Insurance Auto Auctions’ Earnings Rise on Mergers
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Insurance Auto Auctions Inc. said recent acquisitions and mergers helped boost its earnings 51% to $1.7 million in the second quarter, compared to $1.2 million in the same period last year.
The company had revenue of $26.3 million in the second quarter, up 82% from $14.4 million last year.
The North Hollywood-based seller of automobile salvage said its purchase of American Insurance Auto Auction in Phoenix and a merger with West Coast Auto Auction Inc. in Sherwood, Ore., both of which took place in June, helped raise sales.
For the first half of the year, Insurance Auto Auctions had a profit of $3 million, up 61% from $1.8 million in the first half of 1992. Sales also rose 74% in the first six months to $47.6 million from $27.4 million a year earlier.
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