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Adesa Inc (1281949) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2006

Adesa Inc

CIK: 1281949

Exhibit 99.1

 

Analyst Contact:

 

Media Contact:

Jonathan Peisner

 

Julie Vincent

(317) 249-4390

 

(317) 249-4233

jpeisner@adesa.com

 

jvincent@adesa.com

 

ADESA, Inc. Reports Fourth Quarter EPS of $0.22 per Diluted Share

Results include $0.08 per share of non-operating charges

 

Carmel, IN, February 8, 2007

—ADESA, Inc. (NYSE: KAR), North America’s largest publicly traded provider of wholesale vehicle auctions and used vehicle dealer floorplan financing, today reported its financial results for the quarter ended December 31, 2006. For the fourth quarter of 2006, the company reported net income of $19.8 million, or $0.22 per diluted share, which included pretax non-operating charges of $9.5 million ($7.2 million after-tax, or $0.08 per diluted share.)  Fourth quarter revenues were $269.5 million.

 

“We are pleased with ADESA’s fourth quarter revenue and operating performance,” stated ADESA, Inc. Chairman and CEO David Gartzke. “Despite a challenging industry environment, ADESA’s growth and outstanding customer recognition continue to be fueled by the value-add services and extra effort that our employees deliver to our customers every day. While we accomplished much in 2006, we believe that significant investments will be required going forward in order for ADESA to further enhance its competitive profile.”

 

Quarterly Consolidated Results

For the fourth quarter of 2006, the company reported that revenue increased 13 percent to $269.5 million, compared with $238.6 million in the fourth quarter of 2005. The primary drivers for the $30.9 million increase in revenues were higher volumes of vehicles sold, including acquisition volume, and increased fee income from transportation and lower margin ancillary services. Net income for the fourth quarter of 2006 was $19.8 million, or $0.22 per diluted share, compared with net income of $23.1 million, or $0.26 per diluted share, in the fourth quarter of 2005. Results for the fourth quarter of 2006 included $6.1 million of pretax transaction charges ($0.06 per diluted share) related to the pending acquisition of the company and a $3.4 million pretax charge ($0.02 per diluted share) related to the termination of the Joint Aircraft Ownership and Management Agreement with ALLETE, Inc.

 

Quarterly Segment Results

Auction Services Group (ASG) revenue in the fourth quarter of 2006 increased 13 percent from $206.7 million to $233.6 million. The $26.9 million increase in ASG revenue was primarily due to the previously mentioned factors of higher sold vehicle volumes – including acquisition volume, and increased fee income from transportation and lower margin ancillary services. These same factors also contributed to a five percent increase in ASG revenue per vehicle sold to $484 as compared with $460 for the fourth quarter 2005 and a six percent increase in operating profit to $31.4 million versus $29.7 million. The used vehicle conversion rate for the quarter was 59.2% versus 62.5% in the fourth quarter of 2005.

 


The following information was filed by Adesa Inc on Thursday, February 8, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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