April 30, 2013, Vancouver, B.C. – Ritchie Bros. Auctioneers announced its net earnings and adjusted earnings for
the three months ended March 31, 2013 of $14.0 million, or $0.13 per
diluted share.
This compares to net earnings and adjusted earnings of
$18.0 million, or $0.17 per diluted share, for the three months ended
March 31, 2012, representing a 22 per cent decrease in net earnings and
adjusted net earnings.
Adjusted Net Earnings is a non-IFRS financial
measure. The company's auction revenues during the
first quarter of 2013 grew one per cent to $102.1 million compared to $101.3
million for the same period in 2012. During the first quarter of 2013,
the company conducted 36 unreserved industrial auctions in 12 countries
throughout North America, Europe, the Middle East, Australia and
Africa.
Gross auction proceeds and auction revenues
For the three months ended March 31, 2013, gross auction proceeds were
$845.4 million which is two per cent lower than the same period in 2012 and
includes $18.7 million of volume from AssetNation/Equipment One. Gross
auction proceeds is a non-IFRS financial measure.
The Company's auction revenue rate (auction revenues as a percentage of
gross auction proceeds) was 12.07 per cent during the period ended March 31,
2013 compared to 11.71 per cent in the same period of 2012. The Company's at
risk business, which is comprised of guarantee and purchase contracts,
represented 20 per cent of gross auction proceeds in the first three months of
2013 (2012: 29 per cent).
To see the full release visit, www.rbauction.com.
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