DULUTH, Minn. - The automotive unit of ALLETE Inc., which includes auction company ADESA Corp., generated $115 million in net income on revenue of $922 million in 2003.
That's up from net income of $94 million on revenue of $836 million in 2002.
ADESA, of Indianapolis, auctioned 2.0 million units in 2003, up from 1.9 million units in 2002.
Parent company ALLETE Inc. reported net income of $236 million in 2003 on revenue of $1.62 billion. That compares with net income of $137 million on revenue of $1.49 billion in 2002.
In October, ALLETE announced that it is spinning off its automotive services unit into a separate public company to be named ADESA Corp. The deal is to be completed by mid-2004.
ALLETE also owns public utilities and real estate operations.