CARMEL, Ind. -

Late Wednesday, KAR Auction Services reported its fourth-quarter and full-year financial results, performances that included a 27-percent increase in net income.

The company arrived at that 2012 net income level thanks to a revenue increase of 4 percent year-over-year. KAR indicated its full-year revenue came in at $1.96 billion, up from the 2011 total of $1.88 billion.

As a result, KAR’s 2012 net income was $92.0 million or $0.66 per diluted share, as compared with net income of $72.2 million or $0.52 per diluted share for 2011.

Officials tabulated that their adjusted EBITDA for the year increased 3 percent to $500.2 million as compared with adjusted EBITDA of $487.2 million for 2011.

However, the company said adjusted net income per share for year was $1.07 versus adjusted net income per share of $1.16 for 2011, a decrease of 8 percent.

Looking strictly at fourth-quarter data, KAR generated $493.7 million in revenue, representing a 3-percent increase.

Other fourth-quarter readings compared to a year earlier were:

—Adjusted EBITDA: up 7 percent to $119.9 million
—Net income: up 58 percent to $22.9 million or $0.16 per diluted share
—Adjusted net income per share: up 29 percent to $0.27 per share

The company pointed out its adjusted net income for both the fourth quarter and full year exclude a $5.4 million net loss ($9.1 million pre-tax) due to costs incurred for processing vehicles damaged in Superstorm Sandy.

KAR’s board of directors also announced a cash dividend Wednesday of $0.19 per share on the company’s common stock. The dividend is payable on April 4 to stockholders of record as of the close of business on March 25.

Editor’s Note: For more details about KAR’s annual performance as well as comments from chief executive officer Jim Hallett, watch for Friday’s edition of Auto Remarketing Today.

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