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Non-Tech : Ritchie Bros. (RBA)
RBA 97.37-1.9%Nov 3 3:59 PM EST
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From: JakeStraw5/3/2011 7:54:40 AM
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Ritchie Bros. Auctioneers Reports Record Quarter One Revenue
finance.yahoo.com

Peter Blake, the Company's CEO remarked: "We are pleased to have achieved the largest first quarter gross auction proceeds and auction revenues in our history. Our strong performance reflected increasing optimism among equipment owners and early signs of momentum returning to the equipment industry. During the first quarter of 2011, we continued to see tight supply of late model used equipment and strong competition in the marketplace, and we were successful achieving strong prices across most categories of equipment. Our auction revenue rate returned to a more sustainable level during the quarter because the performance of our at risk business was lower than the above trend performance in 2010. The proportion of our business that was at risk during the quarter increased in response to customer demand as we helped them achieve their sale objectives."

Mr. Blake continued: "We remain optimistic about our prospects for the balance of 2011 as the used equipment market around the world continues to return to a more balanced state. Construction activity in a number of our markets around the world remains uncertain, and sustained improvement will be important for maintaining strength in the used equipment market over the longer term. However, our strategic initiatives are progressing well and we are looking forward to the implementation of a number of exciting new services on July 1, including our detailed equipment information and customer finance programs."
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