Ritchie Bros. Reports 1Q Results

May 19, 2004 - Ritchie Bros. Auctioneers, Vancouver , British Columbia , announced on May 5, 2004 its results for the first quarter of 2004. Net earnings were $6.6 million, or $0.38 per diluted weighted average share, compared to $8.6 million, or $0.51 per diluted weighted average share, in the first quarter of 2003.


During the first quarter, Ritchie Bros. sold approximately 34,000 lots for over 4,600 consignors at 25 industrial auctions attracting over 45,000 registered bidders. Gross auction sales were $378.6 million, 11% higher than reported for the same period last year. Particularly strong sales volumes in the United States contributed to the growth in gross auction sales. Auction revenues as a percentage of gross auction sales were 9.95% this year compared to a rate of 10.65% in the first quarter of the prior year.  

"Prices for good quality, late model equipment in most of our markets have remained strong in 2004," said David E. Ritchie, Chairman and Chief Executive Officer. "We are seeing solid demand for equipment in most of our markets, while the supply of good quality equipment remains tight," he said.