SOURCE: AutoInfo, Inc.

August 03, 2006 08:00 ET

AutoInfo, Inc. Announces Six Month Results

Net Revenues Increase 41%

Income From Operations Increases 79%

BOCA RATON, FL -- (MARKET WIRE) -- August 3, 2006 -- AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider today announced results of its operations for the quarter and six month periods ended June 30, 2006.

For the six months ended June 30, 2006, the Company reported gross revenues of $39.0 million as compared with $30.4 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $8.4 million for the current period as compared with $6.0 million for the prior year period, an increase of 41%. The Company reported income from operations of $1,441,000 for the current period as compared with $806,000 for the prior year period. Net income was $2,199,000 and basic earnings per share were $.07 per share for the current period, as compared with $834,000, or $.03 per share for the prior year period. Net income included a net tax benefit of $863,000, or $0.03 per share for the current period, resulting from the anticipated future utilization of an available federal tax loss carryforward, as compared with a net tax benefit of $112,000, or $0.00 per share for the prior year period.

For the three month period ended June 30, 2006, the Company reported gross revenues of $20.9 million as compared with $15.5 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $4.5 million for the current period as compared with $2.9 million for the prior year period, an increase of 53%. The Company reported income from operations of $819,000 for the current period as compared with $419,000 for the prior year period. Net income was $1,044,000 and basic earnings per share were $.03 per share for the current period, as compared with $441,000, or $.01 per share for the prior year period. Net income included a net tax benefit of $289,000, or $0.01 per share for the current period, resulting from the anticipated future utilization of an available federal tax loss carryforward, as compared with a net tax benefit of $56,000, or $0.00 per share for the prior year period.

Harry Wachtel, President, stated, "We are pleased to report significant year over year revenue and profit growth for the quarter and six month periods ended June, 2006. With the continued expansion of our agent networks, as evidenced by the recent agent additions, we are poised for continued revenue and profit growth. We will continue to leverage our business model and expand our broker and contract carrier agent networks as well as 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, air freight and ocean freight. We have 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 as of the date hereof 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. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.


                           AUTOINFO, INC.
          CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                             Unaudited

                          Six Months Ended        Three Months Ended
                              June 30                   June 30
                        2006           2005        2006          2005
                   ------------  ------------  ------------  ------------

Gross revenues     $ 38,954,000  $ 30,392,000  $ 20,858,000  $ 15,477,000
Cost of
 transportation      30,507,000    24,410,000    16,399,000    12,562,000
                   ------------  ------------  ------------  ------------

Net revenues          8,447,000     5,982,000     4,459,000     2,915,000
                   ------------  ------------  ------------  ------------

Income from
 operations           1,441,000       806,000       819,000       419,000
                   ------------  ------------  ------------  ------------

Income before
 income taxes         1,417,000       767,000       801,000       408,000
Income taxes           (782,000)      (67,000)     (243,000)      (33,000)
                   ------------  ------------  ------------  ------------

Net income         $  2,199,000  $    834,000  $  1,044,000  $    441,000
                   ============  ============  ============  ============

Net income
 per share:
   Basic           $        .07  $        .03  $       .03   $        .01
   Diluted         $        .06  $        .02  $       .03   $        .01
Weighted average
 number of Common
 shares:
   Basic             31,786,000    31,408,000   31,822,000     31,479,000
   Diluted           35,448,000    34,024,000   36,390,000     33,872,000



                   CONDENSED CONSOLIDATED BALANCE SHEET
                           AS OF JUNE 30, 2006
                                 Unaudited



Current assets:
   Cash                           $       145,000
   Accounts receivable, net            14,179,000
   Deferred income taxes                  905,000
   Other current assets                   414,000
                                  ---------------
Total current assets                   15,643,000

Fied assets, net                          278,000
Deferred income taxes                   2,865,000
Other assets                              319,000
                                  ---------------
Total assets                      $    19,105,000
                                  ===============

Current liabilities:
   Loan payable                   $     1,162,000
   Accounts payable and
    accrued liabilities                 7,521,000
                                  ---------------
Total current liabilities               8,683,000

Stockholders' equity                   10,422,000
                                  ---------------

Total liabilities and
 stockholders' equity             $    19,105,000
                                  ===============

Contact Information

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