Business Services Industry
Insurance Auto Auctions Announces Fourth Quarter Results
Business Wire, March 14, 2005
Financial Tables Follow...
INSURANCE AUTO AUCTIONS, INC.
AND SUBSIDIARIES
Condensed Consolidated Income Statements
(dollars in thousands except per share amounts)
Three Month Periods Ended Twelve Month Periods Ended
-------------------------- --------------------------
December 26, December 28, December 26, December 28,
2004 2003 2004 2003
-------------------------- --------------------------
(Unaudited) (Unaudited)
Revenues:
Vehicle sales $8,582 $7,620 $31,436 $39,963
Fee income 53,652 43,525 208,743 169,687
------------ ------------ ------------ ------------
62,234 51,145 240,179 209,650
Cost of sales:
Vehicle cost 7,294 6,806 26,694 35,301
Branch cost 39,148 35,901 157,297 135,157
------------ ------------ ------------ ------------
46,442 42,707 183,991 170,458
------------ ------------ ------------ ------------
Gross profit 15,793 8,438 56,188 39,192
Operating expense:
Selling, general
and admini-
strative 8,901 7,810 34,978 30,225
Loss/(gain) on
sale of property
& equipment 927 78 301 54
Business
transformation
costs - 1,027 - 3,902
------------ ------------ ------------ ------------
Earnings (loss)
from operations 5,964 (477) 20,909 5,011
Other (income)
expense:
Interest expense 323 426 1,572 1,505
Interest income (27) (13) (67) (130)
------------ ------------ ------------ ------------
Earnings (loss)
before income
taxes 5,668 (890) 19,404 3,636
Provision (benefit)
for income taxes 1,713 (560) 7,139 1,304
------------ ------------ ------------ ------------
Net earnings
(loss) $3,955 $(330) $12,265 $2,332
============ ============ ============ ============
Earnings (loss)
per share:
Basic $.34 $(.03) $1.06 $.20
============ ============ ============ ============
Diluted $.33 $(.03) $1.04 $.20
============ ============ ============ ============
Weighted average
shares outstanding:
Basic 11,511 11,518 11,526 11,652
Effect of
dilutive
securities -
stock options 488 - 288 80
------------ ------------ ------------ ------------
Diluted 11,999 11,518 11,814 11,732
============ ============ ============ ============
INSURANCE AUTO AUCTIONS, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(dollars in thousands except per share amounts)
December 26, December 28,
2004 2003
------------ ------------
ASSETS
Current assets:
Cash $13,325 $15,486
Accounts receivable, net 50,443 48,375
Inventories 14,498 13,602
Deferred income taxes 4,693 4,180
Other current assets 1,613 3,099
------------ ------------
Total current assets 84,572 84,742
------------ ------------
Property and equipment, net 74,684 60,187
Deferred income taxes 6,481 5,608
Intangible assets, net 1,747 2,101
Goodwill, net 137,494 135,062
Other assets 482 93
------------ ------------
$305,460 $287,793
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $38,505 $36,658
Accrued liabilities 13,513 12,556
Obligations under capital leases 1,094 2,822
Income taxes 1,067 -
Obligation under line of credit 6,000 -
Current installments of long-term debt 7,512 7,547
------------ ------------
Total current liabilities 67,691 59,583
------------ ------------
Deferred income taxes 20,729 17,748
Other liabilities 4,353 2,598
Obligation under capital leases 661 1,891
Long-term debt, excluding current
installments 9,375 16,887
------------ ------------
Total liabilities 102,809 98,707
------------ ------------
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;
12,709,758 shares issued and
11,569,156 outstanding as of
December 26, 2004; and 12,325,482 shares
issued and 11,518,273 outstanding as of
December 28, 2003 12 12
Additional paid-in capital 151,793 145,856
Treasury stock, 906,480 shares at
December 26, 2004 and 807,209 shares
at December 28, 2003 (9,637) (8,012)
Deferred compensation related to
restricted stock (4,343) (892)
Accumulated other comprehensive income
(loss) (186) (625)
Retained earnings 65,012 52,747
