Industry News

Ritchie Bros. Auctioneers announces closing of AssetNation acquisition

VANCOUVER and HOUSTON, May 16, 2012 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, announced today that it has successfully completed the acquisition of AssetNation, a leading online marketplace and solutions provider for surplus and salvage assets. Ritchie Bros. intends to continue to grow AssetNation's core business as well as to leverage their e-commerce expertise and technology platform to develop and launch unique new services for equipment owners whose buying and selling preferences may not be met by the Company's live unreserved auctions.

"We are very pleased to have completed the acquisition of AssetNation and are excited to be working together with their team to develop and launch new business solutions to help the world's builders easily and confidently exchange equipment," said Peter Blake, Chief Executive Officer, Ritchie Bros. Auctioneers. "We remain strongly dedicated to our core unreserved auction business and see many years of growth in front of us in this segment of the market. We also see a clear opportunity to create complementary compelling solutions to expand our addressable market significantly by appealing to a new market segment we have not traditionally reached with our unreserved auctions."

The acquisition closed on May 15, 2012 for all cash consideration of approximately US$64 million. AssetNation was purchased from the controlling shareholder Spire Capital Partners, a New York-based private equity firm.

Investor Day in New York, NY
Ritchie Bros. will host an investor session at 8:30 am Eastern Time (5:30 am Pacific Time) today to discuss the Company's strategic plan and growth initiatives. Investors and other interested parties may access a live broadcast of the investor session by going to the Ritchie Bros. website http://www.rbauction.com, clicking on 'About Ritchie Bros.' then clicking on 'For Investors'. Please go to the website at least fifteen minutes early to download any necessary audio software. An audio replay of the teleconference will be available for a limited time on the Company's website shortly after the session.

About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world's largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. Ritchie Bros. offers services that enable the world's builders to easily and confidently exchange equipment. The Company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 44 auction sites worldwide. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.

Forward-looking Statements
The discussion in this press release relating to future events or operating periods contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties, including, in particular, statements regarding anticipated benefits and results of the proposed acquisition; growth of the Company's addressable market and other benefits as a result of developing and launching new services; and continued growth of AssetNation's business. These risks and uncertainties include: successful development and launch and acceptance by equipment buyers and sellers of the proposed new services; unexpected delays in developing and launching the new services; the numerous factors that influence the supply of and demand for used equipment; fluctuations in the market conditions and values of used equipment; actions of competitors; and other risks and uncertainties as detailed from time to time in the Company's SEC and Canadian securities filings, including the Company's Management's Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2011, available on the SEC, SEDAR and the Company's websites. Actual results may differ materially from those forward-looking statements. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

 

For further information:

Jeremy Black
Vice President, Business Development
Corporate Secretary
Phone: 778 331 5500
Fax: 778 331 4628
Email: ir@rbauction.com

 

Glencore International plc statement on Informa Economics Report issued by the Government of Saskatchewan

Report reviews the proposed acquisition of Viterra 

BAAR, SWITZERLAND, May 11, 2012 /CNW/ - "Glencore welcomes the conclusions of the Informa report released today, and looks forward to reviewing it in further detail. The company has had constructive interaction with the government of Saskatchewan, as we have with other provincial governments. We have also had very constructive interaction with farm groups and look forward to being part of the western Canadian agricultural industry.

Glencore is particularly pleased that benefits to farmers are underscored.  As the report says, 'By far, the most important way in which the Glencore acquisition of Viterra and the subsequent divestitures of assets to Richardson and Agrium will impact Saskatchewan farmers is to provide them with additional access to global markets in a post-CWB environment.' And, commenting on the overall transaction, 'it would appear that the opportunities outweigh the risks for Saskatchewan.'

On May 3, Glencore learned that the Canadian Competition Bureau will not challenge the transaction. The US statutory waiting period for antitrust review expired on the same day.  Glencore continues to work within the Investment Canada review process and to pursue regulatory approvals required to complete the transaction, which we believe will be of significant benefit to Canadian farmers and the grains and oilseeds sector generally."

About Glencore International plc
Glencore is one of the world's leading integrated producers and marketers of commodities, headquartered in Baar, Switzerland, and listed on the London and Hong Kong Stock Exchanges. Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of Metals and Minerals, Energy Products and Agricultural Products.

