0001193125-12-440684.txt : 20121030 0001193125-12-440684.hdr.sgml : 20121030 20121030090057 ACCESSION NUMBER: 0001193125-12-440684 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121030 DATE AS OF CHANGE: 20121030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RITCHIE BROS AUCTIONEERS INC CENTRAL INDEX KEY: 0001046102 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 000000000 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13425 FILM NUMBER: 121167929 BUSINESS ADDRESS: STREET 1: 9500 GLENLYON PARKWAY CITY: BURNABY STATE: A1 ZIP: V5J 0C6 BUSINESS PHONE: 7783315500 MAIL ADDRESS: STREET 1: 9500 GLENLYON PARKWAY CITY: BURNABY STATE: A1 ZIP: V5J 0C6 6-K 1 d428446d6k.htm FORM 6-K Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended September 30, 2012

Commission File Number: 001-13425

 

 

Ritchie Bros. Auctioneers Incorporated

 

 

9500 Glenlyon Parkway

Burnaby, BC, Canada

V5J 0C6

(778) 331 5500

(Address of principal executive offices)

 

 

indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F

Form 20-F  ¨            Form 40-F  x

indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

indicate by check mark whether by furnishing information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934

Yes  ¨             No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    

 

 

 

EXHIBIT INDEX

 

Number

   

Description

99.1    Press release dated October 30, 2012 reporting the Company’s results as at and for the period ended September 30, 2012

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

RITCHIE BROS. AUCTIONEERS INCORPORATED

(Registrant)

Date: October 30, 2012     By:   /s/ Jeremy Black
     

Jeremy Black

     

Corporate Secretary

 EX-99.1 2 d428446dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

LOGO

NEWS RELEASE

RITCHIE BROS. AUCTIONEERS ANNOUNCES RECORD THIRD

QUARTER REVENUES AND 48% INCREASE IN ADJUSTED EARNINGS

FOR IMMEDIATE RELEASE: October 30, 2012

VANCOUVER, BRITISH COLUMBIA – Ritchie Bros. Auctioneers Incorporated (NYSE and TSX: RBA), the world’s largest auctioneer of industrial equipment, announces net earnings for the nine months ended September 30, 2012 of $57.4 million, or $0.54 per diluted share, and adjusted net earnings of $60.2 million, or $0.56 per diluted share. This compares to net earnings of $49.9 million, or $0.47 per diluted share, and adjusted net earnings of $46.9 million, or $0.44 per diluted share, for the nine months ended September 30, 2011, representing a 28% increase in adjusted net earnings. Adjusted net earnings is a non-GAAP financial measure and is defined below. The Company’s auction revenues for the first nine months of 2012 grew 13% to $320.8 million compared to $282.7 million for the same period in 2011. All dollar amounts in this release are presented in U.S. dollars.

For the quarter ended September 30, 2012 net earnings were $8.2 million or $0.08 per diluted share and adjusted net earnings were $9.7 million or $0.09 per diluted share compared to net earnings and adjusted net earnings of $6.5 million or $0.06 per diluted share for the same period in 2011, representing a 25% increase in net earnings and 48% increase in adjusted net earnings. The Company’s auction revenues for the third quarter of 2012 grew 16% to a record $92.3 million compared to $79.7 million for the same period in 2011, the largest third quarter in Company history.

Quarterly dividend

The Company also announces the declaration of a quarterly cash dividend of $0.1225 per common share payable on December 7, 2012 to shareholders of record as of November 16, 2012.

Gross auction proceeds and auction revenues

For the nine months ended September 30, 2012, gross auction proceeds were $2.9 billion, 9% higher than in the first nine months of 2011. Gross auction proceeds is a non-GAAP financial measure and is defined below. The Company’s auction revenue rate (auction revenues as a percentage of gross auction proceeds) was 11.03% during the first nine months of 2012 compared to 10.57% in the same period in 2011. The Company’s at risk business, which is comprised of guarantee and purchase contracts, represented 33% of gross auction proceeds in the first nine months of 2012 (2011: 35%).