------------ ------------
Total shareholders' equity 202,651 189,086
------------ ------------
$305,460 $287,793
============ ============
INSURANCE AUTO AUCTIONS, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
Twelve Months Ended
--------------------------
December 26, December 28,
2004 2003
------------ ------------
Cash flows from operating activities:
Net earnings $12,265 $2,332
Adjustments to reconcile net earnings to
net cash
provided by operating activities:
Depreciation and amortization 12,985 10,661
Loss (gain) on disposal of fixed
assets 301 54
Loss (gain) on change in fair market
value of derivative financial
instrument - (307)
Deferred compensation related to
restricted stock 585 29
Deferred income taxes 1,595 788
Tax benefit related to employee stock
compensation 275 15
Changes in assets and liabilities
(excluding effects of acquired
companies):
(Increase) decrease in:
Accounts receivable, net (1,536) (752)
Inventories (896) (2,442)
Other current assets 1,486 489
Other assets (1,438) (975)
Increase (decrease) in:
Accounts payable 1,612 6,349
Accrued liabilities 3,151 (878)
Income taxes 1,067 -
------------ ------------
Total adjustments 19,187 13,031
------------ ------------
Net cash provided by operating
activities 31,452 15,363
------------ ------------
Cash flows from investing activities:
Capital expenditures (28,717) (16,343)
Proceeds from disposal of property and
equipment 1,520 60
Payments made in connection with
acquisitions, net of cash acquired (1,912) (7,872)
------------ ------------
Net cash used in investing activities (29,109) (24,155)
------------ ------------
Cash flows from financing activities:
Proceeds from issuance of common stock 1,626 500
Proceeds from term loan 6,000 30,000
Purchase of treasury stock (1,625) (8,012)
Principal payments on long-term debt (7,547) (5,668)
Principal payments - capital leases (2,958) (2,569)
------------ ------------
Net cash provided (used) by financing
activities (4,504) 14,251
------------ ------------
Net increase (decrease) in cash and cash
equivalents (2,161) 5,459
Cash and cash equivalents at beginning of
period 15,486 10,027
------------ ------------
Cash and cash equivalents at end of
period $13,325 $15,486
============ ============
Supplemental disclosures of cash flow
information:
Cash paid or refunded during the period
for:
Interest $1,723 $1,639
============ ============
Income taxes paid $5,404 $855
============ ============
Income taxes refunded $1,011 $1,390
============ ============
Non-cash financing activities:
Property and equipment additions
resulting from capital leases $- $3,375
============ ============
COPYRIGHT 2005 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
- 5 Rules for Immediate Annuities
- Death in the Family: 12 Things to Do Now
- Dumbest Things You Do With Your Money
- 6 Online Networking Mistakes to Avoid
- 401(k) Mistakes to Avoid
- 5 Economic Scenarios to Keep You Up at Night
- The Real ‘Best Places to Retire’
- Best Credit Cards for You
- 12 Tough Questions to Ask Your Parents
- The Real ‘Best Colleges’
- Home Buyer Tax Credit: How to Cash In
- Why You Shouldn't Bash Cash
- 8 Phony 'Bargains' and Better Alternatives
- Danger: 3 Debit Card Scams to Avoid
- 6 Myths About Gas Mileage
- 29 Fees We Hate Most
- Quick and Easy Ways to Boost Returns
- Best Stocks to Buy Now
- Lower Your Taxes: 10 Moves to Make Now
- New Jobs: 8 Lessons from Real-Life Career Switchers
- The New Job Market: Who Wins and Who Loses?
- Health Care Reform's Public Option: Everything You Need to Know
- Volunteer Work When Unemployed: Should You Work for Free?
- Whose Recovery Is This?
- Long-Term-Care Insurance: 4 Biggest Risks to Avoid
Content provided in partnership with
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- LIFO vs. FIFO: a return to the basics
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- Design a commission plan that drives sales - Sales Commissions
Presented by American Express