Last $35.01 USD
Change Today 0.00 / 0.00%
Volume 408.4K
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As of 8:04 PM 12/26/14 All times are local (Market data is delayed by at least 15 minutes).

kar auction services inc (KAR) Key Developments

KAR Auction Services, Inc. Announces Board Changes

KAR Auction Services, Inc. announced that on October 29, 2014, Brian T. Clingen, the Chairman of the Board of Directors of the company resigned from the Board effective as of December 31, 2014. Mr. Clingen's resignation is not the result of any disagreement relating to the company's operations, policies or practices. In connection with Mr. Clingen's resignation, the Board appointed (i) James P. Hallett, the company's Chief Executive Officer and a director, to serve as Chairman of the Board effective upon Mr. Clingen's departure from the Board on December 31, 2014; and (ii) John P. Larson, one of the company's independent directors, to serve as the Board's lead independent director, effective as of Mr. Hallett's election to Chairman of the Board on December 31, 2014. In addition, on October 29, 2014, the Board appointed J. Mark Howell to the Board, effective as of December 31, 2014, to fill the vacancy created by Mr. Clingen's resignation. Mr. Howell will serve on the Audit Committee of the Board and qualifies as (i) independent pursuant to the rules and regulations of the Securities and Exchange Commission and the New York Stock Exchange listing standards; and (ii) an audit committee financial expert" pursuant to the rules promulgated under the Securities Exchange Act of 1934, as amended. Mr. Howell has served as the Chief Operating Officer of Angie's List, Inc. since March 2013.

KAR Auction Services, Inc. Announces Common Stock Cash Dividend, Payable on January 7, 2015

KAR Auction Services, Inc. announced that its board of directors authorized cash dividend of $0.27 per share on the company's common stock. The dividend is payable on January 7, 2015, to stockholders of record as of the close of business on December 29, 2014.

KAR Auction Services, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fiscal 2014

KAR Auction Services, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of $589.1 million as compared with revenue of $533.7 million for the third quarter of 2013, an increase of 10%. Adjusted EBITDA increased 14% to $149.1 million, as compared with Adjusted EBITDA of $130.6 million for the quarter ended September 30, 2013. Net income increased 108% to $47.5 million, or $0.33 per diluted share, as compared with net income of $22.8 million, or $0.16 per diluted share, in the third quarter of 2013. Adjusted net income per diluted share for the quarter ended September 30, 2014 increased 38% to $0.40 versus adjusted net income per diluted share of $0.29 for the quarter ended September 30, 2013. Operating profit was $95.7 million against $67.6 million a year ago. Income before income taxes was $75.9 million against $42.4 million a year ago. Adjusted net income was $56.8 million against $41.3 million a year ago. EBITDA was $145.0 million against $117.8 million a year ago. For the nine months, the company reported revenue of $1,758.5 million as compared with revenue of $1,632.7 million for the nine months ended September 30, 2013, an increase of 8%. Adjusted EBITDA for the nine months ended September 30, 2014 increased 11% to $450.3 million, as compared with Adjusted EBITDA of $407.0 million for the nine months ended September 30, 2013. Net income increased 40% to $119.0 million, or $0.84 per diluted share, as compared with net income of $85.3 million, or $0.61 per diluted share in the first nine months of 2013. Adjusted net income per diluted share for the nine months ended September 30, 2014 increased 30% to $1.22 versus adjusted net income per diluted share of $0.94 for the nine months ended September 30, 2013. Operating profit was $281.0 million against $227.0 million a year ago. Income before income taxes was $187.3 million against $144.8 million a year ago. Adjusted net income was $173.0 million against $132.1 million a year ago. EBITDA was $397.7 million against $369.7 million a year ago. For full year of 2014, the company continues to expect 2014 adjusted EBITDA of $580 - $600 million. The company expects net income per share of $1.05 - $1.15 and adjusted net income per share of $1.45 - $1.55, assuming an effective tax rate of approximately 38%. Adjusted net income per share for 2014 represents GAAP net income per diluted share excluding excess depreciation and amortization and stock-based compensation, both resulting from the 2007 merger, and the loss on extinguishment of debt, all net of taxes. Additionally, the company expects 2014 cash taxes of approximately $105 - $115 million, cash interest on corporate debt of approximately $61 million and capital expenditures of approximately $105 million. This would result in free cash flow before dividend payments of approximately $309 to $319 million or $2.17 - $2.24 per share. In addition, the company have experienced lower depreciation and amortization expense than originally anticipated in its guidance. As a result, it is increasing its guidance for net income per share to $1.05 to $1.15 per share. The company now expect adjusted net income per share for 2014 of $1.45 to $1.55.

KAR Auction Services, Inc. to Report Q3, 2014 Results on Nov 04, 2014

KAR Auction Services, Inc. announced that they will report Q3, 2014 results on Nov 04, 2014

KAR Auction Services, Inc., Q3 2014 Earnings Call, Nov 05, 2014

KAR Auction Services, Inc., Q3 2014 Earnings Call, Nov 05, 2014

 

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Price/Earnings 48.9x
Price/Sales 2.1x
Price/Book 3.2x
Price/Cash Flow 16.7x
TEV/Sales 0.9x
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