Westchester, Ill.-based Insurance Auto Auctions Inc. a leading provider of automotive salvage and claims processing services in the United States, today reported higher net earnings for the quarter ended March 27, 2005. The Company recorded net earnings of $5.0 million, or $0.41 per diluted share, versus net earnings of $2.3 million, or $0.20 per diluted share, for the same quarter a year ago.
Revenues for the quarter were $70.9 million compared with $57.2 million in the first quarter of 2004. Fee income in the first quarter increased to $61.1 million versus $50.1 million in the first quarter of last year.
Insurance Auto Auctions, Inc., founded in 1982, a leader in automotive total loss and specialty salvage services in the United States, provides insurance companies with cost-effective, turnkey solutions to process and sell total-loss and recovered-theft vehicles. The Company currently has 78 sites across the United States.
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