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News Article | May 4, 2017
Site: www.prnewswire.com

VANCOUVER, May 4, 2017 /PRNewswire/ - Ritchie Bros. Auctioneers Incorporated (NYSE & TSX: RBA, the "Company" or "Ritchie Bros.") reports results for the three months ended March 31, 2017.  During the first quarter, the Company generated $124.5 million of revenue, a 6% decrease compared to revenues of $131.9 million in the first quarter last year, and net income attributable to stockholders for the first quarter of $10.4 million, a 65% decrease compared to $29.4 million in the same period last year.  Diluted earnings per share ("EPS") attributable to stockholders were $0.10, a 63% decrease compared to $0.27 in the same quarter last year. A non-recurring charge of $2.3 million of current income tax expense was recognized during the quarter related to an increase in uncertain tax positions. Removing the impact of this income tax charge, diluted adjusted EPS attributable to stockholders3 (non-GAAP measure) during the first quarter of 2017 was $0.12, a 56% decrease compared to $0.27 in the year ago quarter. $8.6 million of before-tax acquisition-related costs are included in both GAAP and adjusted (non-GAAP) first quarter 2017 results. "Gross Auction Proceeds were challenged during the first quarter of 2017 primarily due to the oil and gas dislocation surge receding in Western Canada, and fewer large dispersals – such as the Grande Prairie auction that occurred in the first quarter last year.  Our U.S. team generated solid performance, where revenue grew modestly even with a difficult comp from a very robust Q1 2016. On a positive note, we achieved a record first quarter revenue rate driven by strong pricing, good execution and good rate performance from our underwritten transactions. Our team demonstrated strong operational agility and did a disciplined job of controlling variable operational expenses. Also, EquipmentOne, Ritchie Bros. Financial Services, Mascus and Private Treaty achieved meaningful revenue growth, reinforcing that our diversification strategy is taking hold," said Ravi Saligram, CEO of Ritchie Bros. Mr. Saligram added, "Our team is also excited about the acquisition of IronPlanet and is systematically completing various work streams of integration planning to be ready for Day One of the combined business. Our discussions with U.S. regulatory authorities are well underway, and we continue to target closing the transaction by the end of the second quarter." Q1 2017 adjusted (non-GAAP) figures in the table above include the impact of $8.6 million ($0.08 per diluted share) of pre-tax acquisition-related costs. Results of operations – first quarter update For the three months ended March 31, 2017 GAP was $0.9 billion for the first quarter of 2017, a 12% decrease compared to the first quarter of 2016.  This decline is due mostly to a decrease in lot count and auction calendar differences over the comparative period.  Lot count (auction volumes) declined 8% in the first quarter of 2017 relative to the first quarter of 2016. EquipmentOne, the Company's online equipment marketplace, contributed $38.6 million of gross transaction value ("GTV")4 to GAP in the first quarter of 2017, a 63% increase compared to $23.7 million in the first quarter of 2016.  Foreign exchange rates did not have a significant impact on GAP in the first quarter of 2017. Revenues decreased 6% during the first quarter of 2017 to $124.5 million, compared to $131.9 million in the first quarter of 2016, primarily due to lower volumes and GAP. This decrease was partially offset by a stronger Revenue Rate, which benefitted from robust underwritten contract performance compared to the relative quarter last year.  Foreign exchange rates did not have a significant impact on revenues in the first quarter of 2017. The Revenue Rate for the first quarter of 2017 was 13.84%, compared to 12.94% in the first quarter of 2016.  The increase in the Revenue Rate is primarily due to the performance of the Company's underwritten contracts combined with an increase in fee revenue, which is not directly linked to GAP. During the first quarter of 2017, the Company continued to actively pursue the use of underwritten commission contracts from a strategic perspective, entering into such contracts only when the risk/reward profile of the terms were agreeable. The Company's underwritten contract volume decreased to 14% of GAP during the three months ended March 31, 2017 compared to 23% in the same period in 2016.  Straight commission contracts continue to account for the majority of GAP. Selling, general and administrative ("SG&A") expenses were $70.6 million during the first quarter of 2017, a 5% increase compared to the same period last year. Increased headcount, bank commitment fees related to the fourth quarter 2016 debt restructuring, and vehicle lease charges were the largest contributors to the SG&A expense growth over the comparative period. Petrowsky and Kramer (businesses acquired in 2016) accounted for another $0.4 million and $0.3 million, respectively, of new SG&A expenses. Partially offsetting these increases were $2.1 million of mark-to-market fair value changes in the Company's liability-classified share units during the first quarter of 2017 compared to the first quarter of 2016. Acquisition-related costs totaling $8.6 million were booked during the first quarter of 2017, compared to $1.2 million in the first quarter of 2016. First quarter 2017 costs primarily related to the regulatory approval process and integration planning associated with the acquisition of IronPlanet, as well as continuing employment costs incurred to retain key employees for a specified period of time following the Company's business acquisitions. First quarter 2016 costs primarily related to professional fees associated with the acquisition of Mascus, as well as continuing employment costs associated with the Mascus and Xcira acquisitions. These costs are in addition to SG&A expenses. Operating income decreased 40% during the first quarter of 2017 to $23.6 million, compared to $39.2 million in the first quarter of 2016. This decrease is primarily due to the decrease in revenues combined with the increase in acquisition-related costs and SG&A expenses. There were no adjusting items impacting operating income results in the first quarter of 2016 or 2017. Primarily for the same reasons noted above, operating income margin, calculated as operating income divided by revenues, was 19.0% for the first quarter of 2017, 1070 basis points lower than 29.7% for the same period last year. Tax expense during the quarter was impacted by a non-recurring charge of $2.3 million related to an increase in uncertain tax positions due to an unfavourable outcome of a tax dispute in one of the Company's European operating jurisdictions.  