For the three months ended September 30, 2012, gross auction proceeds were $848.5 million, 26% higher than in the same period in 2011. The Company’s auction revenue rate was 10.88% during the three months ended September 30, 2012 compared to 11.84% in the same period in 2011.

Summary comments

“During the quarter we continued to see new equipment supply and demand becoming more balanced, contributing to rising new and used equipment inventory levels and a more predictable flow of used equipment to our auctions,” said Peter Blake, Ritchie Bros. CEO. “We are confident about our growth prospects for the remainder of 2012 and into 2013 as we believe the evolving market conditions are very favourable for our business.”

Mr. Blake continued: “Our at risk business volume remained above historic levels during the third quarter, though we are starting to see a more predictable competitive environment and we expect that it will trend down. The performance of our at risk business did not improve in the third quarter compared to the second, mainly because of the variability and downward trend in used equipment values in September that kept the rate below our historic range. In particular, a number of deals that were signed in Q2 and sold in Q3 eroded our Q3 performance, primarily in Australia where market conditions changed quickly. With increased availability of used equipment and improved competitive dynamics, we are looking forward to a strong finish to the year.”

Online bidding statistics

Ritchie Bros. sold over $952 million of equipment, trucks and other assets to online buyers during the first nine months of 2012, representing a 24% increase compared to the same period in 2011 (first nine months of 2011: approximately $770 million) and more than any other company in the world. Internet bidders continued to comprise over 50% of the total bidder registrations at Ritchie Bros. industrial auctions during the first nine months of 2012. On October 22, 2012, the Company surpassed $1 billion in gross auction proceeds to online buyers during 2012.

Website statistics

The Ritchie Bros. website (www.rbauction.com) attracted roughly 4.1 million unique visitors in the first nine months of 2012, a 37% increase compared to the same period in 2011.

Definitions of non-GAAP measures

The Company defines adjusted net earnings as financial statement net earnings excluding the after-tax effects of excess property sales and other non recurring items, and has provided a reconciliation below. Adjusted net earnings is a non-GAAP financial measure that does not have a standardized meaning, and is therefore unlikely to be comparable to similar measures presented by other companies. The Company believes that comparing adjusted net earnings for different financial periods provides more useful information about the growth or decline of its net earnings for the relevant financial period and identifies the impact of items which the Company does not consider to be part of its normal operating results.

Gross auction proceeds represent the total proceeds from all items sold at Ritchie Bros. auctions. The Company’s definition of gross auction proceeds may differ from those used by other participants in its industry. Gross auction proceeds is an important measure the Company uses in comparing and assessing its operating performance. It is not a measure of the Company’s financial performance, liquidity or revenue and is not presented in its consolidated financial statements. The Company believes that auction revenues, which is the most directly comparable measure in its Consolidated Income Statements, and certain other line items, are best understood by considering their relationship to gross auction proceeds. Auction revenues represent the revenues earned by Ritchie Bros. in the course of conducting its auctions, and consist primarily of commissions earned on consigned equipment and net profit on the sale of equipment purchased by the Company and sold in the same manner as consigned equipment.

About Ritchie Bros.

Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world’s largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. Ritchie Bros. offers services that enable the world’s builders to easily and confidently exchange equipment. The Company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 44 auction sites worldwide. The Company maintains a website at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.

Earnings Conference Call

Ritchie Bros. is hosting a conference call to discuss its financial results for the nine months ended September 30, 2012 at 8:00am Pacific Time (11:00am Eastern Time) on October 30, 2012. To access a live broadcast of the conference call, please go to the Ritchie Bros. website http://www.rbauction.com, click on ‘About Us’ then click on ‘For Investors’. Please go to the website at least fifteen minutes early to download and install any necessary audio software. A replay will be available on the website shortly after the call.

