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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based KAR Auction Services Inc. saw profit drop 29 percent in the first quarter due to costs associated with refinancing debt, the company reported Monday afternoon.
Profit in the quarter was $20.7 million, or 15 cents per share, compared with profit of $29.1 million, or 21 cents per share, in the first quarter of 2013.
Revenue rose 5 percent over the year-ago period, to $583.8 million, topping analyst predictions of $581.95.
Adjusted earnings for the quarter were 41 cents per share, beating analyst expectations by 4 cents.
KAR also announced a cash dividend of 25 cent per share, payable on July 3.
Shares in KAR dropped 1 cent Monday before the earnings release, to $30.19 per share.
KAR is the holding company for Adesa Inc., Insurance Auto Auctions Inc. and Automotive Finance Corp.
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