For further information:

Charles Watenphul (Media)
t: +41 (0) 41 709 2462
m: +41 (0) 79 904 3320
e: charles.watenphul@glencore.com

Canada
Steven MacKinnon (Media)
H+K Strategies
m: 613-290-8405
e: stemackinnon@hkstrategies.ca">ven.mackinnon@hkstrategies.ca

 

More than CA$108 million of equipment was sold at the record-breaking Edmonton auction on April 24 - 26, 2012

EDMONTON, April 27, 2012 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, conducted the largest equipment auction in Canadian history this week, selling more than CA$108 million (US$110 million) of equipment in Edmonton, AB on April 24 - 26, 2012. In total, more than 5,600 equipment items and trucks were sold in this three-day auction—another new Canadian record for the Company. The previous Canadian equipment auction record for largest gross auction proceeds was CA$93 million (US$78 million), also set in Edmonton, AB in April 2009. Every item was sold to the highest bidder, regardless of price—without minimum bids or reserve prices. Bids were made in the auction on-site, online in real time at www.rbauction.com or by proxy.

"The power of the global market for quality used equipment and trucks was witnessed first-hand in this auction with bidders from 37 countries active in a competitive bidding environment," said Jim Rotlisberger, Regional Sales Manager, Ritchie Bros. Auctioneers. "The massive selection of equipment featured in this auction, which is the most we have ever sold in Canada, came from companies across Canada and by the end of the week all of it was sold to buyers locally, across the country and around the world. Setting this new Canadian record here in Edmonton is very rewarding for the local team and all of Ritchie Bros. and we couldn't have done any of it without all of our buyers and sellers from across the globe."

More than 6,900 people from 37 countries, including all 10 Canadian provinces and two territories registered to bid in person or online in the auction. Bidders from outside Alberta purchased more than CA$38 million (US$39 million) or 35 percent of total gross auction proceeds. Close to 2,300 of the bidders taking part in the auction registered to bid online and purchased more than CA$38 million (US$39 million) of equipment available online—this is a new Canadian record for online gross auction proceeds.

The equipment in the auction was sold for close to 800 sellers and included more than 350 surplus items from Willbros Canada—Willbros equipment was made available through its exit from the Canadian cross country pipeline construction business. Willbros Canada continues to provide quality services to the oil-sands industry and is a wholly-owned subsidiary of Willbros Group Inc., a global contractor specializing in energy infrastructure serving the oil, gas and power industries.

"We're elated; the auction results exceeded everyone's expectations," said Steve Breitigam, Director, Corporate Development for Willbros. "The pre-auction marketing efforts by Ritchie Bros., our high quality, well-maintained equipment and the strong market fundamentals in western Canada—all contributed to a perfect scenario. The online, real-time internet bidding provided a global platform for the sale of our equipment and related technology enhancements allowed us to follow the internet/onsite bidders and enhanced our sales value. For example, we watched at the auction site as two internet bidders from Australia and the Yukon Territory coveted one of our graders and bid accordingly! As a consignor, the entire auction process was transparent—the result of a well-organized, dedicated team of experienced professionals."

AUCTION QUICK FACTS: EDMONTON, AB - APRIL 24 - 26, 2012

• Gross Auction Proceeds - CA$108+ million (US$110+ million)
• Amount sold to online bidders - CA$38+ million (US$39+ million) (35 percent)
• Unique bidders (total) - 6,900+
• Unique online bidders - Close to 2,300 (33 percent)
• Lots sold - 5,600+
• Number of sellers - Close to 800

Last week, Ritchie Bros. also conducted its largest ever Saskatchewan auction in Saskatoon on April 18, 2012, selling more than CA$25 million (US$25 million) worth of equipment in a single day. The auction featured more than 1,900 agricultural and other industrial equipment items and attracted more than 3,950 registered bidders from 23 countries.

Consignments for the next Edmonton auction June 13 - 14, 2012 and Saskatoon auction (June 26, 2012) are now being accepted. To sell your equipment and trucks with Ritchie Bros., please contact: +1.780.955.2486 (for Edmonton, AB) or +1.306.933.9333 (for Saskatoon, SK). The Ritchie Bros. auction calendar currently features 80 unreserved public auctions around the world. Visit www.rbauction.com for a complete list of upcoming auctions.

 

Ritchie Bros. to conduct grand re-opening auction in Saskatoon, SK on April 18

Site record will be broken for most items ever to be sold-more than 1,750 equipment items, including more than 65 combines and 50 ag tractors will be sold

SASKATOON, April 5, 2012 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest auctioneer of farm, construction and other heavy equipment, will conduct a grand re-opening auction at its Saskatoon, SK site on Wednesday, April 18, 2012. This unreserved public auction will feature more than 1,750 equipment items, including more than 65 combines, 50 agricultural tractors, 55 headers, as well as 40 sprayers—with every item selling to the highest bidder, regardless of price—without minimum bids or reserve prices. Bids can be made in the auction on-site, online in real time at www.rbauction.com or by proxy.

