Vancouver, British Columbia-based Ritchie Bros. achieved gross auction sales of $374 million for the three months ended June 30, 2001, generating net income of $8.4 million or 50 cents per share, excluding a one-time charge for withholding taxes. Net income rose from $6.1 million, or 36 cents per share, in last year’s second quarter.
Gross auction sales for the first half of 2001 totaled $663.7 million. Net income for the first half, excluding the one-time charge for withholding taxes recorded in the second quarter, was $11.4 million or 68 cents per share, compared to $9.7 million or 58 cents per share in the first half of 2000. The auction revenue rate for the first half of 2001 was 9.11 percent, higher than the 8.76 percent rate experienced during the first half of 2000.
