Ritchie Bros. Auctioneers Incorporated announced its financial results for the quarter and six months ended June 30, 2002. Gross auction sales were $707.3 million for the first half of 2002. Net income for the six-month period, excluding a gain on sale of property, was $15.3 million, or $0.91 per diluted share, making this the largest and most profitable first half in Company history. Including the gain on sale of property, net income was $16.1 million, or $0.96 per diluted share.

During the first six months of 2002, Ritchie Bros. sold over 76,000 lots for more than 10,000 consignors at 67 auctions attended by over 78,000 bidders.

Net income for the first half of 2001, excluding a one-time charge for withholding taxes, was $11.4 million or $0.68 per diluted share. In accordance with recent changes in accounting rules, the company stopped amortizing goodwill on Jan. 1, 2002. Had this change in accounting policy been applicable in 2001, net income per share for the first half of 2001 would have been $0.71 per diluted share.

Gross auction sales for the first half of 2002 of $707.3 million generated auction revenues of $68.2 million, compared to gross auction sales of $663.7 million and auction revenues of $60.5 million during the first half of 2001.

David E. Ritchie, chairman and CEO of the company, said, "Our strong first half results can be attributed largely to the aggressive expansion program we’ve been pursuing for the past four years. While the program itself is essentially complete, we will be enjoying the benefits for many years."

Randy Wall, president and COO of Ritchie Bros., added, "We now have the capacity and operating leverage to grow the business, improve our margins and generate an increasing amount of free cash flow."

Gross auction sales in the second quarter of 2002 were $414.1 million, generating auction revenues of $38.9 million and net income, excluding the gain on sale of property, of $10 million, or $0.59 per diluted share. Including the gain on sale of property, net income was $10.8 million, or $0.64 per diluted share.

The company is continuing to deploy its rbauctionBid-Live service, which allows qualified customers to follow Ritchie Bros. live unreserved auctions, hear the auctioneer, and place bids, all live and in real-time over the Internet.

So far in 2002, Internet bidders have used rbauctionBid-Live to purchase more than $25 million worth of trucks and equipment at Ritchie Bros. auctions. 2,000 customers from 38 countries have registered and been approved for Internet bidding privileges. They have placed bids on approximately 25 percent of the lots offered over the Internet and have bought or been runner-up bidder on approximately 12 percent.