"Our April 18 grand re-opening auction in Saskatoon already features more equipment than we have ever sold at this site before—and we will be continuing to add more equipment right up to the day of the sale," said Jordan Clarke, Regional Sales Manager, Ritchie Bros. Auctioneers. "Over the years in Saskatchewan we have experienced an increase in demand from our buyers and sellers to hold larger auctions here in Saskatoon—now we have the larger facilities and additional acreage to do that. For this first auction in our new facilities, we expect thousands of bidders participating from all across the province of Saskatchewan and from around the world—we can't wait to show them a selection of agricultural and industrial equipment unlike any we have ever seen here before."

The new facilities include a 20,860 square-foot auction building—nearly twice the size of the previous building, which originally opened in 2006—with two auction theatres with combined seating for more than 1,000 people. The main auction theatre is for mobile equipment to be driven in front of the bidders while the items sell; the second theatre (Virtual Ramp) sells equipment by photograph on a large screen in front of a seated crowd.

Equipment highlights in the Saskatoon auction include:

• 11 Case IH 8120 combines (eight 2010 models, three 2009 models)
• nine John Deere 9870STS combines (three 2010 models, two 2009 models, four 2008 models)
• two 2009 Case IH 435 4WD tractors
• a 2010 Versatile 535 4WD tractor
• a 2010 Morris Contour 71-foot air drill
• a 2010 Seed Hawk 5012 50-foot air drill
• a 2008 Case IH 4420 Patriot 100-foot high clearance sprayer
• two Peterbilt 388 T/A tank trucks (one 2010 model, one 2009 model)
• a 2005 Caterpillar 143H motor grader
• a 2001 Caterpillar D7R crawler tractor

In total, more than 1,750 equipment items will be sold in the one-day auction for 230 sellers, including Jim Cranfield, owner of Limerick, SK-based Cranfield Farms Ltd., who has been buying and selling equipment at Ritchie Bros. auctions for the past seven years.

"I have bought and sold a lot of pieces of equipment with Ritchie Bros.," said Mr. Cranfield. "As a buyer I appreciate how upfront and honest the company is with all the equipment information they provide—I've never been displeased. As a seller I value the power and ease of use of their website and the strength of their advertising, which results in strong returns on my equipment."

Also being sold in the auction is a selection of eight parcels of farmland located in Shellbrook, SK totaling 1,016±-title acres (ranging in size from 55.96± to 162.11±-title acres). For complete details on all available farmland in the auction, visit www.rbauction.com.

Consignments are still being accepted for the Saskatoon auction; anyone interested in selling their equipment can contact the auction site at +1.306.933.9333.

Ritchie Bros. will also conduct more than 50 on-the-farm auctions in April
Throughout April, Ritchie Bros. will take its auctions from farm-to-farm all across Western and Central Canada, conducting more than 50 on-the-farm auctions in Saskatchewan, Manitoba, Alberta, British Columbia and Ontario. With each auction, the Company will set up on an owner's farm and sell his equipment—some of these auctions also include farmland and livestock.

For complete details on all upcoming Ritchie Bros. auctions, including detailed equipment information and high-resolution photos of equipment being sold, visit the Company's website at www.rbauction.com.

Saskatoon, SK auction details:

• Ritchie Bros.' Saskatoon, SK auction site: Hwy 12 North & Cory Rd., Saskatoon, SK, S7K 3J7
• Saskatoon auction site phone:+1.306.933.9333
• Time & date: Wednesday, April 18, 2012, starting at 8 a.m.
• The auction is open to the public; registration to bid is free; a refundable bid deposit may be required
• How to register and bid:
  • In person at the auction site
  • Online at rbauction.com - register in advance and bid online in real time on auction day; a refundable bid deposit may be required; first-time bidders should register several days in advance of the auction
  • By proxy - phone the auction site to place a proxy bid
• Interested buyers can come to the auction site to inspect, test and compare items ahead of the auction

About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world's largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. Ritchie Bros. offers services that enable the world's builders to easily and confidently exchange equipment. The Company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 43 auction sites worldwide. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.

Cervus Equipment Corp. Completes Acquisition of Frontier Peterbilt Sales Ltd., Frontier Collision Center Ltd. and Frontier Developments Ltd.

Symbol: CVL (TSX)

CALGARY, March 19, 2012 /CNW/ - Cervus Equipment Corp. ("Cervus" or the "Company") (TSX: CVL) today announced that it has completed the previously announced acquisition of the business assets of Frontier Peterbilt Sales Ltd. ("FPSL"), the business of Frontier Collision Center Ltd. ("FCCL") and certain properties from Frontier Developments Ltd. ("FDL").