Ritchie Bros. does not expect any future tax expense charges related to this ruling.  As a result, the $2.3 million of increased current tax expense has been treated as an adjusting item. Net income attributable to stockholders decreased 65% to $10.4 million in the first quarter of 2017 compared to $29.4 million in the first quarter of 2016. This decrease is primarily due to the decrease in revenues combined with the increase in acquisition-related costs, SG&A expenses and interest expense, and partially offset by the decrease in income tax expense during the first quarter of 2017 compared to the first quarter of 2016. The increase in interest expense is primarily due to $6.7 million of interest on the Notes. Removing the impact of the $2.3 million charge for the change in uncertain tax positions, adjusted net income attributable to stockholders (non-GAAP measure) decreased 57%, to $12.7 million in the first quarter of 2017 from $29.4 million in the first quarter of 2016. Acquisition-related costs are included in both US GAAP net income attributable to stockholders and non-GAAP adjusted net income attributable to stockholders figures. Primarily for the same reasons noted above, diluted EPS attributable to stockholders for the first quarter of 2017 was $0.10, a 63% decrease compared to $0.27 in the first quarter of 2016. Diluted adjusted EPS attributable to stockholders (non-GAAP measure) decreased 56% to $0.12 per share in the first quarter of 2017 from $0.27 per share in the first quarter of 2016. Balance sheet analysis As at and for the 12 months ended March 31, 2017 Working capital margin, calculated as working capital divided by revenues, increased 610 basis points to 22.6% during the 12 months ended March 31, 2017 from 16.5% during the 12 months ended March 31, 2016.  This increase is primarily due to a $38.5 million increase in working capital, partially offset by a $26.7 million increase in revenues period-over-period. The increase in working capital is primarily the result of no share repurchases taking place during the first quarter of 2017, whereas $36.7 million of share repurchases occurred in the first quarter of 2016. Working capital intensity5 (non-GAAP measure) increased 320 basis points, to -31.4% during the 12 months ended March 31, 2017 from -34.6% during the 12 months ended March 31, 2016. Return on average invested capital is calculated as net income attributable to stockholders divided by average invested capital. The Company measures average invested capital over a trailing 12-month period by adding the average long-term debt over that period to the average stockholders' equity over that period. Return on average invested capital decreased 1170 bps to 7.0% during the 12 months ended March 31, 2017 from 18.7% during the 12 months ended March 31, 2016. This decrease is primarily due to a $276.1 million, or a 36%, increase in average invested capital period-over-period, which was primarily the result of the issuance of the Notes in the fourth quarter of 2016. Also contributing to the decrease in return on average invested capital over the comparative period was a $69.0 million, or 49%, decrease in net income attributable to stockholders. Return on invested capital ("ROIC")6 (non-GAAP measure) decreased 640 bps to 10.3% during the 12 months ended March 31, 2017 from 16.7% during the 12 months ended March 31, 2016. ROIC excluding escrowed debt7 (non-GAAP measure) decreased 310 bps to 13.6% during the 12 months ended March 31, 2017 from 16.7% during the 12 months ended March 31, 2016. Dividend Information Quarterly dividend The Company declares a quarterly cash dividend of $0.17 per common share payable on June 13, 2017 to shareholders of record on May 23, 2017. Operational Review Online statistics During the first quarter of 2017, the Company attracted record first quarter online bidder registrations as a percentage of total bidder registrations. Approximately $428.8 million of equipment, trucks and other assets were sold to online auction bidders and EquipmentOne customers, representing a 4% decrease compared to the $448.8 million of assets sold online during the first quarter of 2016, primarily due to changes in the auction calendar and resulting lower sales volume. EquipmentOne activity During the first quarter of 2017, EquipmentOne sold more than $38.6 million of equipment and other assets on behalf of customers and saw a 37% increase in revenues compared to the first quarter of 2016. Auction activity During the first quarter of 2017, Ritchie Bros. conducted 41 unreserved industrial auctions in 13 countries throughout North America, Europe, the Middle East, Australia, New Zealand, and Asia.  Auctions highlights during the quarter include: There are currently 120 unreserved auctions on the Ritchie Bros. auction calendar at www.rbauction.com, including auctions in North America, Europe, the Middle East, Australia, and Asia. Q1 2017 Earnings Conference Call Ritchie Bros. is hosting a conference call to discuss its financial results for the quarter ended March 31, 2017, at 8:00 am Pacific time / 11:00 am Eastern time / 4:00 pm GMT on May 5, 2017.  A replay will be available shortly after the call. Conference call and webcast details are available at the following link: https://investor.ritchiebros.com About Ritchie Bros. Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest industrial auctioneer, and one of the world's largest sellers of used equipment for the construction, transportation, agriculture, energy, mining, forestry and other industries. Ritchie Bros.TM asset management and disposition solutions include live unreserved public auctions with on-site and online bidding; EquipmentOneTM, an online auction marketplace; Mascus, a global online equipment listing service; private negotiated sales through Ritchie Bros. Private Treaty; and a range of ancillary services, including financing and leasing through Ritchie Bros. Financial Services. Ritchie Bros. has operations in more than 15 countries, including 45 auction sites worldwide. Learn more at rbauction.com, EquipmentOne.com, mascus.com, rbauction.com/privatetreaty and rbauction.com/financing. Forward-looking Statements This news release contains forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities legislation (collectively, "forward-looking statements"), including, in particular, statements regarding future financial and operational results, including the consummation of the regulatory process and IronPlanet acquisition, continuing employment costs related to acquisitions, payment of dividends and completion of future auctions. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan, "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or statements that events or conditions "will", "would", "may", "could", "should" or "might" occur.  All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.  Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond the Company's control, including the numerous factors that influence the supply of and demand for used equipment; economic and other conditions in local, regional and global sectors; the Company's ability to complete the IronPlanet acquisition on the anticipated timetable or at all; the Company's ability to successfully integrate IronPlanet after acquisition, and to receive the anticipated benefits therefrom; the possibility that certain closing conditions to the IronPlanet acquisition, including regulatory approvals, may not be satisfied or may be delayed; and the risks and uncertainties set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017, which are available on the SEC, SEDAR, and the Company websites. The foregoing list is not exhaustive of the factors that may affect the Company's forward-looking statements.  There can be no assurance that forward-looking statements will prove to be accurate, and actual results may differ materially from those expressed in, or implied by, these forward-looking statements. Forward-looking statements are made as of the date of this news release and the Company does not undertake any obligation to update the information contained herein unless required by applicable securities legislation.  For the reasons set forth above, you should not place undue reliance on forward-looking statements. GAP and condensed consolidated income statements (Expressed in thousands of United States dollars, except share and per share amounts) (Unaudited) Non-GAAP Measures We make reference to various non-GAAP measures throughout this press release. These measures do not have a standardized meaning and are, therefore, unlikely to be comparable to similar measures presented by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with generally accepted accounting principles. The following table presents adjusted net income attributable to stockholders (non-GAAP measure) and diluted adjusted EPS attributable to stockholders (non-GAAP measure) results for the three months ended March 31, 2017 and 2016, as well as reconciles those metrics to net income attributable to stockholders, the weighted average number of dilutive shares outstanding, and diluted EPS attributable to stockholders, which are the most directly comparable GAAP measures in the consolidated income statements: The first quarter 2017 adjusting item was a $2.3 million ($2.3 million before tax, or $0.02 per diluted share) charge related to the change in uncertain tax provisions. There were no first quarter 2016 adjusting items. The following table presents working capital intensity (non-GAAP measure) results as at and for the 12 months ended March 31, 2017 and 2016, and reconciles that metric to working capital, trade and other receivables, inventory, advances against auction contracts, auction proceeds payable, trade payables, revenues, and working capital margin, which are the most directly comparable GAAP measures in, or calculated from, the consolidated financial statements: The following table presents ROIC (non-GAAP measure) and ROIC excluding escrowed debt (non-GAAP measure) results on a trailing 12-month basis, and reconciles those metrics to net income attributable to stockholders, long-term debt, stockholders' equity, and return on average invested capital, which are the most directly comparable GAAP measures in, or calculated from, the consolidated financial statements. Adjusted opening long-term debt (non-GAAP measure) is not presented due to the lack of adjusting items during the relevant periods: The adjusting items for the 12 months ended March 31, 2017 were a $2.3 million ($2.3 million before tax, or $0.02 per diluted share) charge related to the change in uncertain tax provisions recognized in the first quarter of 2017, a $5.0 million ($6.8 million before tax, or $0.05 per diluted share) charge related to the early termination of pre-existing debt recognized in the fourth quarter of 2016, and a $26.4 million ($28.2 million before tax, or $0.25 per diluted share) impairment loss on the Company's EquipmentOne reporting unit goodwill and customer relationships recognized in the third quarter of 2016. The adjusting items for the 12 months ended March 31, 2016 were a $7.3 million ($8.4 million before tax, or $0.07 per diluted share) gain on the sale of excess property in Edmonton, Canada, recognized in the fourth quarter of 2015, and $7.9 million ($7.9 million before tax, or $0.07 per diluted share) of tax savings generated by tax loss utilization recognized in the fourth quarter of 2015. The deduction from ending long-term debt at March 31, 2017 of long-term debt held in escrow consists entirely of the Notes that have a principal value of $500.0 million reduced by $4.1 million of unamortized debt issue costs.


