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Non-Tech : Ritchie Bros. (RBA)

RBA 105.40

-0.3%

Dec 23 3:59 PM EST

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From: JakeStraw	8/6/2010 8:52:25 AM
	of 105

Ritchie Bros. Auctioneers announces results for the second quarter of 2010 and increases dividend finance.yahoo.com Peter Blake, the Company's CEO commented: "There is a lot of uncertainty in equipment markets right now, and Ritchie Bros. unfortunately is not immune. Our growth in the second half of the year will not reach the levels we had expected at the beginning of this year, which is substantially being driven by market dynamics in the United States, our largest market. Equipment owner and creditor actions that we have experienced in previous down cycles have not yet materialized. Low interest rates, lack of confidence in the firmness of the pricing environment, and lack of urgency on the part of creditors to react and liquidate assets as they have in past down cycles have all contributed to this effect, which is significantly impacting our ability to generate consignments to sell at our US auctions." Mr. Blake continued: "In spite of the challenges we are facing in some of our markets, our business model is very much intact and we are pleased with our operational execution to date in 2010. We expect equipment market conditions will improve as the economy returns to a more balanced state, which we believe will allow us to resume our historic growth. We have a solid team in place and our investments in places and processes position us well for future growth. We continue to believe that although we are experiencing a challenging environment in the US, our long-term growth strategy is sound."

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