Cervus acquired the net assets for approximately $33 million including $14.4 million for the land and buildings from FDL through a vendor take back mortgage of $13.4 million and $19.6 million in cash. The assets acquired include four Frontier Peterbilt dealerships/branches located in Saskatoon, Regina, Estevan and Lloydminster, Saskatchewan, and a collision repair centre located in Saskatoon, SK. The acquisition includes all of the real property currently occupied by these locations.  Over the last three (3) fiscal periods, the operations of FPSL and FCCL reported on average gross revenue of $79.3 million per year.

"The transportation equipment dealership business follows the same operating fundamentals as the agricultural, construction and industrial equipment dealerships business and, as such, complements our existing dealership network," said Peter Lacey, President and CEO of Cervus. "This acquisition enables Cervus to diversify operationally and geographically and provides a strong platform for future growth."

The business of FPSL, FCCL will be integrated into Cervus' Construction and Industrial Equipment segment and will continue to operate under the Frontier Peterbilt Sales and Frontier Collision Center trade names.

Frontier Peterbilt is an award winning exclusive Peterbilt dealership established in 1981 which sells new and used trucks as well as offers premium parts and service to customers throughout Saskatchewan.  The Frontier Collision Centre provides a broad range of services including truck and auto repair, detailing and accessory sales.

About Cervus Equipment Corporation

Cervus acquires and manages authorized agricultural, commercial, industrial and transportation equipment dealerships in Western Canada.  After the acquisition of assets of FPSL, FCCL and FDL, Cervus will operate through 42 dealership locations in Alberta, Saskatchewan and Manitoba. Cervus holds an approximate 60% equity interest in Agriturf Limited, a New Zealand-based corporation that offers authorized John Deere equipment, parts and service.  The primary equipment brands represented by Cervus include John Deere agricultural equipment; Bobcat and JCB construction equipment; Clark, Sellick, Nissan and Doosan material handling equipment; and Peterbilt transportation equipment. The common shares of Cervus are listed on the Toronto Stock Exchange and trade under the symbol "CVL".

Forward Looking Information

This press release contains certain forward-looking information ("forward-looking information") within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release includes forward-looking information relating to the average gross revenue of FPSL and FCCL. Cervus believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Forward-looking information is based on various assumptions. Those assumptions are based on information currently available to Cervus, including the historic performance of their businesses and current business and economic trends. You are cautioned that the preceding list of assumptions is not exhaustive. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Cervus' actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties may include but are not limited to the risks identified in the 2011 Annual Information Form of Cervus Equipment Corporation, under the heading "Risk Factors". Any forward-looking information is made as of the date hereof and, except as required by law. Cervus assumes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise. 

For further information:

Peter Lacey - President & CEO
Telephone: (403) 567-0339
Fax: (403) 567-0392
Email: placey@cervuscorp.com    
 
Randy Muth - Chief Financial Officer
Telephone: (403) 567-0339
Fax: (403) 567-0392
Email: rmuth@cervuscorp.com

 

Rocky Mountain Dealerships Inc. announces record annual and fourth quarter 2011 results

Achieves strong results in key operating metrics; net earnings increase of 55.8% for the year

CALGARY, March 19, 2012 /CNW/ - Rocky Mountain Dealerships Inc. (TSX: RME, hereinafter "Rocky") today reported financial results for the three and twelve months ended December 31, 2011.

Fourth Quarter Highlights

• Increased revenues by 27.3% to $240.6 million (M) as compared to 2010.
• EBITDA* increased by 28.3% to $14.6M.
• Generated net earnings of $9.0M, an increase of $2.6M or 41.2%.
• Normalized Diluted Earnings per Share* of $0.42, up 35.5% over the prior year.

Annual Highlights

• Increased revenues by 33.2% to $802.8M as compared to 2010.
• EBITDA* increased by 44.3% to $41.2M.
• Generated net earnings of $23.2M, an increase of $8.3M or 55.8%.
• Normalized Diluted Earnings per Share* of $1.22, up 52.5% over the prior year.

^{* Non-IFRS measures are defined and discussed further in the Management's Discussion and Analysis for the three and twelve month periods ended December 31, 2011, which can be found at www.sedar.com.}

Commenting on the results, Matt Campbell, CEO of Rocky stated "We continue to deliver outstanding results to our shareholders, thanks to the dedication and hard work of our people throughout our many locations.    Our customers need a reliable partner for their equipment needs, and our success in becoming that reliable partner is reflected in both the quarterly and annual results.