"Over the last three years, we've been successfully executing on a multi-channel diversification strategy to ensure that the company stays relevant and strong in a changing environment. In IronPlanet, we found a company that allows us to continue our rich history of innovation and gives us the tools and talent to transform into a digital information and insights powerhouse," said Ravi Saligram, Ritchie Bros. CEO. "The missions of our companies are aligned: deliver maximum choice and value to our customers. We look forward to bringing our combined pride and passion together under one umbrella to accelerate our growth initiatives and add shareholder value." Greg Owens, IronPlanet chairman and CEO added, "The management team and employees of IronPlanet are enthusiastic about joining forces with Ritchie Bros. – the possibilities are endless when you merge brand strength with technology. We are inspired by the vision of leading a digital transformation in the industry." The anticipated benefits of Ritchie Bros.' acquisition of IronPlanet are extensive and make a positive impact on the business internally and externally. Highlights include: 1) Pioneer a path into the future. Ritchie Bros. is a forward-thinking, growth-focused company that never stops innovating. By continuing to invest in technology and providing end-to-end support solutions, the company will continue to set a benchmark for equipment values across the globe. 2) Maximize opportunity for customers. The acquisition of IronPlanet is intended to provide the highest quality choices in asset disposition to best serve customers. The acquisition is the next step in Ritchie Bros.' diversification and multichannel strategy. As a successful player in the marketplace for nearly 60 years, Ritchie Bros.' unique business model and heritage of extraordinary customer relationships make it a leader in the industry. 3) Caterpillar Alliance. Ritchie Bros. also enters into a historic, long-term strategic alliance with Caterpillar, which will significantly strengthen its relationship with Caterpillar's independent dealers around the world by providing enhanced and continued access to a global auction marketplace to sell their used equipment. The transaction is expected to close in the next few weeks. A new organizational structure will be announced after closing. Ritchie Bros. and IronPlanet first announced the acquisition in August 2016: http://prn.to/2pMuZFC. About Ritchie Bros.: Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest industrial auctioneer, and one of the world's largest sellers of used equipment for the construction, transportation, agriculture, energy, mining, forestry and other industries. Ritchie Bros.™ asset management and disposition solutions include live unreserved public auctions with on-site and online bidding; EquipmentOne™, an online auction marketplace; Mascus, a global online equipment listing service; private negotiated sales through Ritchie Bros. Private Treaty; and a range of ancillary services, including financing and leasing through Ritchie Bros. Financial Services. Ritchie Bros. has operations in 19 countries, including 45 auction sites worldwide. Learn more at rbauction.com, EquipmentOne.com, mascus.com, rbauction.com/privatetreaty and rbauction.com/financing. About IronPlanet: IronPlanet is a leading online marketplace for selling and buying used equipment and other durable assets and an innovative participant in the multi-billion dollar used equipment market. Founded in 1999 to transform the global used equipment market, IronPlanet has built a database of more than 1.5 million registered users worldwide. IronPlanet connects buyers and sellers of used equipment with its exclusive IronClad Assurance® equipment condition certification and family of brands, including IronPlanet®, GovPlanet®, TruckPlanet®, Cat Auction Services, Kruse Energy & Equipment AuctioneersSM, allEquip® and Asset Appraisal ServicesSM. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar and Volvo. For more information, visit www.ironplanet.com. Caution Regarding Forward-Looking Statements: This news release contains forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities legislation (collectively, "forward-looking statements"), including, in particular, statements regarding the terms and potential benefits of the proposed transaction between Ritchie Bros. and Caterpillar, the terms and conditions of the proposed IronPlanet transaction, the expected timetable for completing the IronPlanet transaction, benefits and synergies of the IronPlanet transaction, future opportunities for the combined businesses of Ritchie Bros. and IronPlanet, future financial and operational results and any other statements regarding events or developments that Ritchie Bros. believes or anticipates will or may occur in the future. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan, "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or statements that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Ritchie Bros.' control, including risks and uncertainties related to: general economic conditions and conditions affecting the industries in which Ritchie Bros., IronPlanet and Caterpillar operate; each of Ritchie Bros.' and IronPlanet's ability to satisfy the merger agreement conditions and consummate the transaction on the anticipated timetable, or at all; Ritchie Bros.' ability to successfully integrate IronPlanet's operations and employees with Ritchie Bros.' existing business; the ability to realize anticipated growth, synergies and cost savings in the IronPlanet transaction; the maintenance of important business relationships; the effects of the IronPlanet transaction on relationships with employees, customers, other business partners or governmental entities; transaction costs; deterioration of or instability in the economy, the markets we serve or the financial markets generally; as well as the risks and uncertainties set forth in Ritchie Bros.' Annual Report on Form 10-K for the year ended December 31, 2016, which is available on the SEC, SEDAR, and Ritchie Bros.' website. The foregoing list is not exhaustive of the factors that may affect Ritchie Bros.' forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, and actual results may differ materially from those expressed in, or implied by, these forward-looking statements. Forward-looking statements are made as of the date of this news release and Ritchie Bros. does not undertake any obligation to update the information contained herein unless required by applicable securities legislation. For the reasons set forth above, you should not place undue reliance on forward-looking statements. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ritchie-bros-and-ironplanet-secure-unconditional-antitrust-clearance-from-the-us-department-of-justice-acquisition-is-expected-to-close-in-the-next-few-weeks-300459890.html


