Insurance Auto Auctions’ Profits Drop in Quarter
Insurance Auto Auctions Inc., a North Hollywood-based operator of vehicle auctions for the insurance industry, said its first-quarter profit tumbled to $31,000 from $682,000 a year earlier.
The lower earnings in the quarter ended March 31 came on a 25% drop in the company’s sales, to $9.7 million from $13 million.
For the record:
12:00 a.m. April 30, 1992 For the Record
Los Angeles Times Thursday April 30, 1992 Home Edition Business Part D Page 2 Column 6 Financial Desk 2 inches; 59 words Type of Material: Correction
Insurance Auto Auctions--A Regional Earnings item in Tuesday’s Valley Business section erroneously reported that earnings and sales of Insurance Auto Auctions Inc. of North Hollywood fell in the quarter that ended March 31. In fact, earnings in the quarter were almost 22 times higher than in the same quarter in 1991, $681,000 compared to $31,000. Sales were $13 million in the 1992 period compared to $9.7 million in 1991.
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