Alberta's economic improvement combined with solid crop prices and conditions to fuel growth in both construction and agriculture equipment sales in that region.  These results were somewhat tempered by a softer market in the Eastern Prairies that drove increased sales of used rather than new equipment.

Overall, our efforts to integrate our acquired stores and drive efficiency, resulted in improved revenue, gross profits and EBITDA^* and substantially improved profit conversion. Cash flow generation improved substantially on the year to $33.1 million.

Western Canada's recovering economic outlook and solid commodity prices, combined with the progress we have made in the last twelve months, positions Rocky for continued success."

Quarterly Cash Dividend

On February 17, 2012, Rocky's Board of Directors declared a dividend of $0.045 per common share on the Company's outstanding common shares.  The common share dividend is payable on March 30, 2012 to shareholders of record at close of business on February 29, 2012.

This dividend is designated by Rocky to be an eligible dividend for the purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation.  An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

Conference Call

The Company will host a conference call to discuss Q4 results on Tuesday, March 20, 2012, at 9:00 a.m. Mountain Time.  Investors interested in participating in the live call can dial 1-888-231-8191 (toll free) or 1-647-427-7450.  An archived recording of the call will be available approximately two hours after its completion on Rocky's website or by calling 1-855-859-2056 (toll free) or 1-416-849-0833, passcode: 51205623.  The archive will remain available until Tuesday, April 3, 2012.

Caution regarding forward-looking statements

Certain information set forth in this news release, including, without limitation, the information regarding construction outlooks in the short and mid-terms, is forward-looking information within the meaning of applicable Canadian securities laws.  By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Rocky's control.  This forward-looking information reflects Rocky's current beliefs and is based on information currently available to Rocky, and on assumptions Rocky believes are reasonable.  These assumptions include, but are not limited to, the expectation that economic conditions in Western Canada, including commodity prices, will continue to remain strong.  There is significant risk that the forward-looking statements will prove not to be accurate.  Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from that expressed in the forward-looking statements.  Accordingly, this new release is subject to the disclaimer and qualified by risks and other factors discussed by Rocky in its management's discussion and analysis ("MD&A") and annual information form for the year ended December 31, 2011 and 2011 first, second, and third quarter MD&A's.  Except as required by law, Rocky disclaims any intention or obligation to update or revise forward-looking statements, and further reserves the right to change, at any time, at its sole discretion, its current practice of updating its guidance and outlooks.

About Rocky

Rocky is one of Canada's largest agriculture and construction equipment dealerships with 36 branches throughout Alberta, Saskatchewan and Manitoba. Rocky sells, rents, and leases new and used construction and agriculture equipment and offers product support, and finance to its customers.

Additional information on Rocky is available at www.rockymtn.com and on SEDAR at www.sedar.com.

Consolidated Balance Sheet Summary Expressed in thousands of Canadian dollars (Audited)
	December 31, 2011	December 31, 2010	January 1, 2010
Current assets	434,479	373,998	281,234
Property and equipment	21,369	20,600	19,343
Goodwill	9,961	8,538	4,517
Total assets	465,809	403,136	305,094
Current liabilities	286,175	247,697	204,084
Long-term debt	11,701	13,058	12,968
Obligations under finance leases	1,589	1,387	896
Convertible debenture	28,761	28,411	-
Deferred income taxes	8,283	6,707	1,051
Derivative financial instruments	1,139	-	-
Total liabilities	337,648	297,260	218,999
Shareholders' equity	128,161	105,876	86,095
Total liabilities and equity	465,809	403,136	305,094

     Total Shares Issued:  18,768,399

 

Selected Quarterly Financial Information
Expressed in thousands of Canadian dollars except per share amounts

		For the three months ended December 31,		For the year ended December 31,
		2011	2010	2011	2010
Sales
	New equipment	132,712	121,302	423,933	333,603
	Used equipment	82,318	45,553	269,809	189,315
	Parts	16,155	14,871	75,531	54,053
	Service	7,459	6,304	28,028	21,871
	Other	1,945	973	5,462	3,869
		240,589	189,003	802,763	602,711
Cost of sales		203,620	159,238	677,571	509,587
Gross profit		36,969	29,765	125,192	93,124
Selling, general and administrative		21,964	18,082	82,001	63,409
Interest on short-term debt		2,022	1,832	8,306	6,425
Interest on long-term debt		917	943	3,587	2,064
Earnings before income taxes		12,066	8,908	31,298	21,226
Provision for income taxes		3,105	2,563	8,089	6,327
Net earnings		8,961	6,345	23,209	14,899
Earnings per share
	Basic	0.48	0.34	1.24	0.82
	Diluted	0.42	0.31	1.12	0.79