News Article | May 15, 2017
Site: www.prnewswire.com

More than 4,500 people from across Canada and 48 other countries registered to bid in the auction last week in Toronto. Approximately 64 percent of the equipment was sold to Ontario buyers (by dollar value); 16 percent was sold to international buyers from countries such as Poland, the United Kingdom and China. A record 2,700+ bidders participated online and purchased 57 percent of the equipment. "There is a lot of activity in Ontario right now, particularly in the construction sector, with considerable investment in infrastructure, which is expected to continue into 2018. Many contractors are realigning and upgrading their fleets for upcoming work, resulting in a large selection of low-hour, late-model construction equipment being sold in last week's auction with strong pricing across the board," said Anna Sgro, Senior Vice President, Ritchie Bros. "We also had a great lineup of transportation equipment that saw solid demand, with pricing on trucks and trailers exceeding expectations." Not only did the Toronto auction eclipse its previous sales record, it established a new sales record for Eastern Canada, breaking Montreal's CA$44+ million mark set in 2015. The recent Toronto auction also set new local records in buyers, online sales, online bidders, and total number of consignors. "The team has worked really hard to build strong relationships with customers and earn our customers' confidence," continued Anna Sgro. "We have an exceptional team who understands our customers' needs and that's why the yard is packed full at auction time." Equipment in the unreserved public auction was sold for 660 owners, including a fleet of articulated dump trucks for longtime Ritchie Bros. customer Ross Woodward. "It's an absolutely first-class organization to deal with, right from the ground up. And I've bought and sold with Ritchie Bros. for 30 years at least," said Ross Woodward, President of The Bucket Shop. "It's so professionally handled. Right from the sales reps to the processing. I've always been pleased with the overall outcome. I've sold a lot and bought a lot and 95 percent of the experiences have been financially rewarding for myself and my company. The bottom line is: the competition will never drag me away from Ritchie Bros." Consignments are now being accepted for Ritchie Bros.' next Toronto auction on July 12 – 13, 2017. To sell your equipment and/or trucks in the auction please contact the site at +1.905.857.2422. Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest industrial auctioneer, and one of the world's largest sellers of used equipment for the construction, transportation, agriculture, energy, mining, forestry and other industries. Ritchie Bros.TM asset management and disposition solutions include live unreserved public auctions with on-site and online bidding; EquipmentOneTM, an online auction marketplace; Mascus, a global online equipment listing service; private negotiated sales through Ritchie Bros. Private Treaty; and a range of ancillary services, including financing and leasing through Ritchie Bros. Financial Services. Ritchie Bros. has operations in more than 15 countries, including 45 auction sites worldwide. Learn more at rbauction.com, EquipmentOne.com, mascus.com, rbauction.com/privatetreaty and rbauction.com/financing. Photos and video for embedding in media stories are available at rbauction.com/media.


News Article | May 15, 2017
Site: co.newswire.com

Renewal by Andersen to open Interactive Showroom in Las Vegas The need for replacement windows and doors is on the rise, and Renewal by Andersen Las Vegas (RBA) is expanding its presence in the greater Las Vegas area to help meet the demand. Come celebrate 16 years in the Greater Las Vegas community. For more information about the Grand Opening, visit www.RbAVegas.com. WHAT: Renewal by Andersen Las Vegas new showroom Grand Opening WHEN: Showroom Event, Saturday, May 20, 2017, 10:00 a.m. to 2:00 p.m. WHY: The building boom of the '90s and early 2000s has left many Las Vegas homeowners with low-end, worn-out, inefficient builder-grade windows and patio doors. Before any homeowner decides which replacement windows or doors are best for their home, they can see, feel, touch and sample premium Renewal by Andersen products in this new interactive showroom. About Renewal by Andersen: Renewal by Anderson is the start-to-finish window subsidiary of Anderson Corporation. Drawing on the Anderson tradition of over 110 years of quality, innovation and craftsmanship, Renewal by Anderson professionally installs energy-efficient windows and patio doors with the objective of creating a better window replacement experience for homeowners.


