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Inc. (KAR) filed Quarterly Report for the period ended 2012-06-30.
Kar Auction Services Inc has a market cap of $2.09 billion; its shares were traded at around $16.14 with a P/E ratio of 17.8 and P/S ratio of 1.1.
Highlight of Business Operations:Revenue from ADESA increased $6.3 million, or 2%, to $263.8 million for the three months ended June 30, 2012, compared with $257.5 million for the three months ended June 30, 2011. The increase in revenue was primarily a result of an 11% increase in the number of vehicles sold, partially offset by an 8% decrease in revenue per vehicle sold to approximately $555 for the three months ended June 30, 2012, compared to over $600 for the three months ended June 30, 2011. OPENLANE accounted for approximately $21.7 million of ADESA's revenue for the three months ended June 30, 2012.
For the three months ended June 30, 2012, AFC revenue increased $4.8 million, or 11%, to $46.8 million, compared with $42.0 million for the three months ended June 30, 2011. The increase in revenue was the result of a 16% increase in loan transactions to 292,954 for the three months ended June 30, 2012, compared with the same period in 2011, partially offset by a 4% decrease in revenue per loan transaction for the three months ended June 30, 2012. In addition, managed receivables increased to $935.5 million at June 30, 2012 from $789.5 million at June 30, 2011.
Revenue from ADESA increased $8.6 million, or 2%, to $534.4 million for the six months ended June 30, 2012, compared with $525.8 million for the six months ended June 30, 2011. The increase in revenue was primarily a result of a 10% increase in the number of vehicles sold, partially offset by an 8% decrease in revenue per vehicle sold to over $545 for the six months ended June 30, 2012, compared to over $590 for the six months ended June 30, 2011. OPENLANE accounted for approximately $42.6 million of ADESA's revenue for the six months ended June 30, 2012.
For the six months ended June 30, 2012, gross profit for ADESA increased $11.9 million, or 5%, to $239.0 million, compared with $227.1 million for the six months ended June 30, 2011. Gross profit for ADESA was 44.7% of revenue for the six months ended June 30, 2012, compared with 43.2% of revenue for the six months ended June 30, 2011. The increase in gross profit as a percentage of revenue for the six months ended June 30, 2012, compared with the six months ended June 30, 2011 was primarily the result of the 10% increase in the number of vehicles sold and a 1% decrease in cost of services. The decrease in cost of services was attributable to decreases in ancillary and related services as well as favorable weather, partially offset by an increase in cost of services attributable to the acquisition of OPENLANE.
For the six months ended June 30, 2012, AFC revenue increased $11.2 million, or 14%, to $93.7 million, compared with $82.5 million for the six months ended June 30, 2011. The increase in revenue was the result of a 17% increase in loan transactions to 611,813 for the six months ended June 30, 2012, compared with the same period in 2011, partially offset by a 3% decrease in revenue per loan transaction for the six months ended June 30, 2012. In addition, managed receivables increased to $935.5 million at June 30, 2012 from $789.5 million at June 30, 2011.
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