
KAR Auction Services, Inc. Reports First Quarter 2010 Results
For Immediate Release
Eric Loughmiller
Executive Vice President and Chief Financial Officer
(317) 249-4254
eric.loughmiller@karauctionservices.com
KAR Auction Services, Inc. Reports First Quarter 2010 Results
Carmel, Ind. – KAR Auction Services, Inc. (NYSE: KAR) today reported financial results for the period ended March 31, 2010. For the first quarter of 2010, the company reported revenue of $458.4 million as compared with first quarter 2009 revenue of $442.5 million, an increase of 4%. Adjusted EBITDA for the first quarter of 2010 was $120.1 million as compared with first quarter 2009 Adjusted EBITDA of $97.1 million, an increase of 24%. Net income for the first quarter of 2010 was $8.1 million, or $0.06 per share, as compared with a net loss of $3.5 million, or $0.03 per share, in the first quarter of 2009. As shown in the attached reconciliation table, adjusted net income per share for the first quarter of 2010 was $0.29 versus adjusted net income per share of $0.09 for the first quarter of 2009.
2010 Outlook
KAR Auction Services, Inc. expects Adjusted EBITDA, net income per share
and adjusted net income per share to be at the top end of its
previously issued guidance of achieving Adjusted EBITDA of $458
million—$465 million, net income per share of $0.40—$0.45 and adjusted
net income per share of $0.90—$0.95. Adjusted net income per share
represents GAAP net income per share excluding excess depreciation and
amortization resulting from the buyout and acquisition, stock-based
compensation and the loss on extinguishment of debt, net of taxes.
Earnings Conference Call Information
KAR Auction Services, Inc. will be hosting an earnings conference call
and webcast on Thursday, May 6th, 2010, at 11 a.m. EDT (10 a.m. CDT).
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
1-800-768-6490 and entering participant passcode 9545229, while the
live web cast will be available at the investor relations section of
www.karauctionservices.com.
A replay of the call will be available for one month 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 9545229. 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., a leading provider of wholesale used vehicle auctions whose
operations span North America with 62 used vehicle sites, Insurance Auto
Auctions, Inc., a leading salvage auto auction company whose operations
span North America with 154 sites and Automotive Finance Corporation, a
leading provider of floorplan financing to independent and franchised
used vehicle dealers with 88 sites across North America. For further
information on KAR Auction Services, Inc., ADESA, Inc., Insurance Auto
Auctions, Inc. or Automotive Finance Corporation (AFC), visit the
company’s Web site at www.karauctionservices.com.
Click here to read the entire report.