News Article | May 17, 2017
Site: www.theguardian.com

Australian wages have stagnated at a record low, growing a just 1.9% over the last six months, throwing an early cloud over the Turnbull government’s optimistic projections for wages growth in last week’s budget. With the cost of living rising at 2.1%, it means real wages have declined by 0.3% over the past year. The news is a small blow to the Reserve Bank’s and Treasury’s hopes that wages growth will accelerate in 2018 and 2019, economists say. The Bureau of Statistics released figures on Wednesday, showing wages growth for the March quarter. They show trend wages growth has been declining since mid-2012, from an annual 3.8% to 1.9%. Malcolm Turnbull has said he would return the federal budget to surplus by 2020-21 on the back of wages growth rising to 2.5% in 2016-17 and 3.5% by 2019-20, but economists say that’s already looking unlikely. They also say the RBA may now have to keep the official cash rate at a record low for longer, even though the low interest rates have been fuelling runaway house prices in Sydney and Melbourne. JP Morgan economist Tom Kennedy says wage growth is “stuck in the doldrums” because of the deterioration in the labour market, with the jobless rate climbing from 5.7% to 5.9%. “That said, actual wage outcomes have been even softer than the level of the jobless rate would otherwise suggest, with an unemployment rate of 5.9% historically associated with wage growth closer to 3%,” he said. “We attribute this divergence to the persistent rise in the underemployment rate, which is currently tracking at all-time highs.” AMP Capital’s chief economist, Shane Oliver, agreed, adding that the Turnbull government’s plan to return to the budget to surplus had already been undermined. “Continued high levels of unemployment and particularly underemployment – which together total over 14% of the workforce – are clearly keeping wages growth at record low levels,” Oliver said in a note to clients. “Ongoing record low wages growth also underlines the risk that the government won’t see the doubling in wages growth it assumed in the budget over the next four years and as a result government revenue growth will disappoint, further delaying the return to a budget surplus,” he said. Sally McManus, the president of the Australian Council of Trade Unions, says the rights of workers have not kept up with the growth of corporate power. “The Turnbull Government is presiding over an era in which power is being stripped from workers, wage theft is systemic, and casualisation and underemployment are constantly rising,” she said. “There are straight forward and easy decisions that can be made to reverse declining wages. “The government can stop the penalty rates cuts, it must support the lift in the minimum wage by $45 a week, it must give its own public sector workforce a pay rise and it must protect workers from further wage cuts by stopping employers cancelling enterprise agreements so they can cut pay.” Bureau of Statistics figures show public sector wage growth for the March quarter (0.6%) outpaced that of the private sector (0.5%) for the fourth consecutive quarter, seasonally adjusted. Through the year, the public sector rise to the March quarter was 2.4%, while the private sector rose just 1.8% – an equal record low. In the public sector, education and training recorded the highest quarterly rise of 1%, with the rate of wage growth influenced by recently ratified public sector enterprise agreements delivering wage increases in the March quarter. Professional, scientific and technical services recorded the lowest quarterly wages growth of 0.2%. In the private sector, electricity, gas, water and waste services recorded the highest quarterly rise of 0.7%, and accommodation and food services recorded the lowest growth over the quarter (0.1%). Rises through the year in the private sector ranged from 0.6% for mining to 2.4% for healthcare and social assistance. On 23 February, the Fair Work Commission cut Sunday and public holiday penalty rates in the retail, pharmacy, fast food and hospitality industries by between 25% and 50%. The public holiday rates cuts will apply from 1 July. The FWC is still considering how to implement the Sunday penalty rates cuts.


News Article | May 19, 2017
Site: www.prnewswire.com

More than 4,250 people from 59 countries registered to bid in the May 17 – 18 auction, including 2,900+ bidders participating online. U.S. buyers purchased 92 percent of the equipment, including 45 percent purchased by Texas buyers. International buyers from as far away as India, Thailand, and the ­­United Arab Emirates purchased eight percent of the equipment. "We continue to see optimism from contractors with promises of infrastructure spending coming from the government, resulting in good, solid pricing on construction equipment this week," said Dolan Aucoin, Sales Director, Ritchie Bros. "We also saw steady pricing for transportation equipment, particularly for trailers. I'd like to thank all our buyers and sellers this week—see you again in Houston on June 21 and 22." Ritchie Bros. sold equipment for 570+ owners in the auction. Highlights included 390+ truck tractors, 480+ trailers, 100+ excavators, 95 skid steers, 70+ loader backhoes, 30+ dozers, a large selection of drilling equipment and more. All items were sold without minimum bids or reserve prices. "We sold more than 250 items in the auction; prices exceeded our estimates by 25 percent," said Joe McElreath, Owner and President of Joe McElreath Company Inc. "A lot of the equipment we sold is unique. Ritchie Bros. is worldwide so I knew they could handle it and find the right buyers. With a company as big as Ritchie Bros., I can hardly understand how they have such personal relationships with their customers, but they manage to do it." Ritchie Bros. is now accepting consignments for its next Texas auction in Houston on June 21-22, 2017. For a complete list of upcoming auctions and equipment available, visit rbauction.com. About Ritchie Bros. Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest industrial auctioneer, and one of the world's largest sellers of used equipment for the construction, transportation, agriculture, energy, mining, forestry and other industries. Ritchie Bros.TM asset management and disposition solutions include live unreserved public auctions with on-site and online bidding; EquipmentOneTM, an online auction marketplace; Mascus, a global online equipment listing service; private negotiated sales through Ritchie Bros. Private Treaty; and a range of ancillary services, including financing and leasing through Ritchie Bros. Financial Services. Ritchie Bros. has operations in 19 countries, including 45 auction sites worldwide. Learn more at rbauction.com, EquipmentOne.com, mascus.com, rbauction.com/privatetreaty and rbauction.com/financing. Photos and video for embedding in media stories are available at rbauction.com/media.


