Form 6-K

Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

6500 River Road
Richmond, BC, Canada
V6X 4G5
(604) 273 7564
(Address of principal executive offices)

[indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F]

[indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 100(b)(1): o]

[indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 100(b)(7): o]

[indicate by check mark whether by furnishing information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934]

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EX-99.1 3 o11096exv99w1.htm NEWS RELEASE DATED NOV. 3, 2003 News Release dated Nov. 3, 2003

RITCHIE BROS. AUCTIONEERS REPORTS STRONG RESULTS FOR PERIOD ENDED SEPTEMBER 30, 2003 AND DECLARES DIVIDEND

VANCOUVER, BRITISH COLUMBIA — Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) today announced its results for the quarter and nine months ended September 30, 2003. The Company’s net earnings for the first nine months of 2003 were $24.8 million, or $1.46 per diluted weighted-average share, compared to $17.2 million, or $1.02 per diluted weighted-average share, in the equivalent period in 2002. The Company also announced the declaration of its second quarterly cash dividend of $0.15 per share. All amounts are presented in United States dollars.

Gross auction sales for the nine months ended September 30, 2003 were $1.08 billion, 18% higher than the gross auction sales reported for the first nine months of 2002. Auction revenues for the nine-month period ended September 30, 2003 were $113.8 million, an increase of 28% over the equivalent period in 2002. Auction revenues as a percentage of gross auction sales were 10.52% for the first nine months of 2003 compared to 9.74% in the first nine months of 2002.

During the nine-month period ended September 30, 2003, Ritchie Bros. sold over 114,000 lots for nearly 17,000 consignors at 99 industrial auctions attracting over 127,000 registered bidders, all significant increases over the equivalent period in the prior year. In addition, the Company’s Agricultural Division conducted 26 agricultural auctions during the nine months ended September 30, 2003.

Gross auction sales for the quarter ended September 30, 2003 were $277.8 million, generating auction revenues of $29.8 million and net earnings of $2.9 million or $0.17 per diluted share.

David E. Ritchie, Chairman and CEO of the Company, commented on the success to date in 2003 by stating: “so far this year we have experienced strong revenue growth in all of our major markets. Our results to date in 2003 show that we are able to grow our sales and our earnings by taking advantage of opportunities in the numerous geographic markets and industry sectors in which we operate. The market for good quality, late model used equipment is very strong; this has created an excellent environment for customers participating in our unreserved auctions.”

Randall J. Wall, the Company’s President and COO added: “We are pleased that our investments in people, facilities, and infrastructure are continuing to deliver strong earnings growth in 2003, and we remain focused on executing our growth strategy. The results to date in 2003 demonstrate the operating leverage that we have built over the last number of years.”

During the first nine months of 2003, bidders participating in Ritchie Bros. auctions using the Company’s rbauctionBid-Live Internet bidding service purchased over $100 million worth of trucks and equipment, bringing cumulative total purchases using this system (which was launched in the first quarter of 2002) to over $180 million.

The Board of Directors today announced the declaration of a quarterly cash dividend of $0.15 per common share payable on December 19, 2003 to shareholders of record on November 28, 2003.

Gross auction sales represents the aggregate selling prices of all items sold at auction during the period but is not a measure of revenue and is not presented in the Company’s consolidated financial statements. Auction revenues represent the revenue earned by the Company related to items sold at auction and consist primarily of the commissions earned and the net profit or loss on the sale of equipment purchased by Ritchie Bros. The Company provides gross auction sales data because it believes this measure better portrays the Company’s sales efforts and that auction revenues and other financial measures are best understood by considering their relationships to gross auction sales.

Ritchie Bros. is the world’s largest auctioneer of industrial equipment, operating through over 90 locations in more than 20 countries around the world. The Company sells, through unreserved public auctions, a broad range of used and unused industrial equipment including equipment utilized in the construction, transportation, mining, forestry, petroleum, marine and agricultural industries. Ritchie Bros. maintains a website at www.rbauction.com.

