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Sotheby's reports third quarter 2015 financial results
New York, Nov 9 (IBNS): Sotheby's on Monday reported financial results for the third quarter and nine months ended 30 September 2015.
President and Chief Executive Officer Tad Smith said, "We are proud of our auction sale results in the categories of Impressionist, Modern and Contemporary Art, which are on track to achieve record levels for the year. In just three days last week, our auctions achieved $780 million, led by the first two sales from the collection of Sotheby's former Chairman, Alfred Taubman. I'm pleased to say that we are also making good progress on our strategic objectives for future growth."
In the third quarter of 2015, Sotheby's reported a reduced third quarter 2015 net loss of ($17.9) million, or ($0.26) per diluted share, an improvement of $9.8 million (35%) compared with a net loss of ($27.7) million, or ($0.40) per diluted share, in the same period of the prior year.
On an adjusted basis, Sotheby's third quarter 2015 Adjusted Net Loss decreased $2.6 million (13%) to ($17.9) million, or ($0.26) per diluted share, from ($20.6) million, or ($0.30) per diluted share, in the prior year.
The improvement in Adjusted Net Loss is primarily attributable to the completion of a number of profitable inventory sales in the period and improved results for Sotheby's Finance segment partially offset by lower auction commission revenues.
These same factors increased total third quarter 2015 revenues by $43.8 million (46%) to $138.0 million, compared with third quarter revenues a year ago of $94.2 million.
While Net Auction Sales increased $48.0 million (15%) as a result of a change in the timing of the evening sale of Contemporary Art in London, third quarter auction commission revenues decreased, principally due to significantly weaker sales results in higher margin categories such as Old Master Paintings, Asian Art, and Jewelry.
For the nine months ended 30 September 2015, total revenues increased $38.8 million (7%) to $625.7 million compared with the prior year largely due to higher inventory sales and Finance segment revenues.
Sotheby's reported year to date net income of $54.9 million, or $0.79 per diluted share, an increase of $11.1 million (25%) compared with net income of $43.8 million, or $0.61 per diluted share, in the same period last year. Adjusted Net Income* for the period decreased $1.7 million (3%) to $62.5 million, or $0.90 per diluted share, from $64.3 million, or $0.91 per diluted share, a year ago.
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