News Article | May 8, 2017
Site: www.businessoffashion.com

SYDNEY, Australia — A fierce price war among retailers is threatening to keep a lid on improving inflation in Australia, compounding the problems of policymakers struggling to support still-weak domestic demand. An uptick in consumer inflation has lowered the chance of another rate cut this year, but competition from global retailers such as Amazon.com Inc is set to keep prices under pressure — good news for shoppers but worrying for the central bank. The country's biggest retailers are suffering from a long spell of deflation that is unlikely to subside soon. Amazon and German supermarket chain Kaufland want to fortify their global presence Down Under and will join recent entrants such as H&M , Uniqlo and Aldi. The Reserve Bank of Australia (RBA) said on Friday that "heightened competitive pressures" in the retail sector were among key factors keeping inflation subdued. "The arrival of further new foreign retailers will be an important influence on final retail prices over the next few years," the RBA said in its quarterly statement on monetary policy in which it expects underlying inflation may only fully return to its 2-3 percent target band by mid-2019. Worried about deflation risks, the RBA slashed rates twice last year to a record low 1.50 percent. It is widely expected to hold rates until mid-2018 but subdued consumer prices could become a trigger for a move lower, and push the Australian dollar weaker. "While consumers will benefit from lower prices, ongoing weakness in retail inflation is a key factor weighing on the broader inflation outlook," said ANZ economist Jo Masters. There was some relief headline consumer prices rose in the first quarter, taking the annual pace to its fastest since 2014 at 2.1 percent. But five of 11 sectors — about 30 percent of the CPI basket — saw price falls. Prices for women's clothing, for example, were at their cheapest on record. A study by Capital Economics shows price increase in what it classifies as 'luxuries' - clothing, alcohol and recreation - halved to 0.6 percent from 1.2 since the start of last year. Inflation in 'essentials' — food, electricity and insurance — accelerated to 3.4 percent from 1 percent. "In other words, it now costs much more to live, but not much more to have fun," said economist Paul Dales, adding that this situation was hitting household spending on discretionary items. "It implies that consumption growth will be a little bit weaker." Clothing and homeware prices have fallen due to cut-throat competition among major retailers, which only intensified with the arrival of foreign chains to Australia. While there are few details on how Amazon will position itself, the retail giant's expected entry this year will worsen the pain of a retail industry that has been largely insulated by a housing boom and pick-up in global growth, analysts said. Jefferies expects Amazon to capture between A$3 billion to A$8 billion ($2.25-$6 billion) of sales in Australia - about 30 percent of current online retail sales. Amazon will "eat all our breakfasts, lunches and dinners", said Wesfarmers group managing director, Richard Goyder last year, although he has since softened his stance. "I'm less worried about Amazon in food," he said, after the company's quarterly sales results last month which showed its Coles supermarket chain has suffered 24 consecutive quarters of price deflation. "There are plenty of disrupters and plenty of competition around at the moment." Gerry Harvey, founder of Australia's top electronics and homewares retailer Harvey Norman , has vowed to "match or beat" Amazon's aggressive pricing. Australian retailers are being forced to change their business models but four major firms going into voluntary administration in the first two months of the year highlights the deepening crisis. Not surprisingly, the sector has been shedding jobs, with more workers lost in the year to November 2016 than any other industry. "Foreign retailers are attracted by relatively high margins in Australia and will continue to enter the market as long as that additional margin is on offer," said Masters of ANZ. So far, only 16 percent of the world's top 250 retailers have a physical presence in Australia, according to Deloitte. Average five-year operating margin for Harvey Norman was 18.7 percent, and for Wesfarmers 7.6 percent, according to Thomson Reuters data. That compares with 6.1 percent for Amazon and 5.3 percent for Best Buy .


