Ritchie Bros. Auctioneers Incorporated Announces Management Changes
Nov 4 14
Ritchie Bros. Auctioneers Incorporated announced several changes to its reporting structure and senior management team. Effective immediately, three regional business leaders have been appointed to oversee and drive regional performance. Randy Wall has been appointed President, Canada; Jeroen Rijk has been appointed SVP, Managing Director, Europe; and, Kieran Holm has been appointed VP, Managing Director, Asia Pacific. Reporting structures into these regional leaders will transition over the coming weeks, and are expected to be in place early in 2015. The regional leaders will oversee all sales, operations, field marketing and support functions, with full P&L and cash flow responsibilities in their respective regions, and will report into Mr. Saligram. The Company will shortly initiate a search for the role of President -U.S. and Latin America. In the interim, Mr. Saligram will directly oversee this business. The company is also pleased to announced the appointment of Jim Barr as Group President, Emerging Businesses, Brand Innovation and Technology Services. In this role, Mr. Barr will oversee EquipmentOne, Ritchie Bros. Financial Services, and the company's marketing and information technology departments. He will also be responsible for developing new revenue channels through complementary products and services. Mr. Barr was most recently Executive Vice President and Chief Digital Officer at OfficeMax, where he led the development of a digital and omni-channel transformational growth strategy and roadmap, turning digital services into a growth engine for the company. Previously, Mr. Barr held roles as President, Online, at Sears Holding Corporation; General Manager, Commerce & Marketplaces at Microsoft Corporation. Kenton Low, Chief Marketing Officer, Bill Cooksley, SVP Information Technology, and Chris Connell, President of EquipmentOne, will report to Mr. Barr. He will also work closely with Jim Case, CEO of Ritchie Bros. Financial Services. Randy Wall, President of Canada, will be based out of Vancouver. He was most recently Chief Productivity Officer, and prior to that, President and Chief Operating Officer, having rejoined the vompany in 2013. Jeroen Rijk, SVP and Managing Director of Europe, will be based out of the Company's Breda, Netherlands, office. Jeroen has over 19 years of experience at Ritchie Bros., and was most recently Head of Sales for all of Europe. Kieran Holm, VP and Managing Director of Asia Pacific, will be relocating to Japan and will oversee the Company's Asia and Australia performance. Most recently, Mr. Holm was a regional VP of Sales in the U.S. and previously pioneered Ritchie Bros.' expansion into new market segments. Mr. Holm received his MBA from McGill University (Tokyo campus) and has previously spent many years living in Japan. Karl Werner will take on the additional responsibility of Managing Director, Middle East on an interim basis. In his primary role as Chief Operational Support and Development Officer he will be strategically focused on global operational excellence, driving operational innovations and overseeing online operations. Specifically, Mr. Werner will be responsible for developing and implementing company-wide operational processes, metrics and standards; ensuring operational competencies remain a distinct competitive advantage; promoting the use of operational best practices globally; ensuring global consistency in the customer experience; and, supporting the regional business leaders to improve RONA. Mr. Werner will continue to report to Mr. Saligram. As part of the new organizational structure and priorities for the Company, the corporate CFO role will be expanded to place more emphasis on capital allocation, and will also oversee the Company's legal, internal audit and risk management activities. In this context, Rob McLeod, current CFO, will transition to a new role as CFO, Americas, in 2015, and will be responsible for the financial functions in Canada, U.S., and Latin America. Rob will play an integral role in partnering with an externally hired President - U.S. and Latin America, to unlock the full potential of the key U.S. market. Both Mr. Werner and Mr. McLeod will continue to be based out of the Company's Vancouver headquarters. As part of this reorganization, Steve Simpson will assume the role of Chief Sales Officer, Global Key Accounts - focusing on securing large special situation contracts, and driving incremental business development. It is also with great regret that Ritchie Bros. announced that Bob Armstrong will be leaving the company at year end. Andrew Muller, Chief People Officer, will also be leaving the Company in mid-November to pursue other opportunities.
Ritchie Bros. Auctioneers Incorporated Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Impairment Loss for the Third Quarter of 2014; Provides Capital Expenditure Guidance for the Year 2014
Nov 4 14
Ritchie Bros. Auctioneers Incorporated announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenues of $102,217,000 against $105,800,000 a year ago. Earnings from operations were $19,805,000 against $25,398,000 a year ago. Earnings before income taxes were $15,891,000 against $25,633,000 a year ago. Net earnings attributable to equity holders of the parent were $9,342,000 or $0.09 per basic and diluted per share against $16,296,000 or $0.15 per basic and diluted per share a year ago. Adjusted net earnings were $14.5 million or $0.13 per diluted share against $15.9 million or $0.15 per diluted share a year ago. EBITDA was $31.2 million against $36.2 million a year ago.
For the nine months, the company reported revenues of $342,640,000 against $336,180,000 a year ago. Earnings from operations were $89,251,000 against $88,641,000 a year ago. Earnings before income taxes were $86,601,000 against $87,342,000 a year ago. Net earnings attributable to equity holders of the parent were $62,206,000 or $0.58 per basic and diluted per share against $60,080,000 or $0.56 per basic and diluted per share a year ago. Adjusted net earnings were $67.3 million a 13% increase compared to adjusted net earnings for the same period last year. EBITDA was $122.2 million, 1% higher than EBITDA of $120.5 million a year ago. Free cash flow, excluding changes in working capital, increased to $82.2 million during the nine months ended September 30, 2014, compared to $60.4 million during the same period in 2013, representing a 36% increase. Capital expenditures were $30.3 million, compared to $40.9 million in the same period a year ago, representing a 26% decrease.
For the third quarter, the company provided impairment loss of $8,084,000.
For the year 2014, the company expects capital expenditures in the range of $40 million to $45 million.
Ritchie Bros. Auctioneers Incorporated Declares Dividend for the Third Quarter Ended September 30, 2014 Payable on December 12, 2014
Nov 4 14
Ritchie Bros. Auctioneers Incorporated declared a cash dividend of $0.14 per common share for the third quarter ended September 30, 2014 payable on December 12, 2014 to shareholders of record on November 21, 2014.