Ritchie Bros. Has Banner Year, Sets 40-Year Sales Record
Ritchie Bros. Auctioneers Inc., Vancouver, recently revealed its financial results for the year ended December 31, 2005. The company's net earnings for 2005 were $53.6 million, or $1.54 per diluted weighted average share, compared to $34.9 million, or $1.01 per diluted share, in 2004. Gross auction sales for the year ended December 31, 2005 were a record $2.09 billion, 17% higher than gross auction sales in 2004. Auction revenues in 2005 were $212.6 million, an increase of 17% compared to the prior year. The company's auction revenue rate (auction revenues as a percentage of gross auction sales) was 10.16% in 2005, compared to 10.19% in 2004.
Ritchie Bros. held 153 industrial auctions in 11 countries throughout North America, Europe, the Middle East, Africa, Asia, and Australia in 2005. During 2005, Ritchie Bros. sold more items and served more customers than in any prior year. The Company sold more than 203,000 lots from nearly 28,000 industrial consignments and had approximately 214,000 bidder registrations at its industrial auctions. Internet bidding continued to enhance the company's live auctions. In fact, the company sold more than $270 million worth of trucks and equipment to on-line buyers in 2005 using the rbauctionBid-Live system.