Insurance Auto Auctions Reports Full Year Results
Insurance Auto Auctions (IAA) reported a net loss for the quarter ended December 28, 2003. The Company recorded a net loss of $0.3 million versus net earnings of $0.5 million a year ago.
"Our fourth quarter results were in-line with our internal expectations," said Tom O'Brien, CEO. "As the quarter progressed, we were also encouraged by signs of a strengthening operating environment, which included higher incoming volumes and higher proceeds for our customers, and positive market share trends."
For the full-Year 2003 the Company reported net earnings of $2.3 million versus net earnings of $4.0 million for 2002. The primary reasons given for the decline included costs associated with a new IT system and lower volumes, consistent with industry trends.
IAA announced eight new facilities in 2003, bringing the Company's branch total to 74 facilities at year-end. New greenfield facilities were announced in Dothan, Alabama, and Little Rock, Arkansas. IAA also announced acquisitions in Buffalo and Rochester, New York, Wilmington, North Carolina, Wichita, Kansas, Orlando, Florida and Salt Lake City, Utah. Most recently, IAA announced a new greenfield facility in Tucson, Arizona.
Insurance Auto Auctions currently has 75 sites across the United States.