— ADESA, Inc., a publicly traded provider of wholesale vehicle auctions and used-vehicle dealer floorplan financing, on April 28 reported that for the first quarter 2005, the company reported net income of $35 million or $0.38 per share, on revenue of $244 million. For the first quarter of 2004, ADESA reported net income of $33.3 million or $0.38 per share, on revenue of $247.3 million.
First quarter and recent highlights include:
Achieved first quarter 2005 operating profit of $52.3 million for auction and related services segment and $17.0 million for Dealer Financing segment (AFC);
Strengthened management team via promotions of Brad Todd to chief operating officer of ADESA Corp., LLC (ADESA's U.S. used vehicle auction subsidiary) and Paul Lips to senior vice president of operations of ADESA Corp., LLC. Todd will continue to serve as president of AFC;
Continued growth of ADESA's real-time interactive Internet bidding system, LiveBlock. As compared to the first quarter of 2004, nearly tripled the number of LiveBlock dealers while achieving greater than a five- fold increase in number of LiveBlock auctions;
Achieved record first quarter 2005 volume at AFC of 278,977 loan transactions;
Repurchased approximately 0.3 million shares during the first quarter and an additional 1 million shares through April 26, 2005, for a combined cost of approximately $31.1 million;
Declared third consecutive quarterly dividend of $0.075 per share.