourth quarter results are summarized below:
 REPOSSESSION AUCTION, INC.
 Statements of Income
 Three Months Ended Dec. 31:
 1992 1991
 Sales $2,454,626 $1,999,295
 Net Income (Loss) (101,641) 44,335
 Average Shares 3,300,000 1,950,000
 Earnings (Loss) Per Share (0.03) 0.01
 Year Ended Dec. 31:
 1992 1991
 Sales $9,432,105 $9,756,770
 Net Income 164,651 950,501
 Average Shares 3,300,000 1,636,438
 Earnings Per Share 0.05 0.58
 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- 4/12/93
 /CONTACT: Lloyd Lyons of Repossession Auction, Inc., 305-756-1000/
 (REPO)


CO: Repossession Auction, Inc. ST: Florida

IN: SU: ERN

MH-TW -- DC025 -- 4775 04/12/93 12:38 EDT
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Publication:PR Newswire
Date:Apr 12, 1993
Words:359
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