Ritchie Bros. is hosting a conference call to discuss its financial results at 8:00am Pacific Time (11:00am Eastern Time) on November 3, 2003. To access a live broadcast of the conference call, please go to the Ritchie Bros. website http://www.rbauction.com, click on ‘About Ritchie Bros.’ and then click on ‘Investor Information’. Please go to the website at least fifteen minutes early to download and install any necessary audio software. A replay will be available on the website shortly after the call.

Discussion in this press release relating to future 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 results for future periods; the implementation of the Company’s growth strategy; the growth potential of the Agricultural Division; the creation of value for customers and shareholders; and the payment and amount of any future dividends. These risks and uncertainties include: the many factors that impact on the supply of and demand for used equipment; fluctuations in the market values of used equipment; periodic and seasonal variations in operating results; actions of competitors; the success of the Company’s Internet initiatives; and other risks and uncertainties as detailed from time to time in the Company’s SEC filings. Actual results may differ materially. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

Consolidated Statements of Earnings (USD thousands, except share and per share amounts) — unaudited


		Nine months ended			Nine months ended
		September 30, 2003			September 30, 2002

Gross auction sales		$	1,082,286		$	915,335

Auction revenues		$	113,823		$	89,172
Direct expenses			15,200			13,110

			98,623			76,062
Expenses
	Depreciation		8,586			6,517
	General and administrative		51,720			46,327

Earnings from operations			38,317			23,218
Other income (expenses)
	Interest expense		(3,644	)		(2,809	)
	Other income		863			1,833

Earnings before income taxes			35,536			22,242
Income taxes			10,700			4,993

Net earnings		$	24,836		$	17,249

Net earnings per share		$	1.47		$	1.03
Net earnings per share — diluted		$	1.46		$	1.02
Net earnings (excluding gain on sale of property in 2002 Q2)		$	24,836		$	16,649

Net earnings per share (excluding gain on sale of property)		$	1.47		$	0.99
Net earnings per share — diluted (excluding gain on sale of property)		$	1.46		$	0.98
Weighted average shares outstanding			16,869,870			16,788,251
Diluted weighted average shares outstanding			17,029,656			16,906,756

Consolidated Statements of Earnings (USD thousands, except share and per share amounts) — unaudited


		Three months ended			Three months ended
		September 30, 2003			September 30, 2002

Gross auction sales		$	277,832		$	208,071

Auction revenues		$	29,785		$	20,991
Direct expenses			3,768			3,105

			26,017			17,886
Expenses
	Depreciation		3,032			2,396
	General and administrative		17,771			14,564

Earnings from operations			5,214			926
Other income (expenses)
	Interest expense		(1,360	)		(926	)
	Other income		417			441

Earnings before income taxes			4,271			441
Income taxes			1,329			(670	)

Net earnings		$	2,942		$	1,111

Net earnings per share		$	0.17		$	0.07
Net earnings per share — diluted		$	0.17		$	0.07
Weighted average shares outstanding			16,931,798			16,801,722
Diluted weighted average shares outstanding			17,101,327			16,921,209


	September 30, 2003		December 31, 2002

	(unaudited)
Current assets	$	230,001	$	87,869
Current liabilities		196,308		62,426

Working capital including cash		33,693		25,443
Total assets		473,798		329,136
Long-term debt		35,243		62,612
Total shareholders’ equity		237,479		199,374


	Nine months ended			Nine months ended
	September 30, 2003			September 30, 2002

Auction revenues as percentage of gross auction sales		10.52	%		9.74	%
Number of consignors		16,753			14,106
Number of bidders		127,047			103,060
Number of buyers		39,406			33,754
Number of permanent auction sites		22			22
Number of regional auction units		7			5

For further information, please contact:
Bob Armstrong
VP — Finance
Phone:     604 273 2101
Fax:         604 273 2405
Email:      barmstrong@rbauction.com

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Number		Description

99.1		Press release dated November 3, 2003 reporting results for period ended September 30, 2003


	Ritchie Bros. Auctioneers Incorporated (Registrant)


Date: November 3, 2003	By:	/s/ Robert S. Armstrong

		Robert S. Armstrong,
		Corporate Secretary

Table of Contents

Table of Contents


Yes o		No þ