2. Income of $36.3M up 3.7% over 1st Q 2005
3. Revenue of $285.6M up 17.7% over same time 2005
4. ADESA notes company strengthened senior management during quarter
5. Named A R Sales as president/COO; Ron Beaver as EVP/chief information officer
6. Also acquired NE Penn salvage, Sarasota used vehicle auctions
1. Officials say favorable Canadian currency exchange impacted revenue by $3.3M
2. Auction and Related Services (ARS) revenue up 17.2%
3. Revenue per vehicle sold in ARS segment at $471, up from $415 in 1st Q 2005
4. More institutional vehicles drove revenue; require more ancillary services
5. Dealer financing (AFC) revenue up 21.4%; revenue per loan transaction up 20%
6. AFC operating profit up 25.9%
"I am particularly pleased with the growth of AFC and with the signs of improving volumes that we are seeing in our ARS operations and across the industry." -- David Gartzke, chairman and
CEO, ADESA
"In addition, during the quarter we have taken significant actions to strengthen our management team by adding A. R. Sales and Ron Beaver, which will enable us to more effectively implement our key strategic initiatives." -- Gartzke
"These actions, together with numerous other actions that are being implemented across the company, position us well to take advantage of the improving industry trends." -- Gartzke
Sourced From: ADESA.com, May 1, 2006
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