SOURCE: AutoInfo, Inc.

November 12, 2007 08:19 ET

AutoInfo, Inc. Announces Nine Month Results

Net Revenues Increase 19%

BOCA RATON, FL--(Marketwire - November 12, 2007) - AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider today announced results of its operations for the quarter and nine months ended September 30, 2007.

For the nine months ended September 30, 2007, the Company reported gross revenues of $77.4 million as compared with $61.4 million for the same prior year period. Net revenues (gross revenues less the direct cost of transportation) were $15.5 million for the current period as compared with $13.0 million for the same prior year period, an increase of 19%. The Company reported income from operations of $2,193,000 for the current period as compared with $2,227,000 for the same prior year period. Net income was $1,212,000 and basic earnings per share were $.04 per share for the current period, as compared with $3,185,000, or $.10 per share for the same prior year period. Net income for the nine month period ended September 30, 2007 included a tax expense of $809,000 and the net income for the nine month period ended September 30, 2006 included a net tax benefit of $1,021,000.

For the three month period ended September 30, 2007, the Company reported gross revenues of $29.1 million as compared with $22.4 million for the same prior year period. Net revenues (gross revenues less the direct cost of transportation) were $5.5 million for the current period as compared with $4.6 million for the same prior year period, an increase of 21%. The Company reported income from operations of $867,000 for the current period as compared with $786,000 for the same prior year period. Net income was $503,000 and basic earnings per share were $.02 per share for the current period, as compared with $986,000, or $.03 per share for the same prior year period. Net income for the three month period ended September 30, 2007 included a tax expense of $293,000 and the net income for the three month period ended September 30, 2006 included a net tax benefit of $239,000.

Harry Wachtel, President of AutoInfo, Inc., stated, "We continue to report significant year over year growth. The investment we have made in the future during 2007 in the continued growth of our transportation services business is beginning to pay dividends as we experienced growth in all business units during the third quarter. As we approach year end, we will continue to leverage our business model, expand our broker and contract carrier agent networks and continue to explore expansion and growth opportunities in our transportation sector."

AutoInfo, Inc., operating through its Sunteck subsidiary, is a non-asset based transportation services company, providing transportation capacity and related transportation services to shippers throughout the United States, and to a lesser extent, Canada. Its non-asset based services include ground transportation coast to coast, local pick up and delivery, air freight and ocean freight. AutoInfo has strategic alliances with less than truckload, truckload, air, rail and ocean common carriers to service our customers' needs quickly and effectively.

This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results or achievements may be materially different from those expected or implied. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Therefore, there can be no assurance that forward-looking statements will prove to be accurate.

                              AUTOINFO, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                               (Unaudited)


                            Nine Months Ended        Three Months Ended
                              September 30              September 30
                            2007         2006         2007         2006
                        ------------ -----------  ------------ -----------


Gross revenues          $ 77,357,000 $61,395,000  $ 29,079,000 $22,441,000
Cost of transportation    61,825,000  48,384,000    23,548,000  17,877,000
                        ------------ -----------  ------------ -----------

Net revenues              15,532,000  13,011,000     5,531,000   4,564,000
                        ------------ -----------  ------------ -----------

Income from operations     2,193,000   2,227,000       867,000     786,000
                        ------------ -----------  ------------ -----------

Income before income
 taxes                     2,021,000   2,164,000       796,000     747,000
Income taxes                 809,000  (1,021,000)      293,000    (239,000)
                        ------------ -----------  ------------ -----------

Net income              $  1,212,000 $ 3,185,000  $    503,000 $   986,000
                        ============ ===========  ============ ===========

Net income per share:
  Basic                 $        .04 $       .10  $        .02 $       .03
  Diluted               $        .03 $       .09  $        .01 $       .03
Weighted average number
 of Common shares:
  Basic                   32,693,000  31,856,000    33,001,000  31,997,000
  Diluted                 35,947,000  35,876,000    35,362,000  36,732,000


                      CONDENSED CONSOLIDATED BALANCE
                                  SHEETS
                       AS OF SEPTEMBER 30, 2007 AND
                            DECEMBER 31, 2006


                                                September 30, December 31,
                                                    2007          2006
                                                ------------- -------------
                                                (Unaudited)     (Audited)
Current assets:
  Cash                                          $     132,000 $     146,000
  Accounts receivable, net                         20,427,000    16,967,000
  Deferred income taxes                             1,445,000     1,445,000
  Other current assets                                750,000       363,000
                                                ------------- -------------
Total current assets                               22,754,000    18,921,000

Other  assets                                       5,702,000     4,901,000
                                                ------------- -------------

Total assets                                    $  28,456,000 $  23,822,000
                                                ============= =============

Current liabilities:
  Loan payable                                  $           - $   3,451,000
  Accounts payable and accrued liabilities         10,540,000     8,375,000
                                                ------------- -------------
Total current liabilities                          10,540,000    11,826,000

Loan payable                                        4,330,000

Stockholders’ equity                               13,586,000    11,996,000
                                                ------------- -------------

Total liabilities and stockholders’ equity      $  28,456,000 $  23,822,000
                                                ============= =============

Contact Information

  • Contact:
    William I. Wunderlich
    Chief Financial Officer
    (561) 988-9456 ext 201