Earnings Conference Call Information
KAR Auction Services, Inc. will be hosting an earnings conference call and webcast on Tuesday, February 28, 2012 at 11:00 a.m. EST (10:00 am CST). The call will be hosted by KAR Auction Services, Inc.’s Chief Executive Officer, Jim Hallett and Executive Vice President and Chief Financial Officer, Eric Loughmiller. The conference call may be accessed by calling 1-888-329-8877 and entering participant passcode 2922148, while the live web cast will be available at the investor relations section of www.karauctionservices.com. Supplemental financial information for KAR Auction Services’ fourth quarter and full year 2011 results is available at the investor relations section of www.karauctionservices.com under the financial postings page.
A replay of the call will be available for two weeks via telephone starting approximately 30 minutes after the completion of the call. The replay may be accessed by calling 1-888-203-1112 and entering pass code 2922148. The archive of the web cast will also be available following the call and will be available at the investor relations section of www.karauctionservices.com for a limited time.
About KAR Auction Services, Inc.KAR Auction Services, Inc. (NYSE: KAR) is the holding company for ADESA, Inc., (“ADESA”), Insurance Auto Auctions, Inc., (“IAA”) and Automotive Finance Corporation (“AFC”). ADESA is a leading provider of wholesale used vehicle auctions with 69 North American locations and its subsidiary OPENLANE provides a leading Internet automotive auction platform. Insurance Auto Auctions is a leading salvage vehicle auction company with 160 sites across North America. Automotive Finance Corporation is a leading provider of floorplan financing to independent and franchise used vehicle dealers with 103 sites across North America. Together, KAR Auction Services provides a unique, comprehensive, end-to-end solution for our customers’ remarketing needs. Visit karauctionservices.com for additional information. Forward Looking Statements Certain statements contained in this release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company’s Securities and Exchange Commission filings. The Company does not undertake any obligation to update any forward-looking statements.
KAR Auction Services, Inc. Condensed Consolidated Statements of Income( In millions) ( Unaudited)
Three Months Ended December 31,
Year Ended December 31,
|ADESA Auction Services||$||250.3||$||254.8||$||1,017.4||$||1,075.9|
|IAA Salvage Services||186.3||152.0||700.1||610.4|
Total operating revenues
Cost of services (exclusive of depreciation and amortization)
|Selling, general and administrative||106.9||97.5||389.4||375.2|
|Depreciation and amortization||48.3||44.0||179.8||171.3|
|Total operating expenses||424.2||395.3||1,604.4||1,553.8|
|Other (income) expense, net||1.3||0.6||(4.7||)||(2.1||)|
|Loss on extinguishment of debt||--||7.4||53.5||32.7|
|Income before income taxes||23.5||4.8||90.0||96.8|
|Net income per share|
KAR Auction Services, Inc. Condensed Consolidated Balance Sheets (In millions) ( Unaudited)
|December 31,||December 31,|
|Cash and cash equivalents||$||97.4||$||119.1|
|Trade receivables, net of allowances||297.4||271.9|
|Finance receivables, net of allowances||132.7||126.2|
|Finance receivables securitized, net of allowances||741.5||635.7|
|Other current assets||96.0||93.2|
|Total current assets||1,373.2||1,254.7|
Customer relationships, net of accumulated amortization
|Intangible and other assets||345.7||323.1|
|Property and equipment, net of accumulated depreciation||686.7||680.5|
Current liabilities, excluding current maturities of debt and
obligations collateralized by finance receivables
|Obligations collateralized by finance receivables||610.3||520.1|
|Current maturities of debt||85.9||--|
|Total current liabilities||1,196.2||966.8|
|Other non-current liabilities||422.8||437.9|
|Total liabilities and stockholders’ equity||$||4,779.1||$||4,525.0|
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