Kar Auction Services (KAR) Tops Q4 EPS by 3c

KAR Auction Services, Inc. Reports 2015 Financial Results and Dividend Increase

CARMEL, IN -- (Marketwired) -- 02/17/16 -- KAR Auction Services, Inc. (NYSE: KAR), today reported its fourth quarter financial results for the period ended December 31, 2015. For the fourth quarter of 2015, the company reported revenue of $682.2 million as compared with revenue of $606.0 million for the fourth quarter of 2014, an increase of 13%. Net income for the fourth quarter of 2015 decreased 4% to $48.3 million, or $0.35 per diluted share, as compared with net income of $50.3 million, or $0.35 per diluted share, in the fourth quarter of 2014. Adjusted EBITDA for the quarter ended December 31, 2015 increased 4% to $154.5 million, as compared with Adjusted EBITDA... More

KAR Announces Agreement to Acquire Brasher's Auto Auctions and Expansion of Its Senior Secured Revolving Credit Facility

CARMEL, IN -- (Marketwired) -- 02/17/16 -- KAR Auction Services, Inc. (NYSE: KAR) announced today that its subsidiary, ADESA, Inc., has signed a definitive agreement to acquire eight auctions owned by the Brasher family. Brasher's eight locations are: Brasher's Salt Lake, Brasher's Sacramento, Brasher's Portland, Brasher's Boise, Brasher's San Jose, Brasher's Northwest, Brasher's Reno and Brasher's Fresno. Brasher's key corporate and local auction personnel will maintain leadership roles across the Brasher auctions.

In 2015, Brasher's sold approximately 190,000 vehicles, generating revenue and EBITDA of approximately $140 million and approximately $34 million, respectively. In addition to its physical auction... More