Insurance Auto Auctions Loses $11.5 Million in ’91
Insurance Auto Auctions Inc., a North Hollywood-based operator of auctions for the insurance industry, said it lost $11.5 million in 1991, compared to net income of $259,000 in 1990. The loss was due to $15 million in mostly non-cash charges related to the company’s leveraged buyout in 1990, and an initial stock offering in November.
Not counting the special charges, Insurance Auto Auctions would have earned $2.16 million for the year.
Revenues last year grew 17% to $41.8 million, up from $35.8 million a year earlier.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
