Insurance Auto Auctions announces second quarter results
West Chester, Ill. auto insurance Auctions, Inc., a leading provider of rescue vehicles and treatment services in the USA, today announced its results for the second quarter of 2006. The company recorded revenues during the quarter of $ 78.3 million compared to $ 71.9 million in the second quarter of 2005, an increase of 9%. Fee income in the second quarter increased by $ 66.4 million against EUR 61.3 million in the second quarter of last year. ILO reported consolidated EBITDA (earnings before interest, taxes, depreciation and amortization), in conformity with the definition of the credit agreement of the company, for $ 13.2 million during the quarter. EBITDA of the group is a non-GAAP, the shares of the company as a principal measure of financial performance because it is an indicator of the relative strength of the operating performance of the company. As already reported, was the quarter compared to the previous year as a result of lower quantities equal to store large part to the inability to sell those vehicles damaged in a flood of society in Grand Prairie, Texas, USA facility.
“In the second quarter, we saw a continuation of the trend we have seen several in recent quarters, including the increase of turnover record returns for our suppliers and a strong cash flow generation,” said Tom O’Brien, managing director. “Our unique dual strategy that combines direct physical with an auction in real time, the Internet offers the ability to use our state-of-the-art I-bid LIVE product, remains unmatched in our industry and to continue to drive new buyer to our auctions.
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