Ritchie Bros. increases auction revenues in 2009

Ritchie Bros. Auctioneers announced net earnings for the year ended December 31, 2009 of $93.5 million, and adjusted net earnings of $92.0 million, compared to adjusted net earnings of $85.5 million, for the year ended December 31, 2008. This represents year-over-year adjusted net earnings per share growth of 8 percent the company said.

Auction revenues for the year ended December 31, 2009 were $377.2 million, compared to $354.8 in 2008, representing a 6 percent year over year increase.

The company conducted 195 industrial auctions in 14 countries throughout North America, Europe, the Middle East, Central America, Asia and Australia during 2009, and set 11 regional gross auction proceeds records.

During the year, the company held its first auctions in India and Turkey, its first auction in Panama since 1999, and its second auction in Poland.

Gross auction proceeds for Ritchie in 2009 were $3.49 billion, 2 percent lower than in 2008. Excluding the impact of fluctuations in the value of the US dollar, gross auction proceeds and auction revenues in local currency increased 2 percent and 11 percent, respectively, in 2009 compared to 2008.

Excluding the US market, gross auction proceeds increased by 10 percent in local currency in 2009 compared to 2008. The company's auction revenue rate (auction revenues as a percentage of gross auction proceeds) was 10.80 percent in 2009, compared to 9.95 percent in 2008.

The company achieved gross auction proceeds of $891.1 million in the fourth quarter of 2009, a 4 percent increase compared to $853.9 million in the fourth quarter of 2008.

Auction revenues were $97.1 million for the three months ended December 31, 2009, a 19 percent increase, compared to $81.7 million for the fourth quarter of 2008.

Gross auction proceeds and auction revenues in local currency increased 1 percent and 14 percent, respectively, in the fourth quarter of 2009 compared to 2008.

The company recorded a 21 percent increase in the number of bidder registrations and a 15 percent increase in the number of buyers at its industrial auctions in 2009.

The company had approximately 336,000 bidder registrations at its unreserved industrial auctions in 2009, of which almost 98,000 were successful buyers.

In 2008, the company had approximately 278,000 bidder registrations, of which approximately 84,000 were buyers.

Ritchie Bros. worked with a large number of truck, equipment and other asset sellers in 2009, selling close to 283,000 lots on behalf of over 37,000 consignors. In 2008, Ritchie Bros. sold in excess of 252,000 lots for over 36,000 consignors.