Insurance Auto Auctions Announces Improved Fourth Quarter and Full ...
WESTCHESTER, Ill.--(BUSINESS WIRE)--March 19, 2007--Insurance Auto Auctions, Inc., a leading provider of automotive salvage and claims processing services in the United States, today announced financial results for the fourth quarter and full-year 2006. The Company's strong performance in 2006 was driven by successfully integrating acquisitions and greenfields along with increased buying activity as a result of the Company's live auctions combined with Internet bidding capability. The Company recorded revenues for the quarter of $92.6 million, compared to $69.9 million in the fourth quarter of 2005, an increase of 32.5%. Fee income in the fourth quarter increased to $79.2 million versus $59.6 million in the fourth quarter of last year. The Company reported Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) consistent with the definition in the Company's senior credit agreement of $15.8 million during the quarter compared to $10.1 million for the fourth quarter of 2005, an increase of 56.4%.
No comments:
Post a Comment