SOURCE: AutoInfo, Inc.

March 28, 2008 08:00 ET

AutoInfo, Inc. Announces 2007 Year End Financial Results

Net Revenues Increase 20%

BOCA RATON, FL--(Marketwire - March 28, 2008) - AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the year ended December 31, 2007. The Company reported gross revenues of $110.3 million as compared with $84.1 million for the prior year. Net revenues (gross revenues less the direct cost of transportation) were $21.3 million as compared with $17.7 million for the prior year. The Company reported net income of $1.6 million or basic earnings per share of $.05, as compared with $3.6 million or $.11 per share for the prior year. Net income for the year ended December 31, 2007 included a tax expense of $1,066,000 as compared to a net tax benefit of $882,000 for the year ended December 31, 2006, resulting from the anticipated future utilization of an available federal tax loss carryforward.

Harry Wachtel, President, stated, "2007 was another year of achievement, significant revenue growth and expansion of our agent network and transportation services. During 2007, we made significant investments in our management team and technology to position us for the future. Our success has been driven by the addition of new agent offices, the organic growth of our organization and expansion of our transportation services. We will continue to leverage our business model during 2008 and 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
              FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006

                                                    2007          2006
                                                ------------- ------------
Gross revenue                                   $ 110,332,000 $ 84,111,000
                                                ------------- ------------

Net revenue                                        21,309,000   17,743,000
                                                ------------- ------------

Income from operations                              2,947,000    2,859,000
                                                ------------- ------------

Income before income taxes (benefit)                2,670,000    2,746,000
Income taxes (benefit)                              1,066,000     (882,000)
                                                ------------- ------------

Net income                                      $   1,604,000 $  3,628,000
                                                ============= ============

Net income per share (basic)                    $         .05 $        .11
                                                ============= ============
Net income per share (diluted)                  $         .05 $        .10
                                                ============= ============

Weighted average number of shares (basic)          32,447,000   31,915,000
                                                ------------- ------------
Weighted average number of shares (diluted)        35,560,000   36,005,000
                                                ------------- ------------


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

                                                    2007          2006
                                                ------------- ------------
Current assets:
  Cash and cash equivalents                     $     270,000 $    146,000
  Accounts receivable                              24,224,000   16,967,000
  Deferred income taxes                             1,000,000    1,445,000
  Other current assets                              1,583,000      759,000
                                                ------------- ------------
Total current assets                               27,077,000   19,317,000

Other  assets                                       6,113,000    4,505,000
                                                ------------- ------------

Total assets                                    $  33,190,000 $ 23,822,000
                                                ============= ============

Current liabilities:
  Loan payable                                  $           - $  3,451,000
  Accounts payable and accrued liabilities         10,584,000    8,375,000
                                                ------------- ------------
Total current liabilities                          10,584,000   11,826,000

Loan payable                                        8,790,000            -

Stockholders' equity                               13,816,000   11,996,000
                                                ------------- ------------

Total liabilities and stockholders' equity      $  33,190,000 $ 23,822,000
                                                ============= ============



Contact Information

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