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KAR Auction Services Inc. reported its fourth quarter and annual financial results recently.
For the fourth quarter of 2009, the company reported revenue of $417.9 million as compared with fourth quarter 2008 revenue of $396.2 million. Adjusted earning for the fourth quarter of 2009 was $99.7 million as compared with fourth quarter 2008 of $57.5 million.
Net income for the fourth quarter of 2009 was $5.3 million, as compared with a net loss of $49.3 million in the fourth quarter of 2008.
For the year ended Dec. 31, 2009, the company reported revenue of $1,729.6 million as compared with revenue of $1,771.4 million for the year ended Dec. 31, 2008. Earnings rose to $425.9 million as compared with adjusted EBITDA of $393.5 million for the year ended Dec. 31, 2008.
Net income for the year ended Dec. 31, 2009 was $23.2 million, as compared with a net loss of $216.2 million for 2008.
"KAR's financial performance in 2009 is a reflection of our ability to continuously improve operations while simultaneously providing outstanding value to our customers," said Jim Hallett, KAR's CEO. "In addition to our solid operating results, during 2009, we completed KAR's initial public offering, paid down $250 million of term loan debt, added two new facilities at Insurance Auto Auctions, kicked off our new dealer consignment initiative and significantly strengthened AFC's operations. These actions, in tandem with our solid business model, position us well for continuing to grow our earnings and cash flow." |