The Reserve Bank governor, Philip Lowe, has warned the rise in household debt has made Australia’s economy less resilient to future shocks. He said some households were carrying such high levels of debt relative to income that they may respond to a future economic shock by sharply cutting spending. In a speech to the Economic Society of Australia on Thursday, Lowe said he was concerned about the link between rising household debt and house prices, though not because he thought the banking system risked becoming unstable. He said Australia’s banks were “soundly capitalised” and recent stress tests confirmed they were resilient to large movements in residential property prices. Rather, he said the RBA was concerned about the possibility of “future sharp cuts in household spending” from highly indebted households. Given the high levels of debt and housing prices, relative to incomes, it was likely some households could respond to a future shock to income or housing prices by deciding they had borrowed too much, he said. “This could prompt a sharp contraction in their spending, as they try to get their balance sheets back into better shape. “An otherwise manageable downturn could be turned into something more serious,” he warned. Lowe’s warning comes just five days before the federal budget, in which the government is expected to announce plans to charge foreigners up to $5,000 for leaving their Australian apartments empty. The government is also reportedly planning to ban foreigners from buying more than half of the apartments in new apartment builds, in a bid to help more Australians buy their first property. Lowe said the RBA was mindful of the changes that have occurred in the economy in response to rising house prices and household debt. He said in earlier periods of rising housing prices, the household sector withdrew equity from their housing to finance spending, but today, households were much less inclined to do this. “Many of us feel that we have enough debt and don’t want to increase consumption using borrowed money,” Lowe said. He said his overall assessment was that the economy had become less resilient to future shocks as house prices and debt have risen. “Given this assessment, the Reserve Bank has strongly supported the prudential measures undertaken by the Australian Prudential Regulation Authority [Apra],” he said. “Double-digit growth in debt owed by investors at a time of weak income growth cannot be strengthening the resilience of our economy. Nor can a high concentration of interest-only loans.” But Lowe said he also believed the balance between supply and demand in Sydney’s and Melbourne’s property markets would become better balanced “over time”. He said the increased rate of home building, and investment in transport, would put downward pressure on prices and rents. “[But] to the extent that, over time, a better balance is established, we will be better off not incurring too much debt, and having housing prices go too high, while this is occurring,” he warned. “In the current environment, the resilience of our economy would be enhanced by an extended period in which housing prices and debt outstanding increased no faster than our incomes.”


News Article | July 26, 2017
Site: www.prweb.com

RBA, a national digital and technology consultancy, along with its agency Maccabee Public Relations has been recognized as a finalist in the 2017 Content Marketing Awards in the “Best Use of E-Book or White Paper Program” category for its e-book, “6 Reasons Your Intranet Project Will Fail, & Tips for Success.” The Content Marketing Awards, produced by the Content Marketing Institute, is the largest and longest-running international content marketing awards program in the world. The awards recognize and honor the best content marketing projects, agencies and marketers in the industry each year. This 2017 panel of all-star judges reviewed more than 1,100 entries across 93 categories to choose the “best of the best” in content marketing excellence from strategy to distribution and editorial to design. “As RBA continues to grow our practice of intranet and digital workplace solutions, it has been critical that we communicate our point of view to potential customers,” said Jenna Soule, Marketing and Corporate Communications Manager at RBA. “The digital workplace e-book positioned RBA as a thought leader and contributed to winning major clients. We’re thrilled that it’s been recognized as an industry-leading example of content marketing.” RBA’s campaign centered on a 30-page e-book addressing common mistakes and tips for intranet projects as a way to drive engagement and inbound sales leads with its intranet and digital workplace technology offerings. The campaign was so successful in reaching its target audience of Minnesota-based business decision makers that RBA has launched a second campaign featuring international experts on digital workplace trends. The “Stop Working Like You Used To: An Expert Guide to Digitally Transforming Your Workplace” e-book is now available for free download on rbaconsulting.com. For more information about the awards and to view the other finalist and award recipients, visit http://www.contentmarketingawards.com/2017-winners. About RBA, Inc. RBA is a national digital and technology consultancy headquartered in Minneapolis that combines expertise in strategy, design and technology to close the gap between ideas and results. We are passionate about helping our clients transform their businesses through digital and technology solutions. For more information visit rbaconsulting.com or follow @rbaconsulting.


"This is a unique opportunity—we don't often see this many moving trucks and trailers coming to market at once, especially from a company as well-known as Graebel," said Chris Holmberg, Sales Director, Ritchie Bros. "To help interested buyers across the country, we have sent the assets to various locations across the country. You can check out the complete selection on our website at rbauction.com." Graebel Van Lines' trucks and trailers will be sold in the following upcoming auctions: For more information about the Graebel Van Lines equipment, please visit rbauction.com, search current inventory and type 'Graebel' into the keyword field. About Ritchie Bros. Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest industrial auctioneer, and one of the world's largest sellers of used equipment for the construction, transportation, agriculture, energy, mining, forestry and other industries. Ritchie Bros.TM asset management and disposition solutions include live unreserved public auctions with on-site and online bidding; EquipmentOneTM, an online auction marketplace; Mascus, a global online equipment listing service; private negotiated sales through Ritchie Bros. Private Treaty; and a range of ancillary services, including financing and leasing through Ritchie Bros. Financial Services. Ritchie Bros. has operations in more than 15 countries, including 45 auction sites worldwide. Learn more at rbauction.com, EquipmentOne.com, mascus.com, rbauction.com/privatetreaty and rbauction.com/financing. Photos and video for embedding in media stories are available at rbauction.com/media.

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