SOURCE: AutoInfo, Inc.

July 31, 2008 08:00 ET

AutoInfo, Inc. Announces Quarterly Results; Net Revenues Increase 46%

BOCA RATON, FL--(Marketwire - July 31, 2008) - AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the quarter and six months ended June 30, 2008.

For the six months ended June 30, 2008, the Company reported gross revenues of $81.8 million as compared with $48.3 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $14.3 million for the current period as compared with $10.0 million for the prior year period, an increase of 43%. The Company reported income from operations of $2,028,000 for the current period as compared with $1,326,000 for the prior year period. Net income was $1,086,000 and basic earnings per share were $.03 per share for the current period, as compared with $709,000 and $.02 per share for the prior year period.

For the three-month period ended June 30, 2008, the Company reported gross revenues of $45.2 million as compared with $26.2 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $7.5 million for the current period as compared with $5.1 million for the prior year period, an increase of 46%. The Company reported income from operations of $1,090,000 for the current period as compared with $711,000 for the prior year period. Net income was $596,000 and basic earnings per share were $.02 per share for the current period, as compared with $383,000 and $.01 per share for the prior year period.

Harry Wachtel, President, stated, "We are pleased to report 73% year over year revenue growth for the quarter ended June 30, 2008. Net revenues were affected by higher transportation costs which reflect the increase in fuel prices and other factors. Our continued growth is the result of our 2007 investments in people and technology and the continued strength of our agent network. We will continue to leverage our business model and expand our broker and contract carrier agent networks during 2008 and will continue to explore expansion and growth opportunities."

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. Our non-asset based services include ground transportation coast to coast, local pick up and delivery. We have strategic alliances with less than truckload, contract carrier, common carriers and independent owner-operators 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


                    Six Months Ended June 30   Three Months Ended June 30
                       2008          2007          2008          2007
                   ------------- ------------- ------------- -------------

Gross revenues     $  81,796,000 $  48,278,000 $  45,234,000 $  26,224,000
Cost of
 transportation       67,514,000    38,277,000    37,699,000    21,078,000
                   ------------- ------------- ------------- -------------

Net revenues          14,282,000    10,001,000     7,535,000     5,146,000
                   ------------- ------------- ------------- -------------

Income from
 operations            2,028,000     1,326,000     1,090,000       711,000
                   ------------- ------------- ------------- -------------

Income before
 income taxes          1,817,000     1,225,000       982,000       656,000
Income taxes             731,000       516,000       386,000       273,000
                   ------------- ------------- ------------- -------------

Net income         $   1,086,000 $     709,000 $     596,000 $     383,000
                   ============= ============= ============= =============

Net income per
 share:
  Basic            $         .03 $         .02 $         .02 $         .01
  Diluted          $         .03 $         .02 $         .02 $         .01
Weighted average
 number of
 Common shares:
  Basic               32,625,000    32,539,000    32,665,000    32,813,000
  Diluted             34,907,000    36,240,000    34,868,000    36,112,000




                  CONDENSED CONSOLIDATED BALANCE SHEETS
                AS OF JUNE 30, 2008 AND DECEMBER 31, 2007


                                                    June 30,   December 31,
                                                      2008         2007
                                                  ------------ ------------
                                                                (Audited)
Current assets:
  Cash and cash equivalents                       $    156,000 $    270,000
  Accounts receivable                               32,079,000   24,224,000
  Deferred income taxes                              1,248,000    1,000,000
  Other current assets                               2,091,000    1,583,000
                                                  ------------ ------------
Total current assets                                35,574,000   27,077,000

Other assets                                         7,090,000    6,113,000
                                                  ------------ ------------

Total assets                                      $ 42,664,000 $ 33,190,000
                                                  ============ ============

Current liabilities:
  Accounts payable and accrued liabilities        $ 15,404,000 $ 10,584,000

Loan payable                                        12,196,000    8,790,000

Stockholders' equity                                15,064,000   13,816,000
                                                  ------------ ------------

Total liabilities and stockholders’ equity        $ 42,664,000 $ 33,190,000
                                                  ============ ============

Contact Information

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