Forward-looking Statements

The discussion in this press release relating to future events or operating periods contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties, including, in particular, statements regarding anticipated results for future periods; anticipated equipment pricing and competitive environments; the impact of equipment levels; competition in the used equipment market; the predictability of used equipment flows to the Company’s auctions; and the performance of the Company’s at risk business. These risks and uncertainties include: the numerous factors that influence the supply of and demand for used equipment; fluctuations in the market conditions and values of used equipment; seasonal and periodic variations in operating results; actions of competitors; economic and other conditions in local, regional and global markets and other risks and uncertainties as detailed from time to time in the Company’s SEC and Canadian securities filings, including the Company’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2011 and for the three and nine month periods ended September 30, 2012, available on the SEC, SEDAR and the Company’s websites. Actual results may differ materially from those forward-looking statements. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

Condensed Consolidated Interim Income Statements

(Amounts in table and related footnotes are in USD

thousands, except share and per share amounts)

 

      Nine months ended
September 30, 2012
(unaudited)		     Nine months ended
September 30, 2011
(unaudited)		  

Gross auction proceeds

    $ 2,907,578     $ 2,674,491  
  

 

 

    

 

 

  

Auction revenues

    $ 320,815     $ 282,696  

Direct expenses

      36,916       34,513  
  

 

 

    

 

 

  
     283,899       248,183  

Selling, general and administrative expenses:

     

Depreciation and amortization

      30,500       32,054  

Other selling, general and administrative expenses

      166,491       151,205  
  

 

 

    

 

 

  
     196,991       183,259  
  

 

 

    

 

 

  

Earnings from operations

      86,908       64,924  

Other income (expense):

     

Foreign exchange gain (loss)

      (691 )      706  

Gain (loss) on disposition of property, plant and equipment

      (1,721 )      3,762  

Other income

      (407 )      2,722  
  

 

 

    

 

 

  
     (2,819 )      7,190  
  

 

 

    

 

 

  

Finance income (costs):

     

Finance income

      1,698       1,757  

Finance costs

      (5,082 )      (4,301 ) 
  

 

 

    

 

 

  
     (3,384 )      (2,544 ) 
  

 

 

    

 

 

  

Earnings before income taxes

      80,705       69,570  

Income taxes

      23,262       19,704  
  

 

 

    

 

 

  

Net earnings

   $ 57,443     $ 49,866  
  

 

 

    

 

 

  

Net earnings per share

    $ 0.54     $ 0.47  

Net earnings per share—diluted

    $ 0.54     $ 0.47  

Weighted average shares outstanding

      106,442,819        106,103,116   

Diluted weighted average shares outstanding

      106,906,797        106,998,500   
  

 

 

    

 

 

  

Net earnings

    $ 57,443     $ 49,866  

After-tax loss (gain) on excess property (1, 2, 3)

      2,708       (2,995 ) 
  

 

 

    

 

 

  

Adjusted net earnings

    $ 60,151     $ 46,871  
  

 

 

    

 

 

  

Adjusted net earnings per share

    $ 0.57     $ 0.44  

Adjusted net earnings per share—diluted

    $ 0.56     $ 0.44  

 

(1) Net earnings for the nine months ended September 30, 2011 included a gain of $3,482 ($2,995 after tax, or $0.03 per diluted share) recorded on the sale of the Company’s former Vancouver, British Columbia permanent auction site.
(2) Net earnings for the nine months ended September 30, 2012 included a loss of $1,946 ($1,197 after tax, or $0.01 per diluted share) recorded on the sale of the Company’s former Olympia, Washington permanent auction site.
(3) Net earnings for the nine months ended September 30, 2012 included an impairment loss of $2,457 ($1,511 after tax, or $0.02 per diluted share) recorded against the Company’s former permanent auction site that is held for sale in North Carolina.

