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.