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REPOSSESSION AUCTION, INC., REPORTS NASDAQ NMS LISTING AND EARNINGS FOR THE YEAR ENDED DEC. 31, 1991

REPOSSESSION AUCTION, INC., REPORTS NASDAQ NMS LISTING AND EARNINGS
 FOR THE YEAR ENDED DEC. 31, 1991
 MIAMI, March 19 /PRNewswire/ -- Repossession Auction, Inc. (NASDAQ: REPO), today announced that its common stock and warrants will begin trading on the NASDAQ National Market System (NMS) on April 7, 1992. The symbols of the common stock (REPO) and the warrants (REPOW) will remain the same.
 Lloyd Lyons, chief executive officer, stated that listing on NASDAQ-NMS will provide shareholders with access to multiple market makers, greater liquidity, real time bid and ask prices and other market data.
 At the same time the company also reported sales and earnings for the year ended Dec. 31, 1991. The company netted $950,501, or 55 cents per fully diluted share, on revenues of $9,756,770. Pro- Forma net income, had the company not elected to be taxed as an S corporation for the period from Jan. 1 through Dec. 19, 1991, would have been $636,043, or 38 cents per share.
 Lyons stated that the dramatic increase in sales from 1990 to 1991 was offset by higher administrative costs, particularly advertising, as well as indirect expenses associated with the company's initial public offering.
 The company also announced that Jeffrey A. Felder, a director, had joined the company on a full-time basis as president of the company.
 Repossession Auction, Inc., is engaged in the retail sale of used personal vehicles, typically automobiles, but also light trucks and recreational vehicles, acquired at wholesale dealer auctions.
 REPOSSESSION AUCTION, INC.
 Statement of Operations
 Year Ended Dec. 31, 1991 1990
 Sales $9,756,770 $6,690,316
 Income before income taxes 963,701 874,590
 Net Income 950,501 867,107
 Net Income per share:
 Primary $.58 $.55
 Fully diluted .55 .55
 Pro Forma net income
 after taxes(A) 636,043 545,290
 Pro Forma net income per
 share after taxes(A) $.38 $.51
 Average Shares Outstanding:
 Primary 1,636,438 1,575,000
 Fully diluted 1,724,589 1,575,000
 (A) Pro-forma to reflect income taxes which would have been payable had the company not elected to be taxed as an S corporation for 1991 and 1990. The company's Sub-S Election terminated Dec. 19, 1991. The company made provision for income taxes in 1991 of $13,200.
 -0- 3/19/92
 /CONTACT: Lloyd Lyons of Repossession Auction, Inc., 305-756-1000/
 (REPO) CO: Repossession Auction, Inc. ST: Florida IN: SU: ERN


DC-MK -- DC015 -- 9688 03/19/92 12:30 EST
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Publication:PR Newswire
Date:Mar 19, 1992
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