Condensed Consolidated Interim Income Statements

(Amounts in table and related footnotes are in USD

thousands, except share and per share amounts)

 

     Three months ended     Three months ended  
     September 30, 2012     September 30, 2011  
     (unaudited)     (unaudited)  

Gross auction proceeds

    $ 848,536     $ 673,362  
  

 

 

    

 

 

  

Auction revenues

    $ 92,326     $ 79,709  

Direct expenses

      11,292       10,299  
  

 

 

    

 

 

  
     81,034       69,410  

Selling, general and administrative expenses:

     

Depreciation and amortization

      10,762       10,949  

Other selling, general and administrative expenses

      55,354       49,642  
  

 

 

    

 

 

  
     66,116       60,591  
  

 

 

    

 

 

  

Earnings from operations

      14,918       8,819  

Other income (expense):

     

Foreign exchange gain (loss)

      (517 )      1,280  

Gain (loss) on disposition of property, plant and equipment

      4       119  

Other income

      (1,653 )      703  
  

 

 

    

 

 

  
     (2,166 )      2,102  
  

 

 

    

 

 

  

Finance income (costs):

     

Finance income

      455       471  

Finance costs

      (1,984 )      (1,389 ) 
  

 

 

    

 

 

  
     (1,529 )      (918 ) 
  

 

 

    

 

 

  

Earnings before income taxes

      11,223       10,003  

Income taxes

      3,052       3,470  
  

 

 

    

 

 

  

Net earnings

   $ 8,171     $ 6,533  
  

 

 

    

 

 

  

Net earnings per share

    $ 0.08     $ 0.06  

Net earnings per share—diluted

    $ 0.08     $ 0.06  

Weighted average shares outstanding

      106,454,695        106,325,701   

Diluted weighted average shares outstanding

      106,831,366        106,899,423   
  

 

 

    

 

 

  

Net earnings

    $ 8,171     $ 6,533  

After-tax loss (gain) on excess property (1)

      1,511       —     
  

 

 

    

 

 

  

Adjusted net earnings

    $ 9,682     $ 6,533  
  

 

 

    

 

 

  

Adjusted net earnings per share

    $ 0.09     $ 0.06  

Adjusted net earnings per share—diluted

    $ 0.09     $ 0.06  

 

(1) Net earnings for the three months ended September 30, 2012 included an impairment loss of $2,457 ($1,511 after tax, or $0.02 per diluted share) recorded against the Company’s former permanent auction site that is held for sale in North Carolina.

Selected Balance Sheet Data (USD thousands)    September 30, 2012      December 31, 2011  
     (unaudited)         

Current assets

    $ 506,382      $ 253,840  

Current liabilities

      422,548        190,544  
  

 

 

     

 

 

  

Working capital

    $ 83,834      $ 63,296  

Total assets

    $ 1,296,094      $ 967,241  

Non-current borrowings

    $ 201,898      $ 133,881  

Total shareholders’ equity

    $ 646,188      $ 617,906  

 

     Nine months ended     Nine months ended  
Selected Operating Data (unaudited)    September 30, 2012     September 30, 2011  

Auction revenues as percentage of gross auction proceeds

      11.03 %      10.57 % 

Number of consignments at industrial auctions

      31,350        29,850   

Number of bidder registrations at industrial auctions

      283,500        268,500   

Number of buyers at industrial auctions

      73,000        68,900   

Number of lots at industrial auctions

      214,000        194,500   

Number of permanent auction sites(1)

      39        39   

Number of regional auction sites(1)

      5        4   

Total auction sites

      44        43   

Number of industrial auctions

      160        157   

 

     Twelve months ended      Twelve months ended  
Average Industrial Auction Data (unaudited)    September 30, 2012      September 30, 2011  

Gross auction proceeds

    $ 16.1 million       $ 14.5 million   

Bidder registrations

      1,732        1,515  

Consignors

      185        167  

Lots

      1,247        1,087  

 

(1) Effective February 2012, the Company changed its definition of permanent auction sites and regional auction sites (formerly known as regional auction units) to better reflect recent investments, which resulted in the reclassification of four sites; refer to the Company’s Annual Information Form for the year ended December 31, 2011 (filed on the SEDAR website at www.sedar.com) for further discussion.

 

For further information, please contact:

   

Jeremy Black

   

Vice President, Business Development

   

Corporate Secretary

   

Phone:

    778 331 5500   

Fax:

    778 331 4628   

Email:

    ir@rbauction.com   
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