VANCOUVER - Ritchie Bros. Auctioneers Incorporated announces record net earnings for the year ended December 31, 2008 of $101.4 million, or $0.96 per diluted share, and adjusted net earnings of $85.5 million, or $0.81 per diluted share. This compares to adjusted net earnings of $71.9 million, or $0.68 per diluted share for 2007, representing year-over-year growth of 19%. Financial statement net earnings in 2007 were $76.0 million, or $0.72 per diluted share. The Company conducted 193 industrial auctions in 13 countries throughout North America, Europe, the Middle East, Asia and Australia, and set 12 regional gross auction proceeds records during the year. The Company also opened five new or replacement auction facilities in 2008 as it continued its global expansion program.

The Company defines adjusted net earnings as financial statement net earnings excluding the after-tax effects of excess property sales and significant foreign exchange gains or losses resulting from financing activities that are not expected to recur, and has provided a reconciliation below. Adjusted net earnings is a non-GAAP financial measure that does not have a standardized meaning, and is therefore unlikely to be comparable to similar measures presented by other companies. All dollar amounts in this release are presented in United States dollars and all share and per share information reflects the three-for-one split of the Company's common shares that occurred at the close of business on April 24, 2008.

Gross auction proceeds for 2008 were a record $3.57 billion, 12% higher than in 2007, and auction revenues increased 14% to $354.8 million. The Company's auction revenue rate (auction revenues as a percentage of gross auction proceeds) was 9.95% in 2008, compared to 9.79% in 2007. Adjusted net earnings in 2008 increased 19% over 2007 adjusted net earnings primarily as a result of higher gross auction proceeds and a stronger auction revenue rate, partially offset by higher operating costs.

During the fourth quarter of 2008, the Company achieved gross auction proceeds of $853.9 million and auction revenues of $81.7 million. The auction revenue rate was 9.57%, compared to 9.40% in the fourth quarter of 2007. Net earnings for the fourth quarter of 2008 were $27.1 million, or $0.26 per diluted share. Adjusted net earnings for the fourth quarter of 2008 were $19.2 million, or $0.18 per diluted share.

The Company had a record of more than 277,000 bidder registrations at its unreserved industrial auctions in 2008, of which approximately 84,000 were successful buyers. In 2007, the Company had more than 254,000 bidder registrations, of which approximately 80,000 were buyers.